Gresham exits Warings

Gresham, a UK mid-market private equity firm, has completed its second deal in two days with the sale of Warings, a regional building contractor, to French group Bougues Construction.

Yesterday, Gresham invested £21m (US$43m) in Hotter Shoes, a footwear brand for the grey market.

No sale price was disclosed but Gresham announced that it had made a four times return on its original investment in Warings back in January 1998.

Based in Portsmouth, Warings has 240 employees and annual turnover of more than £100m. The company undertakes new build and refurbishment projects across the south of England, from residential, healthcare and commercial to industrial, airports and defence.