NVM invests £8.2m in Flexioffices MBO

The transaction is the second MBO completed by the GP's maiden institutionally backed fund, NVM Private Equity Vintage III. In March, the vehicle invested £9m for a majority stake in UK-based emergency and backup energy system provider Dale Power Solutions as part of a management buyout.

As part of the latest deal, NVM investment partner Peter Hodson will take a seat on the Flexioffices board of directors.

Company
Founded in 2000, London-headquartered Flexioffices is a brokerage firm providing serviced shared office space for small and medium-sized enterprises. The spaces are provided on a more flexible basis than traditional leases. They are typically fully furnished and provide support services, designed to enable companies to focus on operational activities.

Flexioffices works alongside 3,000 flexible office facilities across the UK, with partners including IWG, The Office Group, WeWork, Landmark, Citibase and London Executive Offices. The company's clients include Asos, Bovis Homes, Eventbrite, Spotify, Deliveroo and Argos.

People
NVM Private Equity – Peter Hodson (investment partner); David Rolfe (partner).
Flexioffices – Paul Slinn (founder); Geraint Evans (managing director).

Advisers
Equity – Armstrong Transaction Services, Tom Raymond, Matt McNally (commercial due diligence); Grant Thornton, Carl Parker (financial due diligence); AON Risk Solutions, Gordon Shaw, John Donald (insurance due diligence); Gowling WLG, Ian Piggin, Gregg Dunn (legal); Continuum, Steve Wycherley (management due diligence); Spectrum, Clive Hatchard, Ian Milne (corporate finance).
Vendor – Cavendish Corporate Finance (corporate finance).

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• Topics
• Buyouts
• UK / Ireland
• Financials
• United Kingdom
• NVM Private Equity
• Grant Thornton