The Lendlease UK construction business has been rebranded as Bovis following the completion of its sale to US-based investment firm Atlas Holdings.
The deal, originally announced in January, completed this week and sees the return of the historic Bovis brand, first established in 1885, to UK contracting.
In January, Lendlease Group said it would receive A$70m (£35m) for its UK assets, A$20m to be paid in June 2026, subject to adjustment as the sale process completed.
Tonight’s statement did not contain any reference to the final price paid.
Bovis will now operate independently from its former parent, Lendlease, under the ownership of Atlas.
The Connecticut-headquartered investor operates a portfolio of 26 companies across multiple sectors including construction services and building materials.
Its businesses generate around $16bn in annual revenue and employ 50,000 people globally.
The Bovis business retains its leadership team, with David Cadiot named as chief executive.
Cadiot became Lendlease’s chief executive in July last year after Simon Gorski stepped down from the role, two months after the firm’s Australian parent company announced it would sell the business.
Atlas operating partner and Bovis board member Peter Bacon said the firm would work with Bovis leadership “to build upon the Bovis legacy”.
Source: Bovis email press release
Bovis Construction was founded in 1885 by Charles Bovis as CW Bovis & Co in London.
The company was acquired in 1974 by P&O for £25m after a financial crisis hit Twentieth Century Banking, which Bovis had purchased two years earlier.
In 1997, the housing arm was demerged and floated on the London Stock Exchange as Bovis Homes, which remains in operation.
Australian firm Lendlease acquired Bovis Construction in 1999, renaming it Bovis Lend Lease. The company underwent major restructuring in 2009.
In 2011, Lendlease dropped the Bovis brand entirely.