Gerald Edelman is pleased to announce that its Corporate Finance team has advised on the management buyout (“MBO”) of Zone Vale Ltd, trading as Banbury Builders (“Banbury”), a specialist commercial construction business with a strong track record of delivering projects within the defence sector.
Banbury provides a comprehensive range of construction services to commercial clients, with a well-established portfolio of contracts with the Ministry of Defence. The business is headquartered in Ringwood, Hampshire.
The transaction saw Jason Hardy, Managing Director, lead the MBO to acquire the business from Paul Lucas, who had served as CEO of the company since 2007. The MBO provides a platform for Banbury to pursue its next phase of growth under Jason’s leadership.
Gerald Edelman provided strategic advice throughout the process to help facilitate the MBO.
Paul Lucas, CEO of Banbury, commented:
“This transaction marks a significant milestone for Banbury and for me personally. I’m proud of what the business has achieved over many years, and I’m confident that Jason and the team are extremely well-placed to build on those foundations. I’d like to thank the team at Gerald Edelman for their invaluable advice throughout – they made what can be a complex process feel very manageable, and I couldn’t have asked for better support.”
Nick Wallis, Partner at Gerald Edelman, added:
“We’re delighted to have supported Paul through this process. Banbury is a long standing client of Gerald Edelman and has built a strong reputation under Paul’s leadership, particularly through its long-standing work with the Ministry of Defence. We are delighted that we have been able to support Paul and Jason to complete this transaction, and to ensure that the business continues in capable hands with a management team that knows it well. We look forward to a continuing relationship with the business and wish Jason and the team every success as they take the company forward.”
Last updated: 12.06.2026
73 Cornhill London EC3V 3QQ
Contact Us
