THCP invests in WPI Group Holdings

Cheshire, 20 July 2018 – THCP is pleased to announce its investment in a preferred capital instrument to support the management-led buyout of WPI Group Holdings Limited (“WPI” or the “Company), a leading provider of civil engineering, groundwork, and surfacing services to homebuilders in North West England.?

Founded in 1979, WPI consists of two main business units: (i) a civil engineering division, providing groundworks, sewers, drainage, and road construction services to housing developments, and (ii) a surfacing division, providing integrated surfacing solutions to homebuilders. Since its establishment, WPI has grown into one of the most respected civil engineering and surfacing firms in the North West.

To facilitate the transaction, THCP has partnered with the existing management team – Steven and Michael Igoe, who have led the Company’s civil engineering and surfacing divisions, respectively, for over eight years – and CorpAcq, a prominent buy and build acquisitions group in the north of England with which THCP has maintained a relationship since 2015.

Steven Igoe, Managing Director of WPI Civil Engineering, commented: “Michael and I are very excited to have closed this transaction and look forward to working with THCP as we enter the next phase of WPI’s growth.”

Lance Contento, Principal at THCP, commented: “We are pleased to support CorpAcq, Steven, and Michael in this exciting phase of the Company’s life, and look forward to working alongside them to continue the Company’s delivery of high-quality services to its customers.”

Leks de Boer, Partner at THCP, commented: “The investment in WPI marks another step in THCP’s development into the UK market. Backing a local leading player, in the hands of an experienced and driven management team and supported by a sophisticated operating partner, represents a unique opportunity for us. Once again, THCP has delivered a tailor-made capital structure solution in an off-market deal.”

WPI was advised by Convex Capital (Corporate Finance) and Freeman Fisher (Legal). THCP was advised by Herbert Smith Freehills (Legal), Armstrong Consulting Services (Commercial Due Diligence), KPMG (Financial and Tax), GK Strategies (Regulatory) and Korn Ferry (Referencing). CorpAcq was advised by Grant Thornton (Financial and Tax), Beyond Corporate (Legal), and Dean Street (Debt).