LONDON, August 31, 2018 /PRNewswire/ --
Amistha Holdings, a national UK facilities management company, has successfully completed the exit of Orbis Protect Limited ("Orbis Protect") via an MBO by the existing management team, backed by NorthEdge Capital, for a cash consideration of £13.7m, in a deal arranged by RSM Corporate Finance.
Orbis Protect, with turnover of over £30m, offer security, cleaning and monitoring services to the UK vacant property market having been the original creator and provider of vacant property services in the 1980s, and maintaining its position as the leading provider to the social housing sector throughout this time. It provides services to clients including local authorities, housing associations, and large commercial retail and infrastructure companies.
Layton Tamberlin, of Amistha Holdings Limited, said "It has been a privilege to have Orbis under our umbrella for the last six years. The people in the business are passionate and committed to the company and the longevity of many of the employees is incredible. After more than a decade of turbulent ownership and corporate and capital issues, during which the service levels and performance of staff never faltered, we were glad to bring a period of stability to the company. This period has allowed Orbis to grow its revenue by almost 20%, take control of the operations in a systematic way, and look to the future by, for example, establishing itself as a real presence in the new area of security towers. Guy Other and Ben Howard, as CEO and COO for some time now, have demonstrated their care for the business and their talent in growing and improving it, and we are happy to leave it in their safe hands, with financial backing from Northedge which they feel will allow them and Orbis to flourish. We wish all concerned the very best for the future."
Guy Other, CEO of Orbis Protect, added, "We thank Amistha and Sullivan Street for all they have done for the business over the last few years and the support they have given. They have been excellent stewards of the business and leave Orbis in far better shape than they found it and well-positioned for the future."
The vendors were advised by RSM Corporate Finance and Taylor Wessing LLP. The buyers were advised by Deloitte Corporate Finance and Browne Jacobson LLP, with funding provided by Clydesdale Yorkshire Bank.
SOURCE Amistha Holdings