Business Weekly - Cambridge, UK

Road surfacing specialist F & T Goodwin has been acquired by Tripod Crest Limited. One of Bedfordshire’s most renowned and long established family businesses has been sold.

Road surfacing specialist F & T Goodwin has been acquired by Tripod Crest Limited.

The deal took just six weeks to complete, with advice from Bentley Jennison’s corporate finance team.

F & T Goodwin has annual turnover of more than £3m and has built a reputation for quality throughout the construction industry. The company’s name and premises near Bedford will be retained by Tripod Crest and all the employees, many of whom have worked for F & T Goodwin for many years, will be retained.

Owner Terry Goodwin, who has run the business for more than 40 years, will retire after a three-month handover period.

Tripod Crest is a Northampton based construction services company with complementary activities including road planning, provision of surfacing labour, building, civil engineering and scaffolding.

The company underwent a management buy-out in July 2001 and, with a workforce of 300 and an annual turnover of £18m, regarded F & T Goodwin as a good strategic fit.

Machins’ Luton office provided legal advice for the vendor. Funding for the acquisition was supplied by Bank of Scotland, which also backed Tripod Crest’s management buy-out. KPMG and Howes Percival advised Tripod Crest.