London private equity firm Agathos has invested an undisclosed amount for a controlling interest of Plowman Craven.
Plowman Craven delivers measurement survey and consultancy services to the commercial property, logistics, infrastructure and rail sectors. Most recent accounts show £18.6m turnover in 2022 with pre-tax profit of £2.4m. It has 180 employees.
It wants to double in size over the next five years with the growth of 3D modelling.
The new ownership comes with a transition in management. Andy Molloy has retired as chief executive and has been succeeded by David Locker.
Agathos partner Hugh Costello and investment manager John Butterworth have joined the Plowman Craven board. Adrian Ringrose, former chief executive of Interserve, has been hired as non-executive chair.
Adrian Ringrose became chief executive of Interserve in 2003 at the age of 35 and stepped down in 2017.
Plowman Craven is based in Harpenden and has offices in London and Birmingham. It also has offices in New York (USA) and Ahmedabad (India). Its strategy is to accelerate international growth and to develop geo-tech capabilities and digital services. The transaction will also provide funds for Plowman Craven to target acquisitions.
Hugh Costello said: “We see huge potential for the business in the UK and internationally, and we are looking forward to working with David and the team to deliver their ambitious growth plans.”
Plowman Craven chief executive David Locker said: “Attracting such significant external investment marks an exciting milestone and is a tremendous opportunity for us to supercharge growth and increase our reach on a global scale. Having already established a strong foothold in our core market, the capital injection will facilitate positive change and expansion to elevate our business to the next level.”
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