SPI Group Ltd (United Kingdom) - Nov 2007

unquote
01 November 2007

Tweet
Facebook
LinkedIn
Google plus
Send to

Lyceum Capital’s portfolio company SPI Group Ltd has acquired Octopus Electrical Ltd for an undisclosed sum. The deal represents the first acquisition by building services business SPI which was acquired by Lyceum in a BIMBO deal in December 2006 (15 January 2007, page 27). As a result of the deal, SPI has expanded its geographic reach from its West Midlands centre to Shrewsbury and Wales. SPI is actively pursing other acquisitions with the intention of broadening the company’s geographic reach. It is considering targets in the East of England and the Northern Home Counties. The acquisition was funded by Lyceum Capital and Lloyds TSB and was understood to be less than £10m.

Company

Staffordshire-based SPI is a supplier of essential services including installation, repairs, maintenance and support for the social housing sector. Octopus also operates in the social housing sector in the Midlands, West of England and Wales through long-standing partnership and framework agreements. The enlarged company has a turnover in excess of £50m and employs more than 400 staff. During Lyceum’s ownership of SPI, it has built its order book to more than £100m and has further built its sustainable energy services and developed its business adapting housing for the disabled.

People

Dan Adler led the deal for Lyceum Capital with Grant Davidson and David Harland. Steve Huxley is SPI’s chief executive.

Advisers

Equity - Armstrong Transaction Services, Robin Illingworth (Commercial Due Diligence)Equity - BDO Stoy Hayward , Dougal Baxter, Graham Elsworth, Laknbir Chhina, Vinod Patel (Financial Due Diligence)Equity - Hammonds, John Heaton , Peter McLintock (Legal)

Sourced from: UK & Ireland unquote" 359 (Dec 2007)