Rock Asphalte is now under the control of managing director John Walsh and Andrew Wood, who becomes full-time finance director following the deal.

The company cost the buy-out team £16 million, which was funded by NBGI Private Equity, with debt provided by Investec. Under the terms of the deal, NBGI’s Lawrence Dean joins Rock’s board.

Walsh said management is excited by the prospect of growing the business with NBGI’s continued backing, which, according to director Richard Morley, supported the buy-out due to the reputation of the company and the experience of its management.

NBGI was advised by Nash Fitzwilliams, while KPMG supported the vendors. Legal advice was provided by Dundas & Wilson, Shoosmiths, Osborne Clarke and DLA Piper, while Baker Tilly, CIL and Cardinal managed the due diligence reviews.

Rock was founded more than 30 years ago and operates from offices in London, with a manufacturing site in Bedfordshire. The company installs mastic asphalt, hot melt and single ply roofing systems and structural waterproofing for vehicle decks and car parks.