Featherstone based Grove Building Solutions (Grove), an owner managed business specialising in the delivery of multi-faceted construction services, has been acquired by Diskin Capital Partners Group (DCP) with support from asset-based lender Aldermore’s business finance arm (Aldermore).
Yorkshire based dealmakers Castle Square Corporate Finance provided corporate finance advice to the buy-side team on the Company acquisition.
Philip Jordan in the Leeds office of law firm Progeny Law and Tax provided legal services and advice to the buy-side team.
Since its inception, Grove has developed into a specialist in the fields it operates in and works closely with architects and clients alike to provide a full turnkey operation, whether it be simple maintenance and refurbishments to larger new build and restoration projects in both occupied and unoccupied buildings.
Today, Grove employs over 35 direct trades persons to undertake works (including building, electrical, mechanical, plumbing, water damage, decoration, restoration and refurbishment) carried out in both the public and private sector. With over 30 years’ experience, Grove has established a track record of providing unified quality of services on a wide range of contracts to end users operating in sectors such as Construction, Insurance, Local Authorities and Education.
The acquisition of Grove represents the next stage of a focused buy and build strategy for the DCP group, with many more acquisition opportunities being explored to further develop a full turnkey service offering to a range of key sectors and clients.
Matt Diskin, Owner of Diskin Capital Partners said, “We are pleased to announce the acquisition of Grove Building Solutions. The current economic climate has created uncertainty for many businesses; however, Grove have mitigated the risks and continue to build upon the strong foundations and relationship achieved through over 30 years of trading.
The addition of Grove to the group allows us to attain a strong foothold in an industry we are very familiar with. The baton has now been handed to us to take the business forward and realise its full potential, something we are confident we can achieve.”
Castle Square is an independent, specialist mid-market corporate finance boutique operating from offices in Sheffield and Leeds. Castle Square has a proven track record of successfully delivering corporate finances services on a wide range of clients, based nationally and internationally. The first transaction for the recently opened Leeds office, in a particularly challenging economic climate, is further evidence of Castle Square’s ability to support the right businesses of all sizes and nature and demonstrates the Firm’s continued commitment to advising and supporting local businesses to achieve their future strategies.
Director Mark Phillips from the Castle Square Team in Leeds advised the buy-side team of DCP on the transaction.
Mark Phillips said, “Matt has a clear strategic goal for Diskin Capital Partners, focusing on offering a full turnkey solution to a variety of sectors in which the Group currently operates. From our initial discussions, it was clear that Grove fit well into the Group’s strategic plan and provides a further platform to maximise service offerings to the key sectors in which it operates.
Grove provides full turnkey solutions to a number of sectors in which the existing Group operates and, through its acquisition, will undoubtedly generate further opportunities across the Group with many new and existing customers to capitalise on the provision of construction services all under one roof.
It has been thoroughly enjoyable working alongside both Matt Diskin and Philip Jordan to assist Diskin Capital Partners in the acquisition of Grove Building Solutions, which I have no doubt will be the first of many focused acquisitions for the Group under its buy and build strategy. In times of challenge and uncertainty, with both Brexit and Covid-19, it is refreshing to see that many businesses continue to thrive in what is a challenging financial market under current global circumstances.”.
London head quartered Progeny Group (with six further offices across the UK, including Leeds and Edinburgh) is the first and only professional services firm to provide a unique framework of advice which brings independent financial planning, asset management, tax, HR and private and corporate legal services together in one place. This suite of services allows Progeny to be ideally positioned to support its clients and to help them and their businesses to survive and thrive through these unprecedented times.
Led by Corporate Partner Philip Jordan and supported by Senior Solicitor Tobias Adkins, the Progeny corporate team provided legal advice and support to the buy-side team of DCP on the transaction.
Philip Jordan said, “An absolute pleasure to work with Matt again and to add another trading company to the DCP Group, which continues to prosper and grow. This acquisition of Grove Building Services sits perfectly with the DCP Group strategic plan to add complimentary services and expertise to the existing Group offering and I feel certain will prove a valuable addition.”.
Danielle Keating, within Aldermore’s specialist finance team in Leeds, led the external fundraise for the transaction.
Danielle Keating said, “It is always a pleasure working with Matt so I was delighted to have the opportunity to provide the funding required to integrate Grove Building Solutions into the Diskin Capital Partners Group. Matt’s vision for the group is dynamic and exciting, and we are keen to support him achieve his aspirations. Mark & I worked closely throughout the process to ensure that the transaction was completed in line with Matt’s expectations. The support provided by Mark alongside Matt and his team was invaluable and ensured that the acquisition completed successfully. We welcome Grove to Aldermore and look forward to a long and successful relationship supporting Matt and his team with their working capital requirements and wider group strategy.
“Our core purpose at Aldermore is to support the growth aspirations of UK SME’s, in these unprecedented times businesses are facing up to new realities and challenges. We are working harder than ever to support SME’s to stabilise their business operations and adapt to these challenges; providing them with the crucial cashflow they need to go onto achieve success in this post lockdown environment.”.
Damian Hughes of HSBC’s Commercial Banking team in Leeds provided clearing banking facilities for the transaction and Lucy Holroyd of Schofield Sweeney’s Leeds office provided legal advice to the Vendors.
