Hazlewoods advises on multi-million-pound sale of specialist engineering firm

Gloucestershire-based Hazlewoods has advised on the sale of a specialist mechanical and electrical engineering firm which has celebrated over 30 years in business.

Bristol-based Avon Combined Electrical Services Ltd (ACES), whose outstanding reputation and professionalism enabled it to win high profile contracts with the Ministry of Defence, the NHS, and at Hinkley Point nuclear plant, was incorporated in 1988.

The Hazlewoods team managed the sale process from finding a buyer through to completion, with RDCP Infrastructure Ltd, a leading construction engineering company and subsidiary of investment firm RDCP Group Ltd, acquiring a 90% stake in the business.

Stephen Sage, managing director of ACES, will continue to run multi-million-pound business, drawing on the experience of RDCP’s team to take it to the next level.

He said: “Hazlewoods was selected from a robust interview process and delivered at all levels.

James Morter

“James Morter, and his team, quickly understood, not only the requirement of the Directors but the unique nature of ACES position within the construction sector. From preparing the initial IM all the way to the final moments of the sale, Hazlewoods was there to aid the Directors in what for us was an unknown process.

“I would like to thank James Morter and Rich Grover personally for their hard work and commitment especially with the final hurdles that had to be overcome.”

Sameer Rizvi, founder and chief executive of RDCP group, said: “We are thrilled to welcome the ACES team to the RDCP Group and look forward to working together to maximise ACES’ potential and enhance further the company’s outstanding reputation and services.”

Excited about the future of the company, Mr Sage added: “Joining RDCP is the next step in the evolution of ACES into a stronger regional M&E engineering Business. Sameer and his team will enhance the professional service already offered by ACES and open new opportunities for growth and expansion.

“I’m personally looking forward to working closely with Gareth and the RDCP Infrastructure team to understand their aspirations and explore the close synergies with sister companies within the group.

“Not only does this provide an excellent opportunity for both RDCP and ACES it also allows for personnel within the current business to expand their own personal aspirations.”

Rich Grover

Corporate finance director Rich Grover said: “It was an absolute pleasure working with Steve; he is a dynamic leader who has driven the growth of ACES over many years. The company has an exciting future with RDCP’s investment, and I would like to wish them all the very best.”

Hazlewoods Corporate Finance team comprises five partners and more than 40 experts and were named Experian’s fifth most active adviser in the UK for 2021.

If you are considering selling your company, buying a business or are looking for ways to finance your growth plans and would like to find out more about the process, please contact Rich Grover at rich.grover@hazlewoods.co.uk, or call 01242 680000.

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