John Laing Group
Corporate brand
UnclaimedBritish infrastructure investment company focused on privately financed public-sector infrastructure.
Last updated October 14, 2026
Overview
John Laing Group is a British infrastructure investment company whose business has evolved from nineteenth-century house building and construction into the development, financing, ownership and operation of public infrastructure. Its principal focus has been on projects delivered through public-private partnership (PPP), private finance initiative (PFI), concession and other privately financed models. The company has been involved in roads, railways, hospitals, schools, waste and energy infrastructure, and transport-related assets. The enterprise traces its origins to 1848, when James Laing and his wife, Ann Graham, built houses in Cumberland. Their early proceeds were reinvested into further residential construction, creating a family business that later moved toward Carlisle and larger building contracts. James Laing’s son John expanded the scale of the work while retaining a regional focus. By the early twentieth century, John William Laing was leading the business, which undertook larger industrial and factory projects. The company became a limited company in 1920 and moved its headquarters to Mill Hill, London, in 1922. World War II and the post-war reconstruction period substantially increased the company’s prominence. John Laing & Sons participated in the construction of components for the Mulberry harbours used in the Normandy landings and later took part in reconstruction and public building work. The company was listed on the London Stock Exchange in January 1953, when it employed approximately 10,000 people. During the following decades, it diversified into civil engineering, roads and power stations while continuing to build homes. Its acquisition of Holloway Brothers in 1964 strengthened its civil engineering capabilities. From the late 1960s, John Laing began moving beyond conventional contracting and into infrastructure investment. Its investment in the Europistas toll road in Spain in 1969 was an early infrastructure investment. The Second Severn Crossing, completed in the 1990s, became an important example of its participation in privately financed infrastructure and helped establish the company’s later PPP orientation. During the 1980s and 1990s, the group also expanded house building and property activities in the United Kingdom, the Middle East, continental Europe and the United States. Rapid expansion in the late 1990s was followed by financial and operational pressure. Losses and difficulties on several construction projects, combined with intense competition and overcapacity in the construction market, weakened profitability. The group reduced employment and sold its construction division to O'Rourke for £1 in 2001. Its property development businesses were sold to Kier Group, its house-building arm was sold to George Wimpey, and its affordable housing business was later sold through a management buyout. These disposals marked a decisive shift away from being an integrated construction and house-building group. After the restructuring, John Laing concentrated on investment and development opportunities in PPP and PFI infrastructure. Its rail interests included Chiltern Railways, London Overground Rail Operations and Wrexham & Shropshire; the Laing Rail division was sold to Deutsche Bahn in 2008. The company also participated in Agility Trains, the consortium selected for the Intercity Express Programme, involving the design, manufacture and maintenance of long-distance trains for major United Kingdom rail routes. The company established investment vehicles for completed infrastructure assets, including the John Laing Infrastructure Fund in 2010 and the John Laing Environmental Fund in 2014. It returned to the London Stock Exchange in 2015 after having previously been taken private. Later portfolio and advisory-asset disposals included the sale of John Laing Infrastructure Fund Ltd. to Dalmore Capital and Equitix Investment Management in 2018 and the sale of the investment advisory agreement associated with the environmental fund to Foresight Group in 2019. In May 2021, KKR agreed to acquire John Laing Group in a transaction reported at approximately £2 billion. The company’s board unanimously recommended the offer, and completion took place in September 2021. John Laing therefore became a privately owned infrastructure investment platform within KKR’s portfolio. Its contemporary identity is centered on sourcing, structuring, developing and managing infrastructure investments rather than directly carrying out general construction work.
