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Market and Sector Type: 
Construction & Property

NBGI covers roofing firm buy-out

Article Date:  Jun 18 2008 Mark Dunne

A company that provides roofing and waterproofing services to major construction projects, including the Bluewater and Bullring shopping centres, has been bought by a team led by two of its directors. Rock Asphalte is now under the control of MD John Walsh and Andrew Wood, who becomes full-time finance director following the deal.

The company cost the buy-out team £16 million, which was funded by NBGI Private Equity, with debt provided by Investec. Under the terms of the deal, NBGI’s Lawrence Dean joins Rock’s board.

NBGI was advised by Nash Fitzwilliams, while KPMG supported the vendors. Legal advice was provided by Dundas & Wilson, Shoosmiths, Osborne Clarke and DLA Piper, while Baker Tilly, CIL and Cardinal managed the due diligence reviews.

Rock was founded more than 30 years ago and operates from offices in London, with a manufacturing site in Bedfordshire. The company installs mastic asphalt, hot melt and single ply roofing systems and structural waterproofing for vehicle decks and car parks.

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