Multimillion-pound support package enables £8.5m takeover deal
PMD Business Finance has provided a multimillion-pound structured finance package as part of the latest deal the Oldham-based business finance broker has supported.
It has enabled Derbyshire’s React Group to complete its £8.5m acquisition of LaddersFree, an Exeter-based firm specialising in commercial window, gutter and cladding cleaning.
Swadlincote-based React Group said the deal will broaden its customer base and help it achieve further nationwide growth.
The AIM-listed company provides a wide range of specialist nationwide services including deep cleaning, decontamination, and hazardous waste removal for sectors including prisons, emergency services, industrial, highways, transport, technology, and hospitality.
LaddersFree, founded in 2002 by Justin and Jason Korinek, has a network of more than 300 service partners and counts established brands like Costa Coffee, Next, Lidl, Holiday Inn Express and Marriot hotels among its customers.
PMD Business Finance provided a £2.5m structured finance package to support the cash and shares deal. The deal team at PMD was led by structured finance directors Callum Bull and John Platt.
Callum Bull said: “We’re proud to have supported this significant acquisition that will allow React Group to further diversify its service offering in the specialist cleaning market.
“LaddersFree has a highly scalable business model and can look forward to further significant growth through the additional investment and resources provided by React Group.”
Mark Braund, chairman of React Group, said: “This is our second major acquisition and one that represents our ambition to build a profitable, industry-leading business through both organic growth and strategic acquisitions.
“LaddersFree has an established customer base and generates significant recurring business, which complements the highly specialist reactive cleaning service we already provide.”
React Group has provided specialist cleaning and decontamination services in difficult locations and sensitive circumstances for more than 20 years, providing a 24/7 service by fully trained and security cleared professionals.