Acquisition deal snaps up construction services firm
Featherstone-based Grove Building Solutions, which specialises in the delivery of construction services, has been acquired by Diskin Capital Partners Group (DCP) with support from asset-based lender Aldermore’s business finance arm.
Grove works with architects and clients to provide a full turnkey operation, from simple maintenance and refurbishments through to larger new build and restoration projects.
It employs over 35 direct trades persons to undertake works – including building, electrical, mechanical, plumbing, water damage, decoration, restoration and refurbishment.
The acquisition of Grove represents the next stage of a buy and build strategy for the DCP group, with more acquisition opportunities being explored.
Matt Diskin, owner of Diskin Capital Partners, said: “The current economic climate has created uncertainty for many businesses. However, Grove have mitigated the risks and continue to build upon the strong foundations and relationship achieved through over 30 years of trading.
“The addition of Grove to the group allows us to attain a strong foothold in an industry we are very familiar with.
“The baton has now been handed to us to take the business forward and realise its full potential, something we are confident we can achieve.”
Yorkshire-based dealmakers Castle Square Corporate Finance provided corporate finance advice to the buy-side team on the company acquisition.
Philip Jordan, in the Leeds office of law firm Progeny Law and Tax, provided legal services and advice to the buy-side team.
Director Mark Phillips from the Castle Square Team in Leeds advised the buy-side team of DCP.
He said: “Matt has a clear strategic goal for Diskin Capital Partners, focusing on offering a full turnkey solution to a variety of sectors in which the Group currently operates.
“From our initial discussions, it was clear that Grove fit well into the Group’s strategic plan and provides a further platform to maximise service offerings to the key sectors in which it operates.
“In times of challenge and uncertainty, with both Brexit and Covid-19, it is refreshing to see that many businesses continue to thrive in what is a challenging financial market under current global circumstances.”
Led by corporate partner Philip Jordan and supported by senior solicitor Tobias Adkins, the Progeny corporate team provided legal advice and support to the buy-side team of DCP.
Jordan said: “This acquisition of Grove Building Services sits perfectly with the DCP Group strategic plan to add complementary services and expertise to the existing Group offering and I feel certain will prove a valuable addition.”
Danielle Keating, within Aldermore’s specialist finance team in Leeds, led the external fundraise for the transaction.
She said: “We welcome Grove to Aldermore and look forward to a long and successful relationship supporting Matt and his team with their working capital requirements and wider group strategy.
“Our core purpose at Aldermore is to support the growth aspirations of UK SMEs, in these unprecedented times businesses are facing up to new realities and challenges.
“We are working harder than ever to support SMEs to stabilise their business operations and adapt to these challenges; providing them with the crucial cashflow they need to go onto achieve success in this post lockdown environment.”
Damian Hughes of HSBC’s Commercial Banking team in Leeds provided clearing banking facilities for the transaction and Lucy Holroyd of Schofield Sweeney’s Leeds office provided legal advice to the vendors.