Palatine accelerates CET growth plan with bolt-on acquisition
Midlands-based CET UK has completed the acquisition of the business and assets of Enverity Ltd, a geotechnical and construction materials testing specialist, with the support of Palatine Private Equity.
The acquisition comes just three months after Palatine took a majority stake in CET in November 2018, with the intention of broadening its service capability and geographical reach through a buy-and-build strategy.
Enverity provides comprehensive testing services across the civil engineering, structural engineering and geotechnical markets. This includes primary and secondary aggregates, pavement investigations and construction materials.
Established in 1989, CET UK offers a range of specialist outsourced services across the UK. The company currently employs 510 staff across its Property Assurance and Infrastructure divisions. The acquisition of Newark-based Enverity will build on CET’s existing infrastructure offering with additional resources and testing facilities.
Richard Thomas, Head of Midlands at Palatine Private Equity, said: “Coming so soon after our investment in CET, this acquisition demonstrates the company’s intention and ability to grow via acquisition with our support. Enverity is highly complementary to our existing testing business and will provide additional capacity, expertise and geographical reach. The underlying business is growing rapidly and this, along with future acquisitions, will only serve to accelerate that growth.