Ecoserv Group Diversifies With £3.5m Cooltech Acquisition
Ecoserv Group has completed the purchase of Cooltech Environmental Engineering Ltd in a £3.5 million deal. The acquisition of the Slough-based maintenance specialist is the first since Ecoserv rebranded from Ecocleen and announced its plans to become a multi-service facilities management business.
“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,” explains Francois Oosthuizen, COO of Ecoserv Group. “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.”
Cooltech provides mechanical, electrical, HVAC and water hygiene services to a wide range of premises and works with many of the UK’s leading property managing agents. Launched in 1992, the company has a turnover of £7.5 million and is recognised as a leading maintenance partner within the FM marketplace. Cooltech’s 40-strong team, including a network of on-site and mobile engineers, supports 100 customer locations in and around the M25 in the commercial residential, office, retail and hospitality space.
Jean-Henri Beukes, CEO of Ecoserv Group commented: “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 multi-discipline 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.”
Tony Williams, Managing Director of Cooltech Environmental Engineering Ltd said: “We are extremely proud of the achievements of the Cooltech team and the acquisition by Ecoserv, a likeminded company, will ensure their long-term security and success. Becoming part of the Ecoserv Group will open new and exciting opportunities for the business to progress to the next level, while also ensuring clients receive the first-class service that they are accustomed to.”
Ecocleen has secured funding from BOOST&Co, a UK-based independent asset manager, specialising in growth-lending solutions for high-growth SMEs, to complete the Cooltech acquisition. The company was also advised and supported throughout the process by AS Advisory, James Cowper Kreston and Owen White Solicitors.