Premier Support Services, a Birmingham-based facilities management company that provides a range of services including contract cleaning, security and building maintenance has undergone a management buy-out (MBO) in an undisclosed sum.
The MBO was supported by Investec who provided an integrated financing solution by combining a mix of debt and mezzanine facilities to finance the deal.
The £20 million turnover company will see its existing senior staff remain on board following the MBO. Premier’s co-founder Paul Taylor will carry on in his role as executive chairman of the business and the current director Andy Walker will become managing director.
Commenting on the MBO, Taylor said:
“As we plan to grow Premier, both organically and through acquisitions, we were attracted by Investec’s flexible approach to funding growth businesses. This package has given us all the advantages of significant external capital without loss of control.”
Grant Davidson from Investec, added:
“Backing successful entrepreneurs is core to our offering and we believe we have a strong management team in place.”
Founded in 1989, Premier Support Services has bases in Birmingham, Bristol, Leeds, London, Manchester, Nottingham and Slough.