Under new ownership, Lendlease UK is returning to its old brand name of Bovis, hailing back to the company’s founding in 1885.
The £35m sale was announced in January and completed today on satisfaction of conditions.
Atlas Holdings’ portfolio of companies includes cladding specialist Permasteelisa and US steel fabricator Veritas Steel.
The sale completes Lendlease’s exit from international construction and follows the sale of its US and Asian construction operations.
Bovis is headed by David Cadiot, who has been with the company since 1995 when he joined as graduate commercial manager. Simon Gorski, previously Lendlease’s managing director for construction in the UK and Europe, left the business last year and his since set up a consultancy business.
Atlas operating partner Peter Bacon, a member of the Bovis board of directors, said: “The Lendlease UK team, now once again known as Bovis, has a long track record of successfully delivering large, complex projects and we look forward to working with their talented Leadership team and associates to build upon the Bovis legacy in this next chapter.”
Lendlease Group chief executive Tony Lombardo said “The exit of international construction builds on our progress to simplify Lendlease as we look to lower our risk profile and increase securityholder returns.”
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