Outsourcing company ACT Clean clinches backing for £10.2m MBO
Provider of services to Claridges, The Ritz, The Savoy will look to take advantage of the growing stock of five-star establishments in the capital
Associated Continuity Teams Ltd (ACT Clean), a specialist outsourcing company, has landed backing for its £10.2m management buyout from Connection Capital.
Founded in 2006, ACT Clean provides fully managed housekeeping, cleaning and kitchen portering services to high-end restaurants and hotels, private members’ clubs and private hospitals.
As well as a number of Michelin-starred restaurants, clients include Claridges, The Ritz, The Savoy and even the Royal Household.
Connection Capital has provided £5m of investment for ACT Clean’s management buyout as it looks to take advantage of the growing stock of five-star establishments in the capital, which is expected to increase by 22% between 2015 and 2018.
John Stevenson, CEO of ACT Clean, said: “Connection’s team was good to work with – reasonable, pragmatic and approachable throughout the deal process.
“We have very significant opportunities for growth in our marketplace and we look forward to growing the business with Connection Capital’s support over the coming years.”
Miles Otway, partner at Connection Capital, added: “ACT Clean’s leading position in its niche luxury market, experienced and proven management team, prestigious client base and strong pipeline of growth prospects make it a highly attractive investment proposition.
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“We look forward to working with the senior management team of John Stevenson, Gillian Thomson and David Murray to take the business on to its next stage of growth.”