en.Wedoany.com Reported - Private equity firm TrueNorth Capital Group has acquired UK Leeds contractor KNG Building Services, with plans to build a "construction supergroup" in the industry. Company head Bradley Lay stated that he hopes to complete eight acquisitions in the sector this year and plans to list on the stock exchange in 2027.
Lay revealed that he is seeking to fully acquire Hampshire-based curtain walling company Regency Facades, where he is currently listed as a director. KNG is relatively small and does not need to submit detailed turnover and profit accounts, but Lay said he plans to establish multiple vertical business segments within TrueNorth, including a cladding and curtain walling business, which will merge with roofing and scaffolding companies to form an external envelope group. Another segment is mechanical, electrical, and plumbing (MEP), which has already acquired KNG, with three additional projects having signed letters of intent. Soon, the total revenue of these businesses will reach £50 million to £60 million.
TrueNorth also plans to build capabilities in manufacturing and off-site construction. Lay stated that each acquired company will retain its own brand while competing directly for projects from main contractors and clients. The long-term plan is to list the group on the stock exchange, providing a succession planning route for shareholders seeking an exit. During his 17-year tenure at Essex Services Group, where revenue soared from £12 million to £150 million, Lay believes he has mastered the knack of managing construction finances. He said that often, people who are good at their trade grow a company to £10 million in revenue but may lack financial expertise, and after acquisition, formalizing systems and processes allows for scaling up.
Lay added that as the approval process of the Building Safety Regulator begins to accelerate, the industry outlook is expected to improve. Last year, much uncertainty and delays caused significant damage to the sector, but he expects a large volume of projects in the UK by July and August this year. He hopes to rapidly expand the construction team to seize opportunities and should complete eight acquisitions this year. Lay said many companies like this model and his way of doing things. He is looking for businesses with annual revenue of at least £10 million, where existing owners feel they have hit a ceiling. Business owners spend decades building their companies but find few long-term ownership solutions. TrueNorth's goal is to provide fair valuations, flexible acquisition structures, and a growth-oriented environment.
TrueNorth recently launched the SME Funded professional financial platform, aimed at improving financing access for construction, manufacturing, and other small businesses. The company has also created a design academy to identify and nurture emerging construction professionals through structured training, mentoring, and hands-on experience. TrueNorth says it is also heavily investing in technology, leadership development, digital systems, and operational excellence across all business areas. Lay recently wrote an article in Construction News discussing the difference between using profit before tax and earnings before interest, taxes, depreciation, and amortization (EBITDA) when assessing company value.
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