Fri, 25 Feb 2011 | MBO/MBI
Buckinghamshire-based Facilities Services Group (FSG) has undergone a management buy-out estimated to be worth £9 million.
The MBO was backed by NBGI Private Equity and was led by the company's managing director, George Lilley, and its executive chairman, David Simons. The pair had initially joined the company in 2009, already with the intention of leading a buy-out of the company from their positions.
FSG, which operates out of Aylesbury, is a leading provider of hard facilities management, offering the physical maintenance of buildings and equipment to business, with a particular speciality for those working in the retail and leisure sectors.
Following the successful MBO, Mr Simons said, "The continued growth in outsourced facilities management, the appeal of our service offering and our strong management team put us in an excellent position to grow and develop our business."
FSG had previously been owned by facilities management giant, Spice, the provider of maintenance support to the utilities industry. Spice had been listed on the London Stock Exchange, but was taken private in December 2010 when its was bought y investment company Cinven.
NBGI now has the majority stake in the company, and has pledged further financing to allow the company to expand its range of services.
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