Social housing company ready to expand
SPI, the building services company, has gained funding from private equity firm Lyceum Capital.
The funding, the amount of which has not been disclosed, will enable the company to diversify its services and extend it geographic reach.
Paul Dillon, SPI’s managing director, said: “Their funding and guidance will give us the ability not only to broaden the range and scope of services we offer, but to invest in new technology that will improve and enhance the services we offer our customers.”
SPI, founded in 1966, offers services to providers of ‘social housing’ schemes, such as local authorities and housing associations.
The company, based in the West Midlands, employs over 500 people and has a turnover in excess of £38 million.
The market in which it operates appears to be highly lucrative; it is estimated that the annual spend of social housing will be in excess of £10bn for the next four years.
As a result of the deal, Steve Huxley, former managing director of Cleanaway, will join the company as its chief executive officer.
He said: “I am delighted to be joining the SPI team and look forward to building on the undoubted strengths of the company.
“The business has a very good reputation in the market and provides an excellent growth platform”.
Lyceum Capital was advised by Livingstone Guarantee, KPMG and Olswang, for business issues, accounting and law respectively.
SPI consulted with Deloittes over the specifics of the deal.
© Crimson Business Ltd. 2006