The private equity injection into Fox Group is part of a plan to complete the transition of the business from its haulage and earthmoving origins into a “fully integrated, circular economy construction materials solutions business”.
Mark Joel and Andy Swinnerton, past managing directors of Lafarge Tarmac and Aggregate Industries respectively, have joined the management team. Mark Joel is now company chair and Andy Swinnerton is chief operating officer.
Former owner Paul Fox remains chief executive and retains a share of the business.
Fox Group, now in its fourth generation of family leadership, has been in operation since 1932, providing services to the construction and infrastructure industry across the UK, including muck-away, haulage of aggregates, production of recycled aggregates, waste recycling, quarry operations and ready-mix concrete production.
Paul Fox took over the family business when just 23, on the death of his grandfather Harold (also known as Barney) Fox in 2007. In 2020 he recruited John Flood to help implement a growth plan. Flood had previously been commercial director of utilities contractor Enterprise, where he helped grow the business from £30m annual turnover to £1.1bn. In 2013 Ferrovial paid 3i £385m for Enterprise.
Between 2020 and 2023 Fox Group’s turnover grew from £16m to £99m, helped by acquisitions including Clive Hurt Plant Hire and sister company CMP Plant Hire, JJ O’Grady, Blackledge Plant Hire, Cotswold Roller Hire, Woods Waste and Tipworx. In March this year it also bought the ports of Fleetwood, on the Fylde coast, and Silloth, west of Carlisle, to support its logistics operations.
As part of the Stellex takeover, Fox is also merging with JA Jackson, a Lancashire quarry operator and producer of recycled aggregates and ready mixed concrete.
Mark Redman, managing partner at Stellex, said: “We see strong potential in the company’s capabilities and resources and look forward to working together with management and our operators to deliver on our value creation plan.
“This acquisition aligns with our strategy to identify companies where we believe we can introduce operational expertise in an effort to drive growth and better leverage companies’ assets and resources.”
Paul Fox said: “We are delighted to welcome Stellex, Mark and Andy to our group. This is an extremely exciting time for the company and with their help and the integration of JA Jackson, we are now in a position to transform the company into a fully integrated circular construction materials business, delivering sustainable solutions to the construction industry.”
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