Driver makes £5m acquisition and adds to board
Rossendale-based Driver Group has acquired a construction management firm Initiate Consulting in a deal worth £5.3m.The international construction consultancy will pay £3.1m up front with cash and 1.6m shares, and defer the remaining payment for two years.
Following the announcement, former Conservative MP Steve Norris will join the company's board as a non-executive director. Norris was once parliamentary under-secretary of state for transport and minister for transport in London, becoming responsible for the Jubilee Line extension, the largest extension of the London Underground network to date.Driver said the acquisition would allow it to immediately provide development and project management capabilities on aviation, highway and rail projects across the UK and to capitalise on industry spend, including the government's £375bn National Infrastructure Plan.
The acquisition takes Driver's headcount to 440. Dave Webster, chief executive of the Driver Group, said: "This acquisition provides a tremendous opportunity to provide a broader offering in the very important infrastructure market both in the UK and overseas. I would like to welcome Initiate's CEO, David Law, to our executive board and Steve Norris to the group board and very much look forward to working with them to grow Initiate's services across the global footprint we have established in Driver Group."