Flynn Group Limited (“Flynn“), is pleased to announce that the group’s groundworks business, John O’Flynn Developments Limited, has acquired Bristol based equivalent Kenny (Bristlewand Limited) from founders John and Val Kenny, funded from facilities provided by Allied Irish Bank. Flynn was advised by the Industrial Products & Services team, led by Ian Curtis at Transcend Corporate, the Birmingham and Reading based corporate finance house.
Flynn offers infrastructure and groundworks to a growing number of leading UK housebuilders and developers, throughout the South West. Incorporated in 1979, the company has an impressive 40+ year track record of year-on-year growth, and has capitalised on the high demand of its clients for the development of UK residential accommodation. The enlarged Flynn Group is headquartered in Swindon, deploying 500 people, with turnover of £80million.
The acquisition of Kenny, which will trade in the future as Flynn Bristol, will accelerate Flynn’s growth plans, both organically and, as in this case, through acquisitions. The business has a loyal customer base in the buoyant UK housebuilding arena.
Flynn Managing Director, Alf Hambidge, said, “Flynn has grown considerably in recent years, as customers utilise our company’s efficient, reliable and economic services, enabling them and ourselves to increase output. Kenny is a fine business and highly complementary, providing us with an enlarged platform to accelerate growth and expand our coverage.”
John Kenny said, “My wife Val and I have overseen Kenny from a fledgling business, to being a leading player in house-building in the South West, with an expert team that consistently provides efficient and reliable services, of which we are very proud. As we move into our retirement, we are pleased to pass on our strong traditions to the team at Flynn and wish them well in the continued development of Kenny, and say thanks to all our staff and contractors who have helped us grow into the successful business it currently is.”
Transcend Corporate Director, Ian Curtis, said, “There are significant opportunities for further growth as recent structural change in the housebuilding sector provides the opportunity for accelerated expansion.”
The Transcend Corporate team of Ian Curtisand Tom Nash acted as lead corporate finance advisers to Flynn Group for whom legal advice was provided by Duncan Sykes, Chris Cook and Jon Holloway at top 100 law firm, Foot Anstey. Debt facilities for the deal were provided by Brian Tooker at Allied Irish Bank, while SGD provided financial due diligence and tax structuring advice.