Exclusive | Private Equity Firm Looking to Sell Chevron owners Ramudden for £2.4bn

After seven years of ownership, Triton is preparing to exit its investment in Ramudden owners of Chevron, Highway Care and HRS in the UK.

The road safety company, which owns Chevron and HRS in the UK has grown rapidly through acquisitions and expansion in North America, could be valued at more than SEK 40 billion (£2.9 billion), according to Affärsvärlden’s sources.

Ramudden is a global road safety company with 5,400 employees, owned by the private equity firm Triton.

The company is now officially up for sale. Triton, which has owned Ramudden since 2017, was already reported by Affärsvärlden in March this year to be preparing for an exit after the summer.

Triton has now teamed up with investment banks Goldman Sachs and Deutsche Bank as advisors to find potential buyers.

Sales materials have reportedly been distributed, and the exit process is expected to continue through the winter, according to Affärsvärlden’s sources.

Ramudden is part of Triton Fund IV.

The company provides traffic safety and worksite solutions for the infrastructure and construction industries, focusing on products, services, and digital tools. Ramudden employs about 5,400 people globally. In 2024, it reported net sales of SEK 10.4 billion and EBITDA of SEK 2 billion, according to its annual report. Operating profit was SEK 922 million, impacted by high financing costs and large investments.

Major Private Equity Players Interested

According to Affärsvärlden’s sources, major U.S. private equity firms Blackstone, KKR, and I Squared are among the interested bidders. Luxembourg-based CVC is also expected to join the bidding process. In addition, other infrastructure-focused funds may express interest in the road safety company.

Blackstone, CVC, Deutsche Bank, Goldman Sachs, KKR, and Triton all declined to comment.

A valuation for Ramudden could reach or exceed SEK 40 billion (£2.9 billion), according to Affärsvärlden’s sources.

Limited Synergies Between Subsidiaries

In recent years, Ramudden has completed a string of acquisitions and now owns around 70 subsidiaries across Europe and North America.

“There aren’t huge synergies between these companies, and Triton hasn’t achieved strong consolidation,” said one of Affärsvärlden’s sources. “Ramudden is a solid business with good margins. Their recent entry into Canada and the U.S. suggests that the next owner could continue a buy-and-build strategy in North America.”

Ramudden’s strength lies in its extensive network of depots supplying road safety equipment, which ensures solid profitability. However, the company also has significant capital tied up in machinery and materials, meaning it is unlikely to sell at very high multiples.

“It’s important to remember that each country has different regulations for approved road safety systems, which makes it difficult to achieve large-scale operational synergies,” another source added. “A buyer must understand that they’re not purchasing a fully integrated group, even though there are administrative and other efficiencies available.”