Foresight acquires Tudor Contract Cleaners

Financial details of the transaction remain undisclosed, though Foresight typically makes private equity investments of £1-5m.

Following the deal, Tudor, which is currently primarily focused on the north-west of England, will look to expand its activities across the UK. The GP said in a statement the business has a number of existing clients that are exploring the possibility of taking out national contracts.

David Steventon, who was previously introduced to the board of Foresight portfolio company Futsal, will take a seat on the Tudor board in the role of non-executive chairperson, while the business will also look to recruit a new financial director.

Foresight made six other private equity deals in the final two months of 2016, most recently investing in Ekkosense, a provider of software and sensors for use in industrial-scale electronics.

Debt
RBS has provided a debt package and working credit facilities to support the transaction, Foresight's senior investment manager Claire Alvarez told unquote".

Company
Founded in 1995, Manchester-headquartered Tudor provides jet washing, window cleaning, industrial disposal, deep cleaning and general cleaning services to commercial and industrial clients. Its clients include Transport for Greater Manchester, Hilton, Radisson and Marriott.

People
Foresight Group – Claire Alvarez (senior investment manager).
Tudor Contract Cleaners – Tony Camilleri (managing director).

Advisers
Equity – BDO, Chris Heatlie, Wayne Causon (financial due diligence); Shoosmiths, Kieran Toal, Damien Brown, James Skivington (legal); RPL, Roger Penney (commercial due diligence); The Quinn Partnership, Paul Quinn (management due diligence).
Company – CLB Coopers, Andy Feeke, Peter Williams (corporate finance); Kuits, Kirsti Pinnell (legal).

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• UK / Ireland
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• Foresight Group