Ecoserv Group has acquired Cooltech Environmental Engineering in a £3.5 million deal.
The acquisition of the Slough-based maintenance provider is Ecoserv’s first since the company rebranded from Ecocleen in August, unveiling plans to become a multi-service FM business.
Cooltech specialises in mechanical, electrical, HVAC and water hygiene services to a wide range of premises and works with several large property managing agents. Launched in 1992, the company has a turnover of £7.5 million. Its 40-strong team, including a network of on-site and mobile engineers, supports clients in 100 locations in and around the M25 in the commercial residential, office, retail and hospitality sectors.
Francois Oosthuizen, the group’s chief operating officer, said: “The acquisition will allow us to diversify as part of our ambitious growth strategy, with the aim of delivering integrated FM solutions to new and existing customers nationwide.
“Cooltech has proven maintenance expertise that complements our existing cleaning operation, so this development represents a huge opportunity and a significant step change for the business.”
Jean-Henri Beukes, Ecoserv’s CEO, added: “We are committed to broadening both our FM capabilities and geographic reach through strategic acquisitions and partnerships or by investing in our existing infrastructure. This latest deal will take our annualised turnover to over £40 million by year-end and represents a key part of our transformation into a multidiscipline FM company. The business has grown up in the past 18 months and we now have the management team in place to take us forward.”
Ecocleen secured funding from BOOST&Co, a UK-based independent asset manager specialising in growth-lending solutions for high-growth SMEs to complete the acquisition. The company was advised during the process by AS Advisory, James Cowper Kreston and Owen White Solicitors.