History
John Laing Group began in 1848 as a small family house-building venture founded by James Laing and Ann Graham in Cumberland. The proceeds from their first house were used to finance additional construction, and the business later relocated toward Carlisle. James Laing’s son, John Laing, succeeded him in 1882 and expanded into larger contracts while maintaining a primarily regional operation. John William Laing, the next generation, became increasingly involved before the First World War and broadened the company’s work to include factories and other substantial buildings. The firm became a limited company in 1920 and moved its headquarters to a large site at Mill Hill in north-west London two years later. During the Second World War it participated in the construction of Mulberry harbour units, and its wartime and post-war reconstruction work helped establish a national reputation. The fifth generation of the family, William Kirby Laing and John Maurice Laing, joined in 1950. John Laing & Sons was floated on the London Stock Exchange in January 1953, by which time it employed approximately 10,000 people. The company continued to expand through civil engineering and acquired Holloway Brothers in 1964. During the second half of the twentieth century, the group diversified into road construction and power-station projects while retaining substantial house-building operations. In 1969, it invested in the Europistas toll road in Spain, an early move into infrastructure ownership. Under Martin Laing, who became chairman in 1985, the group pursued wider geographic and sector diversification. Residential construction and property activity expanded into the Middle East, continental Europe and the United States. The company’s participation in the Second Severn Crossing in the 1990s was an important step in its development as a PPP and PFI infrastructure participant. John Laing also entered railway franchising during the privatisation of British Rail. It supported a management buyout of Chiltern Railways in 1995 and acquired a controlling interest in 1999. However, the group’s rapid expansion in the late 1990s coincided with serious pressure in the construction division. Losses on projects including the Cardiff Millennium Stadium, the National Physical Laboratory, a PFI project in Teddington and No 1 Poultry contributed to falling profitability. The company reduced its workforce and sold the construction division to O'Rourke for £1 in 2001. Property development operations were sold to Kier Group, the house-building arm to George Wimpey, and the affordable housing division through a later management buyout. Following this restructuring, John Laing was reorganized around investment and homes, with the investment side becoming central to the group’s identity. Laing Rail participated in Chiltern Railways, London Overground Rail Operations and Wrexham & Shropshire, but the division was sold to Deutsche Bahn in 2008. In the same period, John Laing entered the long-term rolling-stock market through Agility Trains, a consortium with Hitachi and Barclays Private Equity. Agility Trains was selected for the Intercity Express Programme, whose contract covered the provision and maintenance of trains for major intercity routes. The group developed investment vehicles to hold and manage completed infrastructure. The John Laing Infrastructure Fund was launched in 2010, while the John Laing Environmental Fund followed in 2014. John Laing returned to the stock market in 2015. It later sold the infrastructure fund to Dalmore Capital and Equitix Investment Management in 2018 and transferred the environmental fund’s investment advisory agreement to Foresight Group in 2019. KKR agreed to acquire John Laing Group in 2021. The board recommended the transaction, which was completed in September of that year. The acquisition ended the company’s period as a listed public company and placed it under private ownership. Its business now represents the infrastructure-investment legacy of a company that began as a family builder but progressively moved into the financing, development and operation of long-term public infrastructure.
- 2021
Acquisition by KKR
[1]KKR completed its acquisition of John Laing Group, taking the company private.
- 2015
Relisting on the London Stock Exchange
[1]John Laing returned to public markets after its earlier acquisition by Henderson’s private-equity arm.
- 2014
Environmental investment fund established
[1]John Laing established the John Laing Environmental Fund to invest in environmental and related infrastructure.
- 2012
Intercity Express Programme contract
[1]Agility Trains was awarded the Intercity Express Programme contract for new intercity trains and related long-term services.
- 2010
John Laing Infrastructure Fund launched
[1]The company launched an investment fund focused on operational infrastructure assets.
- 2008
Laing Rail sold to Deutsche Bahn
[1]The group disposed of its railway division, including interests in several United Kingdom rail operations.
- 2001
Exit from construction
[1]The construction division was sold to O'Rourke for £1, accelerating the group’s shift toward PPP and PFI investment.
- 1990
Second Severn Crossing
[1]The company participated in construction of the Second Severn Crossing, described as its first PPP project.
- 1969
First infrastructure investment in a toll road
[1]John Laing invested in the Europistas toll road project in Spain, beginning a longer-term move into infrastructure ownership.
- 1964
Acquisition of Holloway Brothers
[1]The company acquired the civil engineering business Holloway Brothers.
Showing the 10 most recent.
Products and positioning
A specialist infrastructure investor and developer that partners with public authorities, contractors, operators and financial institutions to deliver and manage long-term infrastructure assets.
Infrastructure finance
Infrastructure investment and development
John Laing’s central activity is the identification, financing, development and ownership of infrastructure projects delivered with public-sector partners. Its portfolio has included transport, social infrastructure, environmental services and energy-related assets. Rather than operating primarily as a conventional contractor, the group has focused on taking investment interests in projects and helping structure long-term concessions and PPP arrangements.
Road and rail infrastructure
Transport infrastructure
Transport has been a recurring part of John Laing’s portfolio. The group invested in toll-road infrastructure, participated in the Second Severn Crossing, held railway interests through Laing Rail and later joined the Agility Trains consortium for the Intercity Express Programme. Its transport role has generally combined investment, project development and long-term asset or service arrangements rather than conventional short-term construction alone.
Rail rolling stock and services · 2012
Intercity Express Programme
Through Agility Trains, John Laing participated in the United Kingdom’s Intercity Express Programme. The consortium’s contract covered the design, manufacture and maintenance of long-distance trains serving major intercity routes, including services associated with the Great Western and East Coast networks. The programme illustrated John Laing’s move into complex, long-term infrastructure and transport-service financing.
Listed infrastructure investment vehicle · 2010
John Laing Infrastructure Fund
Launched in 2010, the John Laing Infrastructure Fund was designed to invest in and manage operational infrastructure assets. It represented the group’s strategy of recycling capital and providing investors with exposure to completed public infrastructure. The fund was later sold to Dalmore Capital and Equitix Investment Management in 2018.
