Bouygues has agreed the takeover of a Cardiff rail firm in its latest UK acquisition.
Bouygues Group subsidiary Colas Rail has completed a deal with Pullman Rail for an undisclosed sum.
Colas Rail provides rail infrastructure services across the UK and Europe. It is part of the Colas Group, one of the leaders in road construction. Colas is owned by Bouygues SA, the parent company of Bouygues UK.
Pullman – which specialises in the overhaul of passenger and freight trains, components and rolling stock – had a turnover of £10.6 million in the year to September 2011, with a £0.6m profit. Average monthly number of employees was 125.
Colas Rail, which works across all railway infrastructure, from high speed rail systems to light and urban rail, acquired Carillion’s plant rail business back in 2008.
Confirming the acqusition this afternoon, the firms said Pullman is “now set for a period of expansion following the deal, with new jobs and improvements to its 8-acre site”.
Charles-Albert Giral, CEO of Colas Rail Europe, said: “With this strategic acquisition, we are further strengthening our already extensive rail expertise and confirming our investment plans for the UK in general and Wales in particular.”
Colas Rail Services’ managing director Stephen Haynes succeeds Pullman Rail MD Colin Robinson. Mr Robinson will be retained as a consultant to the business, along with the other major shareholder, commercial director Terry Jefferies.
Mr Robinson said: “As one of the founders of Pullman Rail in 1993, it is personally very gratifying to have found such a fantastic and sustainable home for the business. I have no doubt that in Colas’s hands it will continue to go from strength to strength.”
Mr Haynes said Colas Rail benefits from a significant enhancement to its rail vehicle maintenance capability.
Mark Naughton, corporate finance director at Grant Thornton in Wales, who advised on the deal, said Pullmans is “a great strategic fit for Colas, who will bring expertise and investment that will enhance the business for years to come”.