Yorkshire banking teams back Servest acquisition

SERVEST Group, which has a major operation in Harrogate, has acquired building services maintenance provider Maxwell Stewart.
 
Servest, which has a significant operation in Harrogate following the acquisition of Stag Security in 2012, completed the acquisition through funding provided by Yorkshire-based teams at Lloyds Bank Commercial Banking and Yorkshire Bank.
 
London and Manchester-based Maxwell Stewart is a family-owned business which provides mechanical and engineering services, including heating, ventilation, and air conditioning maintenance, for corporate and commercial properties.

The business has grown substantially in recent years, with revenue in 2013 of over £15m.  Following this acquisition, the enlarged Servest group, which is  is expected to have annual revenues of around £225m in the UK and 10,500 staff.
 
Servest, which is based in Bury St Edmunds and is 73% owned by Servest South Africa with the remainder owned by the UK management team, offers catering, cleaning, consumables, landscaping, maintenance, pest control, specialist services, security, washroom services and waste management to businesses in the retail, leisure, public, commercial, transport and logistics sectors.

Key clients include Timberland, Sainsbury’s, Tesco, Next, H&M, Leicestershire County Council, the Natural History Museum, Balfour Beatty and Carillion.

Funding for the acquisition was provided jointly by Lloyds Bank Commercial Banking in Leeds, led by relationship director Jim Sparling, and Yorkshire Bank, led by Kevin Hambling.

“This acquisition is part of our growth strategy which we aim to achieve through aRob Legge, CEO of Servest mix of organic growth and purchases,” said Servest Group CEO UK and Europe Rob Legge.
 
“It provides use with specialised services into yet another FM [facilities management] area – and offers long term contracts and a huge growth opportunity. I look forward to working with the Maxwell Stewart team on integrating the business into Servest and realising our combined potential.”
 
Servest was advised by Birketts (legal advice) and BDO (due diligence).

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