NorthEdge backs Orbis Protect MBO

Greg Gille
31 August 2018

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NorthEdge Capital has invested in the management buyout of Uxbridge-based facilities management company Orbis Protect.

NorthEdge secured a majority stake in the business, backing the existing management team led by CEO Guy Other and COO Ben Howard. Financial details were not disclosed.

Clydesdale and Yorkshire Bank provided financing for the deal.

The GP is currently investing from two funds: its flagship NorthEdge Capital Fund II, closed on £300m in early 2016, and the more recent £120m SME Fund I. The investment in Orbis came from the former, which focuses on lower-mid-market investments, seeking businesses with enterprise values of between £10-100m with a £20-75m sweet spot. Typical tickets will range from £5-35m.

Orbis will look to continue building up its market position in both the social housing and commercial property sectors. The GP stated it saw strong potential for further growth in the company's commercial services segment. Head of Midlands Rob Freer will join the board in a non-executive capacity.

Company
Established in 1981, Uxbridge-based Orbis is a facilities management company offering empty property management services for commercial and social housing, as well as lone worker protection, specialist cleaning and infestation control. It employs 400 staff across 19 depots.

In the 12 months to March 2017, Orbis reported a £28.4m turnover with a £2.7m EBITDA. Revenue was up 2.8% year-on-year. NorthEdge did not disclose more recent financials for the business.

People
NorthEdge Capital – Rob Freer (head of Midlands); Andy Skinner (investment director).

Advisers
Equity – Deloitte, Darren Boocock, Nick Carr, Mike Craven (corporate finance); Browne Jacobson, Gavin Cummings, Michael Stace, Charlotte Cannell, Emma Hinton (legal); BDO (financial due diligence); Teneo (commercial due diligence); PwC (tax); KPMG (IT due diligence); SRS (management due diligence); Marsh (insurance due diligence).
Vendor – RSM (corporate finance).

empty property management service for commercial and social housing properties; lone worker protection through our BS5979 Cat II and BS8484 accredited Alarm Receiving Centre; and specialist cleaning and infection control services to customers across the private and public sectors.