Mynt cleans up with Fund booster
A FAST-growing and acquisitive commercial cleaning business has sealed a £650,000 funding boost.
Mynt Facilitiies Services – which was set up in Manchester – but is now heaquartered in Liverpool will hire more staff after the deal with The North West Fund for Development Capital, which is managed by YFM Equity Partners.
Mynt, previously known as ACS Cleaning, was set up by Mark Allen in 1997 in Manchester to serve businesses, schools and restaurants in the Cheshire area.
In 2010 it bought Maid in Cheshire and snapped up Cresta Cleaning Services in St Helens in April last year. Most recently it has expanded to offer the deep cleaning of commercial and industrial kitchens.
The company’s clients include Thai restaurant chain Chaophraya, British Transport Police, Tyco Ltd, Amalans Solicitors and Allied Irish Bank.
As part of the investment Mynt’s executive team has been boosted by the addition of Eugene Boyle as executive chairman and Jamie McGivern as finance director.
Both previously worked at contract cleaning business InterCity Group, a former YFM Equity Partners portfolio company.
The Mynt deal is the fifth investment that YFM Equity Partners has made from The North West Fund for Development Capital and its third in Merseyside.
Chief executive Mark Allen said: “This funding from The North West Fund for Development Capital and additional management support from YFM Equity Partners comes at the right time for our business.
“We have ambitious exciting growth plans and with this investment we will be able to employ more staff and continue to build our business further to meet the growing demand for professional cleaning services.”
Simon Cleaver, investment director at fund manager YFM Equity Partners, added: “Mynt has many opportunities for growth following its recent acquisitions. We look forward to working with Mark, Eugene and Jamie as they continue to develop services for clients and expand the business further.”
YFM Equity Partners were advised on financial due diligence by Langtons and on legal matters by Hill Dickinson. Mynt’s advisers were: RSM Tenon on due diligence and Shoosmiths Solicitors.
