Elliott Group bought by management for £166m

Management has bought modular buildings maker Elliott Group from Davis Service Group in a deal worth £166m.

A team backed by managing director Paul Smeeth is buying the division after parent DSG reported disappointing sales in the division’s direct sales business.

DSG admitted in April that Elliott’s sales to the public sector were particularly disappointing, despite reasonable income from its hire and rental business.

The buyout was backed by TDR Capital, which last year bought continental modular buildings firm Algeco.

A TDR spokeswoman told CJ: “Elliott being one of the leading UK players, TDR can have a strong European presence.”