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Santander supports £10.2 million management buy-out of Associated Continuity Teams
London-based ACT Clean has secured private investor backing for a £10.2 million management buyout.
The deal, supported by funding from Santander Corporate & Commercial, signals a new cycle of growth and energy for the specialist provider of managed cleaning services and kitchen porters to the luxury hospitality sector.
Founded in 2006, ACT Clean is now the market leader in its niche sector. Its impressive, long-term client base ranges from fine dining restaurants, luxury hotels including The Ritz, Claridge’s and The Savoy, through to private members’ clubs and luxury retailers.
The buyout was led by three members of the senior management team - John Stevenson (Founder), Gillian Thomson (COO) and David Murray (CFO).
The deal was backed by Connection Capital LLP, a specialist syndicator of funds from private investors into direct private equity deals, commercial property transactions and alternative asset funds, and was led by Miles Otway (Partner). For Santander, the transaction was led by David French (Director, Growth Capital) and Scott Douglas (Associate, Growth Capital).
John Stevenson, CEO of ACT Clean, said:
This new investment and partnership is a very exciting opportunity for, myself and our fantastic management team, to both consolidate and nurture our existing long-term client relationships as well as attract and develop new clients.
Miles Otway, Partner, Connection Capital LLP, said:
Santander has provided a competitive and flexibly structured package of facilities for the transaction. The team’s sensible and flexible approach to structuring the funding package leaves ACT well financed for growth and builds on the growing relationship between Connection Capital and Santander.
David French, Director, Santander Growth Capital, said:
We are delighted to have provided financing for the Connection Capital backed MBO of ACT Clean. We enjoy a strong relationship with Connection Capital, having now completed three transactions together, and look forward to supporting them and the management team in delivering ACT Clean’s next stage of growth over the coming years.
Gowling WLG acted on behalf of Santander.
