Former Skanska UK chief David Fison to step in as division鈥檚 new chairman
Osborne鈥檚 infrastructure business is set to be snapped up by London investment firm Sullivan Street Partners in the latest of a string of construction industry acquisitions.
The family-owned contractor, civil engineering and property maintenance business has agreed to offload Osborne Infrastructure Ltd for an unknown sum.
It follows last month鈥檚 deal by CBRE to buy 60% of Turner & Townsend for 拢960m and Tetra Tech鈥檚 takeover of M&E consultant Hoare Lea.
Osborne Infrastructure will continue to be led by current managing director John Dowsett, who will be appointed chief executive.
David Fison, former chief executive of Skanska UK and of the Osborne Group, will join the business as chairman.
Dowsett said the takeover would help the business achieve the growth ambitions set out within its business plan.
Fison, who resigned from his role at Skanska UK in 2008 after the firm posted losses of nearly 拢50m, was Osborne鈥檚 chief executive from 2009 to 2015.
He has also held numerous non-executive director roles including for the Olympic Delivery Authority, Build UK predecessor UKCG, London City Airport and the Covent Garden Market Authority.
Osborne chief executive Andy Steele said that the sale was an 鈥渆xciting milestone鈥� that would provide the group with 鈥済reater clarity of purpose鈥�.
鈥淗aving secured the very best sponsor for Osborne Infrastructure Ltd, we now have an amazing opportunity to prioritise our investments and focus our energy and resources into becoming market leaders in the residential and education sectors.鈥�
Osborne Infrastructure specialises in rail and highways, with clients including Network Rail, Highways England and Transport for London.
It sits on several frameworks, including Highways England鈥檚 CDF framework and Network Rail鈥檚 IPSF framework, and has completed more than 200 bridge schemes.
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