Sovereign's Alcumus acquires SM&MS

The deal marks Alcumus's fourth bolt-on under Sovereign's ownership.

Sovereign initially invested in Sypol in August 2009, committing more than €23m to the risk management services provider, according to unquote" data. It then bolted on Info Exchange, a provider of compliance information management solutions, to form the Alcumus Group in August 2010.

In October 2010, Alcumus bought Manchester-based ISOQAR, an independent UK-based certification body. In September 2011, Bradford-based Drury PSM, an outsourcing company focusing on HR, employment law and health and safety, became the latest bolt-on to the group.

According to Sovereign, Alcumus saw its EBITDA increase by 24% in 2013 and a 4.5x revenue increase since the GP first invested in the company in 2009.

Company
Founded in 1994, Huddersfield-based SM&MS provides services such as fire safety, asbestos management and health and safety consultancy to its clients. It has developed online compliance solutions such as health and safety database PropertyPlus. It has supported 1,600 companies with 60,000 compliance projects since inception and delivered 10,000 risk assessments in the property management sector in 2014.

The Alcumus Group will now have a total of 260 employees, including 80 from SM&MS. Together, the companies had a 2014 turnover of £20m, with an expected £23.5m being generated in 2015.

People
Martin Smith is CEO of Alcumus. Dyson Bogg and Jeremy Morgan are directors at Sovereign Capital and worked on the deal with partner Matthew Owen.

Advisers
Vendor – Park Place Corporate Finance, Ben Peacock (Corporate finance).
Equity – Spectrum Corporate Finance, Ian Milne (Debt advisory); KPMG, Richard Aston (Financial due diligence); Victanis, Marc De Thomasson (Commercial due diligence); CMS Cameron McKenna, Jason Zemmel, Peter Crichton (Legal).

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