Environmental infrastructure investment vehicle · 2014
John Laing Environmental Fund
Established in 2014, the John Laing Environmental Fund focused on environmental and resource-related infrastructure. Its investment remit was associated with projects such as waste treatment, recycling and energy recovery. John Laing later sold the investment advisory agreement connected with the fund to Foresight Group in 2019.
Former construction and property operations · 1848
Construction and house building
For much of its history, John Laing was a major construction and house-building business. It built homes, factories, roads and power stations and expanded residential activity into several overseas markets. Following losses and structural problems in the late 1990s, the construction division was sold to O'Rourke in 2001, property development activities to Kier Group, and the house-building arm to George Wimpey in 2002.
Brand decisions
2021
Acquisition by KKRM&ABackground
John Laing was a listed infrastructure investment company with a portfolio of public and privately financed infrastructure assets.
Action taken
KKR agreed to acquire the group, and the transaction was completed in September 2021 after the board recommended the offer to shareholders.
Aftermath
John Laing became privately held and ceased to be a listed London Stock Exchange company.
Reported transaction value. Approximately £2 billion (May 2021 agreement; completed September 2021)
2018
Sale of John Laing Infrastructure FundM&ABackground
John Laing reviewed ownership and management arrangements for its listed infrastructure investment vehicle.
Action taken
John Laing Infrastructure Fund Ltd. was sold to Dalmore Capital and Equitix Investment Management.
Aftermath
The sale transferred the fund to new infrastructure investment owners.
2013
Sale of facilities management businessStrategyBackground
John Laing was concentrating its portfolio on infrastructure investment and related project activities.
Action taken
The facilities management business was sold to Carillion.
Aftermath
The transaction further narrowed the group’s operating scope around infrastructure investment and development.
2012
Agility Trains awarded Intercity Express Programme contractProduct launchBackground
The United Kingdom sought a new fleet of long-distance trains and associated maintenance arrangements for major intercity routes.
Action taken
Agility Trains, a consortium involving John Laing, Hitachi and Barclays Private Equity, secured the programme contract.
Aftermath
The award gave John Laing a significant role in a long-term rail rolling-stock and service programme.
Reported contract value. Approximately £4.5 billion (Contract finalized in 2012)
2010
Launch of infrastructure investment fundStrategyBackground
John Laing sought to create investment structures around completed infrastructure assets.
Action taken
The John Laing Infrastructure Fund was launched as a publicly accessible investment vehicle.
Aftermath
The fund expanded the group’s asset-management model, although it was later sold in 2018.
2008
Sale of Laing Rail to Deutsche BahnM&ABackground
John Laing had accumulated rail interests through Chiltern Railways, London Overground Rail Operations and Wrexham & Shropshire.
Action taken
The group sold its Laing Rail division to Deutsche Bahn.
Aftermath
The disposal reduced the group’s direct railway operating interests and reinforced its emphasis on infrastructure investment.
2001
Exit from general constructionStrategyBackground
The group faced falling profitability after losses on several construction contracts and persistent competitive pressure and overcapacity in the construction market.
Action taken
John Laing reduced employment and sold its construction division to O'Rourke for £1, then began disposing of property and house-building operations.
Aftermath
The company became increasingly focused on PPP, PFI and infrastructure investment rather than integrated construction.
Recent events
- 2021
KKR completed acquisition of John Laing Group[1]
M&A
KKR completed its acquisition of John Laing Group, taking the infrastructure investor private.
- 2021
KKR completes acquisition of John Laing Group[1]
M&A
KKR completed its acquisition of John Laing Group, taking the company private.
- 2015
John Laing returned to the London Stock Exchange[1]
Other
The company was relisted on the London Stock Exchange after a period under private ownership.
- 2015
John Laing returns to the London Stock Exchange[1]
Other
John Laing was relisted on the London Stock Exchange after operating under private-equity ownership.
- 2013
John Laing facilities management business sold to Carillion[1]
M&A
John Laing sold its facilities management operation to Carillion as it continued concentrating on infrastructure investment and PPP activities.
- 2012
Agility Trains selected for the Intercity Express Programme[1]
Product launch · Other
The Agility Trains consortium, involving John Laing, Hitachi and Barclays Private Equity, was awarded the long-term Intercity Express Programme contract.
- 2012
Agility Trains wins Intercity Express Programme contract[1]
Product launch · Other
The Agility Trains consortium, involving John Laing, secured a major contract for new long-distance trains and associated services.
- 2008
Laing Rail sold to Deutsche Bahn[1]
M&A
Deutsche Bahn acquired the Laing Rail division, which had interests in Chiltern Railways, London Overground Rail Operations and Wrexham & Shropshire.
- 2008
John Laing sells Laing Rail to Deutsche Bahn[1]
M&A
Deutsche Bahn acquired the rail division, which had interests in Chiltern Railways, London Overground Rail Operations and Wrexham & Shropshire.
- 2001
John Laing construction division sold to O'Rourke[1]
Other
The group disposed of its construction division for £1 after losses and operational problems in the construction business.
Showing the 10 most recent.
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