Wates acquires Purchase Group
Walsall's Purchase Group has been acquired by construction services company Wates for an undisclosed sum.
Managing director David Purchase said the deal was an "exciting and positive" step forward for the £30m-turnover, family-run business, which employs 120 staff across its offices in the Midlands and North Wales.
Purchase Group will operate under the Wates Living Space division and will continue to trade under its current name in the short-term.
Purchase added: "This will provide us with the investment and support of a highly respected industry player, which will facilitate future growth within the market.
"Wates' commitment to people and communities is rivaled only by that of our own and it is these shared ethics that will place us as the partner of choice in the affordable housing sector.
"Together we can offer a compelling proposition to clients and customers in the Midlands, Wales and the North for their full range of maintenance needs."
Andrew Davies, chief executive of the Wates Group, said: "We have strong shared values of integrity, performance and respect, which are built on a long-standing family heritage.
"This collective reputation now gives us an extremely strong foundation upon which to seize emerging business opportunities in the affordable housing sector and grow our presence in the marketplace."
Wates is headquartered in Surrey and has offices in Birmingham and Derby. It was advised on the deal by Deloitte.