The environmentally conscious facilities management business Ecoserv has secured funding of £8m from the independent asset manager BOOST&Co to fund its acquisition of the maintenance specialist Cooltech.
The business, which is based in Wallingford and Watford, will also use the investment to fund the group’s growth strategy and to support future acquisition plans. With the help of this funding, Ecoserv expects to achieve an annualised turnover of more than £40m by year-end.
Ecoserv has been providing eco-friendly commercial cleaning services to educational institutions, offices, leisure facilities, industry, construction and retail businesses across the UK for more than 25 years. The acquisition of Cooltech, which followed a recent rebranding, was the company’s first since it announced its plans to become a multi-service facilities management business.
BOOST&Co chose to work with Ecoserv because of the company’s strong – and timely – focus on eco-friendly solutions in a growing sector. The firm has grown significantly following the Covid-19 pandemic, helped by the increased need for sanitisation, and the lender was also impressed by Ecoserv’s ambitious growth plans, which will enable it to expand into a broader facilities management business.
Kim Martin, head of the south and Midlands at BOOST&Co, says: “We are delighted to support Jean-Henri and the team at Ecoserv with the acquisition of Cooltech. The wider growth strategy for the company to evolve into a multi-service facilities management business is an exciting one and we are confident that our investment will be put to good use.”
Jean-Henri Beukes, the chief executive at Ecoserv, says: “We are committed to broadening both our facilities management capabilities and our geographical reach through strategic acquisitions and partnerships or by investing in our existing infrastructure.
“Our latest deal will take our annualised turnover to more than £40m by year-end and represents a key part of our transformation into a multi-discipline facilities management company. Our business has grown significantly in the past 18 months and we are confident that the funding and support provided by BOOST&Co will help to take Ecoserv forward.”