Construction entrepreneur cements partial exit
Serial entrepreneur Richard Beaton has part-exited Tekton Group, the company he led the original management buy-out of in 2005, following the acquisition of SiteStream from US owner Mitek Systems in a £12.6m deal.
Beaton has spent much of 2006 and late 2005 on the acquisition trail in his bid to create a £40m plus turnover business and market leader in construction industry software.
The purchase of Manchester business Intuita was followed by acquisitions of E Vision in Scotland and Staffs-based Construction Information Technologies, helping to secure Carillion, Bovis Homes, Skanska, Kier Group and Lovell Partnerships as clients.
The SiteStream deal also included a recapitalisation of the business, with Inflexion Private Equity Partners funding it and HSBC providing the debt.
YFM Private Equity, which supported the 2005 MBO has retained its minority stake and Beaton remains as CEO.
Tekton’s turnover, following the deal, is expected to increase from £6.5m in 2006 to £8.9m in 2007.
International expansion was also a key motivator.
SiteStream has a US presence already and had appointed distributors in Australia and South Africa prior to Tekton’s move.
Tekton employs 54 people across its sites in Scotland, Staffordshire, Manchester and now Surrey.
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