Mon, 18 May 2020 | BUSINESS SALE
United Capital has completed its largest deal to date with the acquisition of central heating and electrical services firm Saltire Facilities Management. The acquisition sees United Capital significantly expand its portfolio, with Saltire Facilities Management having over 320 direct employees and annual turnover of around £30 million.
In 2019, United Capital acquired former Scotland Top 500 company McGill and Angus-based electrical services company Alliance Electrical. In December of last year, United Capital set out its buy-and-build strategy, through which it targets the acquisition of UK building services and facilities management companies with a collective turnover of £300 million over the next three years.
Saltire Facilities Management, which is headquartered in Glasgow, was founded in 2000 through a public/private partnership with North Lanarkshire Council to operate as an in-house facilities division. The company was later sold to the major shareholder. It is currently one of the largest central heating and electrical service providers in the UK, operating offices across Scotland and South West England.
Upon the completion of the deal, United Capital CEO Graeme Carling commented: “Our team are delighted to get this deal over the line, Saltire is an exciting addition to the United Capital family. Saltire is exactly the type of business that we are looking to acquire, they are a profitable business, deliver facilities management services on large public sector contracts and most importantly have a solid and vastly experienced management team leading the company.”
“The existing staff, operatives and management will remain in place and it will be business as usual. Saltire’s customers will continue to receive exceptional service from the same fully qualified and experienced team. The United Capital Board of Directors will be on hand to support and grow the company moving forwards.”
John Reynolds, General Manager of Saltire Facilities Management, said: “The team at Saltire are happy to have completed the sale of the business to United Capital, but of course, the work doesn’t end. Our experienced team of staff, operatives and managers will continue to run the business on a day-to-day basis with the added support of Graeme and his team. It is an exciting time for Saltire as we join the United Capital family.”
“This deal is also great news for our customers who will not only continue to receive the same high level of service that they have come to expect, but with the added expertise of the United Capital board and resources of the wider group of businesses, will see Saltire continue to grow and strengthen its position as one of the UK’s largest and leading central heating and electrical service providers.”
United Capital were advised by law firm CMS on the acquisition. The CMS team was led by Glasgow corporate partner Graeme Bruce, supported by Alastair McNaughton in the corporate team along with a range of specialists. CMS’s Graeme Bruce commented: “I am thrilled to have worked with our longstanding client on this key transaction. We wish Graeme and his team every success going forward with this new acquisition.”
If you would like to get in touch with United Capital, please contact us on 020 8875 0200 or at [email protected]
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