NBGI Private Equity (NBGIPE) has backed the GBP9m management buyout of Facilities Services Group (FSG) from Spice Ltd. FSG is a UK market leader in the provision of hard facilities management (HFM) services to large, multi-site operators in the retail and leisure sectors.
NBGIPE is backing the existing FSG management team, led by George Lilley (managing director) and David Simmons (executive chairman). Lilley and Simmons are seasoned HFM professionals with a combined 44-years’ experience with the likes of GSH Group, WS Atkins, Broadgate Estates and Middleton Maintenance. Both joined FSG in late 2009 with a mandate to expand FSG’s range of services and delivery capabilities.
"We are thrilled to be backing George and Davis in the buyout of FSG," says Richard Babbington, investment director at NBGIPE. ‘With its sophisticated call centre, proprietary job handling system and integrated, nationally deployed mobile workforce, FSG provides national multi-site chains with the cost efficiency and service benefits that professionally delivered HFM can bring – big corporates or government entities, for example. It also provides the perfect platform for further add-on investments in the sector."
Mark Owen and Adam Lewis worked on the transaction for NBGIPE, while Grant Thornton (Manchester) advised the management team. Olswang and DLA (Birmingham) provided legal advice, with BDO Stoy Hayward (Manchester) and CIL undertaking financial and commercial due diligence services respectively.
