CT has supported Trident Maintenance Services in its successful sale to Welsh firm Cardo Group as part of its expansion drive across the UK.
Glasgow-based Trident operates branches across the UK delivering construction and property maintenance services to public and private sector organisations. Its client base includes local authorities, social housing providers, prisons and universities.
Cardo employs more than 950 operatives and specialists across offices in England and South Wales. The firm has grown through a series of acquisitions and asset purchases in recent years, targeting maintenance and specialist subcontracting businesses. Prior to completing its purchase of Trident, Cardo also acquired roofing contractor Faskin Group, which also operates in Scotland.
When initially approached about the acquisition, CT were recommended by Trident’s legal team, Paul MacDonald and Craig Ramsey at Eventus Law, to help advise the business on corporate finance matters and all aspects of personal tax around the deal.
The CT team was led by Corporate Finance Partner Paul Mason and Director Jonathan Griffiths with further advisory support from Director Michael Jamieson and Senior Managers Joe McKillion and Craig Rothnie from the firm’s Tax team. Working closely with the team at Eventus, they helped structure a sale which included undisclosed upfront and deferred cash payments as well as a shareholding in Cardo Group for Trident’s father and son founders, Bill and Kenny Robson and members of Trident’s key management team.
While the Tax team provided advice on share structures and post-transaction tax status, the Corporate Finance team carried out a pre-sale due diligence health check and fed heavily into restructuring parts of the deal consideration during the drafting of the heads of terms for the sale.
This successful deal strengthens Cardo Group’s position in Scotland and extends the company’s footprint in the north of England. The acquisition also provides Trident with additional operational support and access to group infrastructure, while maintaining a local presence in Scotland.
Commenting on the transaction, Kenny Robson, Managing Director of Trident, said: “We were delighted with the support and advice from the CT team. They helped us secure a sale which recognised the value of the business along with a share-holding in the Cardo Group. This structure ensures that we remain involved with Trident’s new parent company which we look forward to supporting.”
Michael Jamieson, Director in the CT Tax team, said: “We congratulate Bill and Kenny on the sale of Trident, a really solid business they have built up in Scotland and across the UK over the past decade.
“Along with the professionals at Eventus Law, we structured a win-win outcome for both parties, which included cash and future shareholdings. This deal provides value for the Trident founders who will continue to work with Cardo Group as it grows its presence across the UK.”
Liam Bevan, chief executive of Cardo Group, said: “We’re delighted to welcome Trident Maintenance Services.
“It expands our national capabilities, particularly in the north of England, and enhances our offering across Scotland while supporting our long-term strategy of investment in skilled local workforces and supply chains.”