Member News
Azets Corporate Finance has successfully advised the shareholders of Wescott Group on its sale to Coriant, a rapidly expanding industrial services platform backed by global private equity investor HIG Capital.
The transaction sees two highly regarded specialist businesses become part of the Coriant group: Jarrow-based Wescott Industrial Services, a leading provider of specialist industrial coatings, fire protection and industrial maintenance services, and Hull-based SGS, a specialist access solutions provider serving complex industrial environments.
The acquisition further strengthens Coriant's national footprint and technical capabilities across critical infrastructure, industrial processing, energy and defence-related markets, whilst providing both businesses with access to a larger platform, enhanced resources and long-term investment support.
Coriant has quickly established itself as one of the UK's leading industrial services platforms.
Backed by HIG Capital, one of the world's largest alternative investment firms, the group delivers specialist services across the full lifecycle of industrial and infrastructure assets, supporting customers throughout installation, maintenance, refurbishment and decommissioning programmes.
The acquisition follows Coriant's successful acquisition of SCA earlier this year, a transaction on which Azets Corporate Finance also acted as adviser.
The latest investment further demonstrates Coriant's commitment to building a market-leading industrial services group through a combination of strategic acquisitions and organic growth.
Lee Humble, UK Head of Corporate Finance at Azets, working out of Newcastle, said: "This is a significant transaction for all parties and represents another important milestone in the continued evolution of the UK industrial services sector.
“Wescott Industrial Services and SGS have built exceptional reputations within their respective markets and have established long-standing relationships with customers operating in some of the UK's most demanding industrial environments. Coriant has rapidly emerged as a highly credible platform within the sector.
“Supported by HIG Capital's considerable resources and investment expertise, the group has demonstrated a clear vision for growth and the ambition to create one of the UK's leading industrial and infrastructure services businesses.
“Having previously advised on Coriant's acquisition of SCA earlier this year, we have seen first-hand the quality of the platform being created and the strategic rationale behind its expansion.
“The addition of Wescott Industrial Services and SGS further enhances the group's capabilities and creates exciting opportunities for customers, employees and stakeholders alike.
“We are delighted to have supported the shareholders throughout this process and to have secured a transaction that delivers a strong strategic outcome for all parties."
Azets Corporate Finance acted as lead adviser to the shareholders of Wescott Group throughout the transaction process, providing strategic advice, buyer engagement, negotiation support and transaction execution services and tax advice.
The deal further reinforces Azets Corporate Finance's position as one of the UK's most active advisers to owner-managed businesses and SMEs, completing transactions across a broad range of sectors and geographies.
With dedicated expertise across industrials, engineering, manufacturing, infrastructure and business services, Azets continues to advise entrepreneurs, management teams, private equity investors and corporate acquirers on many of the UK's most notable lower mid-market transactions.
As consolidation and investment activity continue across industrial markets, the firm “remains at the forefront of supporting ambitious businesses through growth, investment and exit events”.
Mark Duffy, Managing Director, Wescott Group, said: “We are incredibly proud of what the Wescott Group has achieved over the years, building a strong reputation for quality and delivery across our sectors.
“Partnering with Coriant represents the right strategic step for the business, providing the scale, capability and vision to accelerate our growth.
“I am confident that this next phase will create significant opportunities for our people and clients, and I look forward to seeing the business continue to develop as part of the wider group.”
James Salkeld, Managing Director, SGS, said: “SGS has grown into a well-respected and capable business, and this transaction marks an exciting new chapter.
“Coriant offers a strong platform to build upon our existing strengths while unlocking new opportunities across a broader client base.
“We are confident this partnership will drive continued success and deliver long-term value for all stakeholders.”
Mark and James paid tribute to Azets, saying: “The Azets Corporate Finance team delivered an outstanding service from start to finish. Their commercial insight, responsiveness, and hands-on approach were key to achieving a successful transaction.
“We felt supported throughout the process and would highly recommend them to any business considering a sale.”
