GT, BDO act on Spice disposal

NORTH West advisers acted on a £9m buyout of Spice Group’s facilities services group.

NBGI Private Equity has backed the MBO deal which will see the existing team of managing director George Lilley and executive chairman David Simons continue to lead the firm.

Leeds-based Spice, formerly a stock market listed firm, was itself bought by private equity firm Cinven in a deal completed in December that valued the company at £251.1m.

The Manchester offices of Grant Thornton and BDO acted on the deal.

Ali Sharifi, a corporate finance partner at Grant Thornton in Manchester, said:
“We congratulate David and his team on the completion of the MBO and wish them every success with this new chapter in FSG’s history.

“The company has a reputation for quality and responsiveness and is a premium player in its market.”

Mr Simons said: “The continued growth in outsourced facilities management, the appeal of our service offering and our strong management team put is in an excellent position to grown and develop our business.

“This is an exciting time for FSG and we are delighted to have secured the financial backing and support of NBGI Private Equity. Their knowledge of our sector makes them a perfect partner for FSG going forward.”

NBGI has taken a majority stake in FSG and is investing further capital to expand the companies services.