Friday 11th July 2008
Duo find the right support for buy-out
Two senior managers at a Manchester-based support services specialist have bought the business. The buy-out of ID Support Services (IDSS) was led by founder and chairman Brian Dunn and chief executive David Metcalfe.
Dunn and Metcalfe bought the business for an undisclosed sum, although newspaper reports claim the transaction has valued the company at £25 million. The duo were backed by Penta Capital Partners in exchange for a stake in the company, which has been described as 'substantial'.
Its equity was supported by debt arranged by Roddy Kilpatrick and Owen Malton of the specialist & acquisition finance team at Yorkshire Bank in Manchester.
Penta’s Michael Scherpenhuijsen says IDSS is at an important phase in its development and the firm will be supporting its plans for further growth.
Dunn adds that Penta’s backing will help build a £100 million turnover company, adding, 'We have identified several opportunities that will improve the breadth and depth of our service offering. We are looking to grow the business organically and by acquisition.'
The deal provided an exit for Aberdeen Asset Managers Growth Capital, which originally backed the management team in March last year. Advisers on this latest buy-out included Halliwells and Grant Thornton.
IDSS provides services, such as air conditioning, CCTV and energy-efficient heating and ventilation to companies in the retail, public, leisure and commercial sectors.
The company was established 11 years ago and today employs more than 230 people in England and Scotland. It revenues grew by 42 per cent to £26.5 million in the 12 months to July 2008.
Mark Dunne
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