Shropshire-based plant hire and earthworks company Hawk Group has received an £8m injection from Business Growth Fund (BGF) in return for a share of the business.
The percentage of the business sold to BGF has not been disclosed but chief executive Mike Hawkins remains the majority shareholder.
BGF is an equity investment company jointly owned by Barclays, HSBC, Lloyds Banking Group, RBS and Standard Chartered. Instead of lending money, it takes a shareholding and gest involved in advising management. Its website boasts: “We can boost ambitious management teams and help them achieve more by offering three key ingredients for success: substantial capital, superb contacts and sound counsel.”
Hawk employs nearly 500 people, generates revenues close to £70m and owns and operates a construction fleet of more than 2,000 items including excavators, dump trucks, telehandlers and bulldozers.
Hawk said that BGF’s funding would help it continue to develop its fleet.
Hawk is also extending its services into sectors such as quarrying. Bill Bolsover, former boss of Aggregate Industries, is joining the board as non-executive chairman following an introduction made by BGF.
Jon Earl, an investor at BGF, is also joining the board of the Hawk Group as a non-executive director.