SGS on track with Correl Rail buy
Birmingham-based Correl Rail, which inspects and certifies railway rolling stock, has been bought by Switzerland's SGS Group. The multimillion-pound sale was arranged by corporate finance adviser Orbis Partners.
Correl Rail carries out work for several rolling stock manufacturers, train operators and leasing companies throughout Europe and Asia.
SGS Group, which specialises in certification services, has an annual turnover of £3bn. The company has more than 64,000 employees and a network of more than 1,250 offices and laboratories around the world.
It said the undisclosed deal with Correl was struck to help develop its railway services portfolio and assist with its target of worldwide growth.
Correl shareholders and directors Nigel Bean, Colin Turpin and Barry Cullinane, who established the company ten years ago, will retain senior positions in the business.
Shah Zaki, a partner at Orbis, said: "This was a very exciting deal for us to be involved in as we were able to access a number of strategic international potential buyers through our Clairfield International partnership. We concluded a deal which reflects Correl’s strategic market potential.
"With the support of SGS, the business will be able to develop its already impressive capabilities into new services and geographical markets as well as consolidating its dominant position in the UK."
The Birmingham office of law firm Wragge & Co advised the shareholders of Correl.
