Southampton: Cleaning company sold to Compass Group
The BDO Southampton Corporate Finance team, led by partner Paul Russell and director Helen O’Kane, provided advisory services to Integrated Cleaning Management (ICM) on its sale to Compass Group.
The purchase of ICM is a strategic acquisition for Compass Group, based in Uxbridge, one of the leading providers of contract catering and support services in the UK and Ireland. With revenues of £61 million for the year-end March 31, 2011, Hampshire-based ICM is one of the UK’s largest independent specialist providers of core cleaning and related services. ICM employs 8,000 staff who work on more than 3,800 client sites.
Established in 1996, a full range of cleaning services are provided for more than 32 million square feet of floorspace everyday, focusing on corporate office, hospitality, leisure, hotel and retail sectors. ICM operates across the UK and has built a strong reputation and a high quality client base across all sectors.
BDO played a key role in securing the deal, acting as lead advisers to ICM shareholders. Paul Rafferty, managing director at ICM, explained: "We were delighted to work with BDO on this transaction. Paul and Helen showed great commitment to getting the deal done and steered us through the complexities of selling our business in a thorough and professional manner. They really understood our business and the key issues in the deal. We were glad to have them on our side of the negotiating table!"
BDO partner Paul Russell commented: “The acquisition of ICM by Compass Group is a sensible and strategic move for both parties. ICM built a strong market position in a highly competitive industry due to high-quality service provision. Good businesses like these, with continued growth opportunities, are clearly in demand from a range of buyers.
"This deal follows a year of successes for the Southampton BDO Corporate Finance team, which has completed over 16 deals in 2011 to date proving that, despite economic conditions, there is a strong M&A market for the right type of companies.”
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