A property management and services company has undergone a management buyout.
Premier Support Services, which is headquartered in Birmingham and has six other offices across the UK, has been acquired by incumbent managing director Andrew Walker as majority shareholder alongside his management team of Martin Holt, Danielle Parker and Tom Chatwin.
The company provides commercial cleaning, building maintenance and security services and is now planning to pursue new organic growth opportunities and acquisitions within the property management sector.
It currently has 1,600 staff and has contracts covering more than 1,000 commercial properties for well-known firms such as property agency Savills and leisure group Whitbread.
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Finance for the management buyout was provided by Birmingham-based debt funder Frontier Development Capital. The seller was a private investor.
Mr Walker said: “These past 18 months has seen the business diversify its service offering, working collaboratively with our customers to deliver a flexible, professional and reliable service, subsequently allowing our customers the time to focus on their core business during the pandemic.
“Frontier worked closely with us to structure an investment that is right for our business and its customers.
“It will enable us to continue to invest in innovative solutions and help our people to continue to make a difference.”
Simon Kelsall, investment director at Frontier Development Capital, added: “We are backing an ambitious management team in their buyout of Premier Support Services and look forward to working with them to deliver the exciting plans they have set out for the business.
“The last 18 months have elevated the importance of cleaning within both the office and leisure environments.
“Premier Support Services has reacted well to this, leading the way in the sector’s response to covid-19 and introducing new service lines that address the specific concerns of individual customers.
“We are delighted to be its chosen funding partner as they continue to deliver great service across the industry.”
Dains and Lodders advised on the deal.