Mayfair goes green
Who?
Oldbury’s Mayfair Fire Protection
Did what?
Has been bought by Gloucestershire company Green Compliance.
What does this mean?
Green Compliance, a provider of energy certification and consultancy services, paid an initial consideration of £2.392m for the Black Country business which provides fire protection equipment and associated services. Depending on MFP achieving specified profit targets by the end of this year, a further deferred cash consideration will become payable. The calculation of the deferred consideration will be based on a multiple of six times EBITDA for the year, less the initial cash consideration. The total deal sum is capped at a maximum of £4m. The deal was funded from existing cash reserves and from a new loan facility from HSBC.
Who advised?
The London office of Collins Stewart Europe Advised Green Compliance. Ross Andrews and Tom Rowley of Zeus Capital's Manchester office also advised. HSBC provided funding for the deal.
Insider comment:
On 31 March, following its latest AGM, Green Compliance announced that it had bought Waterchem. At the time, CEO John Prowse said: “Waterchem is the first significant acquisition following the shift in the company’s strategy towards building a business focused on “blue collar” compliance markets.” Evidently not sated with this, it snapped up Mayfair shortly after, with more deals possibly in the pipeline.
