Rockpool Investments has backed the management buyout of Cambridge Maintenance Services (CMS), a leading provider of mechanical and electrical engineering services in the UK. Clydesdale Bank provided senior loan facilities to support the acquisition.
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The management buyout was led by Ian Wheeler (Managing Director) and Chris Kindon (Operations Director), following a period of sustained growth for the company. Michael Ruddock and Mark Beadle joined the board at completion of the deal as Finance Director and Non-Executive Chairman respectively.
Cambridge Maintenance Services is a nationwide supplier of technical engineering services, offering mechanical and electrical planned preventative maintenance, as well as round-the-clock reactive services for a diverse set of clients. The Company uses disruptive smart technology to deliver regulated building maintenance, testing and compliance services across nine engineering hubs in the UK, helping to reduce its clients’ costs and drive sustainability in the process.
Ian Wheeler, Managing Director of Cambridge Maintenance Services, said: “This transaction marks an exciting next step for CMS to continue our development in the sector and to strive to be the maintenance service provider of choice. The buyout will provide enhanced opportunities for members of our fantastic team to develop with the business and provide more services “in house”. Most importantly, we strongly believe that it will provide our clients with confidence that with the current management team remaining in position, it will be very much business as usual. We are delighted to have found a supportive long-term partner in Rockpool Investments and we look forward to working with them to deliver our business plan.”
Tom Coey and Simon Collins led the investment for Rockpool. Tom Coey said: “This deal represents a fantastic opportunity for our investors to support an established and well managed business with an excellent reputation in the facilities management sector. Ian and Chris have led Cambridge Maintenance Services through an impressive growth phase amidst changeable market conditions this year, and we are pleased to be backing the team to continue with their growth strategy”.
Rockpool Investments is a private equity firm dedicated to creating opportunities for individuals to invest in private companies. Rockpool provides equity and loan financing of between £3m to £12m to profitable UK-based private companies and has invested over £450m since inception.
Rockpool was advised by Taylor Wessing LLP (legal), Cavendish Corporate Finance (debt and M&A), Grant Thornton Corporate Finance (financial and tax), RPL Advisory (commercial), Catalysis Advisory (management) and Lumin Insurance (insurance).
Cambridge Maintenance Services was advised by Hewitsons LLP (legal), Grant Thornton Corporate Finance (M&A) and Saffery Champness (tax).