Odyssey Corporate Finance advises on MBO of Birmingham based £20m turnover FM Group
Odyssey Corporate Finance is pleased to announce it originated and advised on the MBO of Premier Support Services Limited (“Premier”), with terms undisclosed.
Premier is a £20m turnover facilities management group with offices across the UK. It provides contract cleaning, security, property maintenance and other support services to a diverse range of clients. Premier is headquartered in central Birmingham and employs over 2,000 staff.
Paul Taylor founded Premier over 20 years ago and moves to Chairman as part of the deal. Director Andrew Walker led the MBO and becomes Managing Director, with five other directors joining him in the deal.
Paul Taylor commented, “We have been working with Odyssey for a number of years on various initiatives and are delighted to have completed the MBO. Andrew and his team will continue to drive Premier forward and I will focus on strategic growth opportunities as Chairman. All parties worked exceptionally hard and we are very grateful for the support from Odyssey, Investec and all the lawyers.”
Mike Yiannis from Odyssey stated, “Premier has experienced significant growth over the last few and is well placed to continue under the MBO. As with all transactions, there were many twists and turns but we got there in the end, thanks to everyone’s hard work. Premier’s management have a clear strategy of continued growth organically and through acquisitions and Odyssey looks forward to working with them for many years to come.”
Funding was provided by Investec’s Growth and Acquisition Team. Investec delivered an integrated package of term loan, RCF and mezz to fund the MBO and for future growth. Legal advisers on the deal were Freeths (management), Shakespeare Martineau (vendor) and CMS (Investec). Financial due diligence was provided by Mazars and tax advice from Baldwins.