UK - Sovereign makes Dependable portfolio acquisition
Sovereign Capital has led the acquisition of cleaning company Dependable Services Ltd on behalf of portfolio company London Property Maintenance Ltd (LPM), a provider of contract cleaning security and maintenance services, for an undisclosed sum.
Sovereign led the £10m BIMBO of LPM in November 2006, taking an 85% stake in the company. The acquisition of Dependable represents the first acquisition of a buy-and-build strategy, to which the investors have allocated £10m of equity. Sovereign intends to grow the enlarged company organically and through further acquisitions, with negotiations already underway for a number of further targets, which are expected to complete shortly.
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