Middle-market private equity company Stellex Capital Management has completed the acquisition of a majority stake in Fox Brothers Holdings Group, a key player in the UK's construction and infrastructure industry.  

This strategic move is expected to transform Fox Brothers into a fully integrated, circular economy-based construction materials solutions business. 

Fox Brothers, a family-led company since 1932, has been providing a range of services, including muck-away, haulage, production of recycled aggregates, waste recycling, quarry operations, and ready-mix concrete production.  

The company has seen growth through acquisitions such as Hurt Limited and JJ O’Grady. 

Under this deal, Fox Brothers will also combine J A Jackson, a quarry operator, as well as a manufacturer of recycled aggregates and ready-mixed concrete. 

Stellex's investment will focus on further integrating Fox Brothers' operations to promote a circular economy and aid in decarbonising the UK's construction materials supply chain. 

Stellex managing partner Mark Redman said: “We see strong potential in the company’s capabilities and resources and look forward to working together with management and our operators to deliver on our value creation plan. This acquisition aligns with our strategy to introduce operational expertise to drive growth and leverage companies’ assets and resources.” 

The acquisition introduces new leadership, with Mark Joel joining as company chair and Andy Swinnerton as COO, both bringing a wealth of experience from their time at industry majors CRH/Tarmac and Holcim/Aggregates Industries, respectively. 

Fox Brothers CEO Paul Fox said: “We are delighted to welcome Stellex, Mark, and Andy to our group. This is an extremely exciting time for the company and with their help and the integration of J A Jackson, we are now in a position to transform the company into a fully integrated circular construction materials business, delivering sustainable solutions to the construction industry.” 

Joel and Swinnerton added: “We are looking forward to working with Paul and Andy Duckett, managing director of J A Jackson, to assist them in their growth and continued transformation of the company into a leading, vertically integrated, circular economy construction material business. We have a clearly identified plan, which involves both organic and inorganic growth, which we will pursue in the coming months and we are excited about the opportunity.” 

Legal counsels Davis Polk and A&O Shearman represented Stellex in the transaction while Hill Dickinson and Grant Thornton UK advised Fox Brothers. 

Fox Brothers has 12 sites across Lancashire, North West England, and a workforce of 550 employees. 

Stellex Capital, which has more than $2.8bn in assets under management, has offices in New York, London, Pittsburgh, and Detroit.