Stellex Capital Management has announced a definitive agreement to acquire the majority of Fox Brothers Group from existing shareholders and managers.
Fox Brothers, based in Lancashire, United Kingdom, was established in 1932 and works in the construction and infrastructure industries, including aggregates haulage, recycled aggregate production, quarry operations, and ready-mix concrete production.
In recent years, Fox Brothers has expanded its footprint through its acquisition of Hurt Limited and JJ O’Grady. Under the terms of the agreement, Fox Brothers will merge with J A Jackson, which focuses on quarrying, recycled aggregates, and ready-mix concrete.
Mark Redman, managing partner of Stellex, said Stellex will aim to business with a focus on the circular economy and construction materials.
“We see strong potential in the Company’s capabilities and resources and look forward to working together with management and our operators to deliver on our value creation plan,” he said.
“This acquisition aligns with our strategy to identify companies where we believe we can introduce operational expertise in an effort to drive growth and better leverage companies’ assets and resources.”
Fox Brothers will add Mark Joel and Andy Swinnerton to its board of directors as part of the arrangement. Joel will serve as the company’s chair, while Swinnerton will be the chief operating officer with previous experience at CRH and Tarmac and Holcim and Aggregates Industries, respectively.
“We are delighted to welcome Stellex, Mark, and Andy to our group,” Paul Fox, chief executive officer and current majority owner of Fox Brothers Holdings Group.
“This is an extremely exciting time for the company and with their help and the integration of J A Jackson, we are now in a position to transform the company into a fully integrated circular construction materials business, delivering sustainable solutions to the construction industry.”
Mark Joel and Andy Swinnerton said they were looking forward to working with Fox Brothers and J A Jackson.
“We are looking forward to working with Paul [Fox] and Andy Duckett, managing director and owner of J A Jackson, to assist them in their growth and continued transformation of the company into a leading, vertically integrated, circular economy construction material business,” they said.
“We have a clearly identified plan, which involves both organic and inorganic growth, which we will pursue in the coming months, and we are excited about the opportunity.”