Grounds for optimism as Grassform acquired by NPK International
NPK agreed an all-cash purchase price of £35.2 million ($46.4m), with additional potential consideration to be paid based upon improvements in Grassform’s trailing 12 month performance through its current fiscal year-end, February 28, 2026.
The acquisition was funded primarily using cash, along with around $10m of borrowings under NPK’s US credit facility.
Grassform, a family-run business founded in 2004 and headquartered in Ingatestone, is a UK market leader in ground protection and temporary roadway solutions and services.
The sale supports Grassform’s continued growth and integrates its team into NPK’s operations, driving the expansion of the American company's UK business and enabling it to further access opportunities within the market on this side of the Atlantic.
Matthew Lanigan, President and CEO of NPK said: “The acquisition significantly expands our market coverage and is highly complementary to our existing UK operations. The transaction is aligned with our growth strategy, which prioritises scaling our high return rental business through geographic expansion and market share growth within our core rental and service offering.
“We believe the UK market provides meaningful opportunities for NPK, supported by a robust outlook for infrastructure investments over the next several years. Further, with limited debt following the transaction, we remain well positioned to continue executing on our disciplined capital allocation strategy, which prioritises investment in organic growth and strategic inorganic opportunities, balanced with the programmatic return of capital.”
Led by Seamus Clifford, Partner in the corporate team, Birketts advised on all legal aspects of the transaction, liaising with external advisers in both the UK and US.
The Birketts team also comprised Faye Power (Senior Associate, Corporate), Jennifer Banfield (Solicitor, Corporate), Karl Pocock (Partner, Corporate Tax), Amanda Early (Partner, Commercial Real Estate), Matt Grindley (Senior Associate, Commercial Real Estate), Nicholas West (Senior Associate, Employment), Jasmin Sandhu (Solicitor, Employment), Nixie Tucker (Trainee Solicitor, Corporate) and Arabella Harris (Trainee Solicitor, Corporate).
Mark Dunning, founder of Grassform Plant Hire UK Limited, said: “We are delighted to have completed this transaction with NPK International Inc. This marks an exciting new chapter for Grassform, enabling us to build on our strong foundations and continue delivering exceptional ground protection and temporary roadway solutions. Birketts provided outstanding support throughout the process, guiding us with clarity and professionalism at every stage.”
Clifford added: “It has been a privilege to work with the shareholders of Grassform on this significant transaction. The deal not only secures the future growth of Grassform but also strengthens NPK’s presence in the UK market. Our team worked collaboratively across multiple disciplines to ensure a smooth and successful outcome.”
