3i Infrastructure has bought a 92% stake in equipment rental company SRL Traffic Systems for £191m.
Management has re-invested to buy the remaining 8% stake, while 3i provided a further £83m of debt financing to SRL with the intention of replacing this with third party debt “in due course”, the company said on Monday.
Chesire-based SRL owns a fleet of almost 13,000 items of equipment including temporary traffic lights, which it rents to local authorities, utilities, contractors and traffic management companies from a nationwide network of depots.
