Forward complete management buyout of Platinum Facilities & Services Maintenance
Forward Corporate Finance has announced the successful completion of the final stage of the management buyout of Platinum Facilities & Maintenance Services Limited (Platinum Facilities) by its Managing Director, Glen Cardinal.
In 2019, Forward Corporate Finance supported Glen in the acquisition of a majority share of the business from its previous owner. Following some stellar growth in the two years that followed, Glen has now acquired the balance.
Platinum Facilities serve clients across London and the Home Counties, delivering specialist mechanical and electrical services to a variety of private sector businesses in the corporate, legal and banking sectors, working directly with major organisations or through managing agents and landlords.
Forward Corporate Finance has worked with Glen since late 2018 to negotiate, structure, source funding and deliver the initial transaction. Funding was provided by alternative SME lender Caple, whose team included Dominic Buch and Sean Brophy who worked hard to deliver a five-year term unsecured lend. Tony Young, at Secure Trust Bank Commercial Finance, created a flexible working capital facility to enable the MBO transaction to complete.
Glen Cardinal, Managing Director at Platinum Facilities, said: “Rob has provided excellent support to me and my finance team throughout the deal process. His advice has been invaluable in finding the solutions to funding the original deal and the final portion, whilst maintaining the right level of working capital for the business which assisted our growth, and all the while moving the transaction forward with all stakeholders.”
Rob Dukelow-Smith, Director at Forward Corporate Finance, commented: “Structuring an MBO that works for the vendor, the management team and in this case, both the secured and unsecured lender is a fine balancing act, but a challenge that we at Forward personally relish. Glen was an absolute pleasure to deal with and I’m delighted that Platinum Facilities has gone from strength to strength under his stewardship to enable the full buyout.”
Corporate lawyer Stuart Scott-Goldstone at Aaron & Partners advised management on transaction.