Business Growth Fund (BGF), the UK government-mandated growth equity fund backed by five of the country’s banks, has invested £8m ($11.9m) in industrial equipment hiring company Hawk Group.
Founded in 1974, Hawk hires out bulk earthmoving, site remediation and agri-tractor equipment to customers working in the agricultural and construction markets. The investment will support the growth of Hawk’s fleet and an expansion into sectors such as quarrying.
Hawk CEO Mike Hawkins said: “Given the level of investment in large scale infrastructure projects and housebuilding, the needs of our customers will increase as they themselves take on more work.
“Bringing BGF on board means that we are extremely well placed to keep ahead of this increased demand.”
Jon Earl, an investor at BGF, is joining Hawk Group’s board as a non-executive director. Aaron and Partners, D.R.E. & Co and Fraser Hall advised Hawk on the deal, while BGF was advised by Geldards and Claritas Tax.
– Photo courtesy of Hawk Group Ltd.