SRL has been bought out by 3i Infrastructure plc for an undisclosed fee in a move described as supporting further growth.
3i Infrastructure is a London Stock Exchange listed investment company with experience of investing in asset-intensive companies. It has acquired a 92% controlling stake in SRL. The SRL management team has re-invested to secure the remaining 8% share.
Following the deal, SRL hopes to develop its research, development and manufacturing capabilities to help it deliver new products and expand into new markets.
A core focus of its ongoing investment and product development strategy 'is the narrowing of the technological divide between temporary and permanent technology', SRL said.
It is already thought to be the UK and Republic of Ireland’s largest manufacturer and supplier of portable and temporary intelligent transport system (ITS) solutions.
Since its 2019 management buyout, the Cheshire-based company has experienced significant growth and its product portfolio has expanded to include a cutting edge modern variable message sign (VMS) fleet, work-zone protection barriers, CCTV, portable Urban Traffic Management and Control (UTMC) technology.
It also boasts 'the market’s only multiphase adaptive detection system'.
SRL’s future will be steered by its new chief executive officer, Adrian Murphy, who joined the company as chief operating officer in April.
Mr Murphy replaced Richard Tredwin, who will take up the role of non-executive chairman replacing Sat Dhaiwal.
Mr Murphy will be joined at the helm by chief finance officer John McLaughlin, who has been transitioning into the role and takes over from Mike Marrison as he retires.
Mr Murphy and Mr McLaughlin will work in partnership with SRL’s long-standing and highly experienced leadership team that led the 2019 buyout, including commercial director Alison Spooner and managing directors of the hire, manufacturing and Urban64 divisions, Malcolm Johnstone, Peter Almond and John Cleary respectively.
Mr Murphy said: 'SRL has achieved stunning growth since 2019, and the buyout will enable the company to continue along this trajectory, bringing industry-leading, innovative mobile ITS solutions for hire and sale to our expanding market, along with further developments to our renowned customer service offer.
'In the meantime, so far as our customers are concerned, on an operational level it will be 100% business-as-usual.'
Founded in 1997, SRL has over 170 employees and 150 specialist vehicles.