The corporate finance team at accountancy and business advisory firm BDO LLP in Birmingham has advised Sure Group on its acquisition by asset and energy support services group, Lakehouse plc.
Sure Group, which has offices in Halesowen and Liverpool and employs 370 staff, has been acquired by Lakehouse plc for an initial cash consideration of £6.5m.
With revenues of more than £23m, Sure provides gas servicing, maintenance and installations to social housing clients across the Midlands and North of England. The acquisition sees Lakehouse extend its geographic footprint in the gas service and maintenance market.
The transaction marks another deal done in 2015 by BDO’s specialist team in the facilities management sector.
Commenting on the deal, Satvir Bungar, Birmingham-based director and head of BDO’s M&A facilities management sector team, said:
“This acquisition supports the view that trade buyers in this sector will continue to seek expansion through targeted acquisition strategies, broadening both their service offering and geographic reach.
“In addition, recent sale transactions completed by our team have seen international investors continue to enter the UK market. There is also increased appetite from private equity to invest in the sector.
“The improving performance of mid-market businesses like Sure Group, amid the austerity in the public sector, supports a positive outlook to maintain growth trends and levels of M&A activity going forward.”
Sure was founded in 2001 and in 2005 was acquired by its management and Graphite Capital. Following completion of the acquisition, Sure’s Chief Executive, Darren Cunningham and the management team will remain with the business. As a result of the transaction, Lakehouse’s total headcount will rise to approximately 1,800.