A new refinancing deal has been completed at Integral Services just nine months after a #20 million management buyout.
The move secures a #13 million balance sheet for the business and, it is hoped, will provide the foundations for significant further growth.
The deal was led by Momentum Corporate Finance and funded by a package of debt and asset-based lending facilities provided by two divisions of Lloyds TSB - Lloyds TSB Commercial Finance and Lloyds TSB Corporate.
It sees the exit of the venture capitalist that backed the original MBO, Barclays Ventures, who more than doubled the value of their investment, from #5 million to #12.5 million.
Integral, which has its headquarters in Bristol, employs more than 2,000 in 12 locations, with a 900-vehicle mobile maintenance fleet and 400 clients. Turnover will exceed #130 million this year.
Last summer Momentum's partners, Tony Kenny and Rob Crews, acted as lead advisers to Integral's management team, headed by managing director Bryan Glastonbury to complete a #20 million management buyout from its previous owner, Guinness Peat Group. Now they have structured a further MBO to provide an exit for Barclays Ventures.
The result is that Integral's management team controls the business and is able to take the long-term decisions necessary to continue the rapid growth experienced in recent years.
Mr Kenny and Mr Crews invested their own money to become minority shareholders in Integral Services at the time of last year's MBO, and have now increased their personal stake.
"Integral Services has grown extremely rapidly since last year's MBO, outperforming even the most optimistic plans put in place at that time, and further rapid growth is projected this year," said Mr Kenny.
"The fact that we are prepared to back the management team with our own money underlines our confidence in their ability to continue on its rapid growth path."
Mr Glastonbury said: "Integral is extremely well positioned as the UK's largest independent buildings maintenance business.
"This market-leading scale appeals to our blue chip customer base which is increasingly looking to work with a buildings maintenance partner with a truly nationwide capability.
"We are able to offer our customers a two-hour response time anywhere on the UK mainland."
Integral employs 220 people in Birmingham and claims to be the UK's biggest independent outsourcing company for facilities and property management.
