Established Port Talbot building contractor looks to build for future following management buy-out
A £1.1 million loan from Finance Wales has helped the
management team of one of South Wales’ leading building contractors
to buy into the business.
The purchase will see Jistcourt South Wales’ (Jistcourt) owner
Robert Norman sell a majority stake in the business to the
ten-strong team which includes his daughter Emma and son James.
Mr Norman started working for Jistcourt in 1986 before buying it
in 1993 and turning it into a successful and diverse construction
company employing 83 staff at its Baglan base.
Today, Jistcourt undertakes a range of design, build and
refurbishment projects for social landlords and local authorities
and has also completed successful education, health, commercial and
Having attended a seminar on succession planning jointly hosted
last year by PwC and Finance Wales in Swansea, Mr Norman contacted
Finance Wales to discuss funding options when he decided to take a
step back from the well-established business.
“I’ve invested a great deal of time and effort turning Jistcourt
into the business it is today. While I wanted to make sure I
benefitted from this, Jistcourt is a family business with a loyal,
local workforce and I also wanted to make sure it had a long-term
future. Last year’s succession seminar helped me understand
how to prepare the business and the management team for the
“Finance Wales’ funding, expertise and support enabled the
existing management team to buy a majority stake in Jistcourt and
I’ve stepped away from the day-to-day running of the
business. The business is now safe in the hands of a strong
management team who work well together and will successfully drive
the company forward,” Robert Norman explained.
Under Robert Norman’s leadership Jistcourt has grown into a
highly regarded construction company capable of completing a wide
range of high-quality developments.
Jistcourt’s new owners now plan to strengthen and expand key
aspects of the business while maintaining and developing key
customer relationships built up over 35 years. With a number of
long-term frameworks in place the company is keen to expand its
customer base in other parts of Wales.
PwC acted as corporate finance advisers for the company. Head of
Corporate Finance, West and Wales, Marc Davies said:
"Congratulations to Rob and the team on a fantastic result.
Jistcourt has been an important client of PwC Wales for many years
and we are delighted to have advised on this deal.
"Further to our series of succession seminars held jointly with
Finance Wales, we continue to promote the importance of planning
for succession. Achieving a great outcome on this deal,
supported by funding from Finance Wales, is recognition of the hard
work and careful planning performed by the team at Jistcourt."
Investment Executive, Alun Thomas, who worked closely with the
team at Jistcourt to structure Finance Wales’ investment, said:
“Robert has built up a well-regarded business over the last two
decades and he’s now ready to enjoy some of the fruits of his
labour. He’s also been able to create a legacy for his
children Emma and James who now have a stake in the business.
“Jistcourt is an established and profitable construction company
with the potential to continue expanding. The ambitious team
who’ve bought into this business have worked for the company for a
long time and they have the right mix of experience,
knowledge and passion to drive the business on to even greater
Finance Wales continues to work with ambitious Welsh managers
keen to own their own business. “Buying an established
business is well worth considering if you’re keen to own your own
business and there are lots of options. Jistcourt is an
excellent example of a vendor-initiated management buy-out and
we’re keen to speak to more business owners and management teams to
help them understand the options open to them,” Thomas