Stellex Capital Management, a private equity firm, has acquired Fox Brothers Holdings Group, a Blackpool-based haulage company, with CEO Paul Fox set to remain in charge.
As part of this acquisition, Fox Brothers will merge with J A Jackson, a Preston-based quarry operator and producer of recycled aggregates and ready-mixed concrete.
The deal also brings leadership changes, with Mark Joel becoming the company chair and Andy Swinnerton stepping in as chief operating officer.
Founded in 1932, Fox Brothers operates a fleet of 119 trucks and 26 trailers, employing around 600 people. The company serves the construction and infrastructure sectors, offering services like muck-away, haulage of aggregates, recycled aggregate production, waste recycling, quarry operations, and ready-mix concrete production. Recent acquisitions, including Hurt Ltd and JJ O’Grady, have strengthened its position in the integrated construction materials market.
Paul Fox expressed excitement about the partnership, stating, “We are thrilled to welcome Stellex, Mark, and Andy to our team. With their support and the integration of J A Jackson, we are poised to transform into a fully integrated circular construction materials business, delivering sustainable solutions to the industry.”
In a joint statement, Joel and Swinnerton said, “We look forward to working with Paul and Andy Duckett, managing director of J A Jackson, to help drive the company’s growth and transformation into a leading, vertically integrated circular economy business. We have a clear plan for both organic and inorganic growth and are excited about the future.”
Mark Redman, managing partner at Stellex, added, “We see significant potential in Fox Brothers’ capabilities and resources. This acquisition aligns with our strategy to enhance operations and drive growth by leveraging the company’s assets.”
Fox Brothers’ most recent financial results, as of August 31, 2023, showed a 20% increase in revenue to £99m, although operating profit fell from £8.2m to £6.9m, mainly due to investment overheads.
