Financial Due Diligence
Trade sale
Encore Property Management
Project Bridge
Advisers to Encore on its acquisition of Aspect Property Management.
Project Bridge is a group of facilities management and outsourced cleaning businesses based in Kent, with turnover of £15million. Employing over 900 staff, it operates from 6 locations nationwide and provides high-quality services to clients across the public and private sectors, underpinned by long term contracts. Following a full marketing process involving parties from across the UK and beyond, we successfully secured a sale of the core businesses whilst simultaneously reorganising the group to extract one company that was to be retained by the owners. Alongside the competitive sale process, our role also involved managing numerous external stakeholder groups and the deal resulted in a very favourable outcome for all concerned. Lead Corporate Finance adviser on the sale of three facilities management companies.
“ Aspect’s impressive portfolio across London makes it a welcome addition to the Encore group. This acquisition marks an exciting time for both businesses, and I look forward to seeing how they can benefit each other. Encore Property Management is one of the largest Residential Managing Agents in the country, providing a range of estate management services to its portfolio across the UK. FRP have supported Queen’s Park Equity (QPE) and Encore since the management buyout in 2021, and subsequent bolt-on acquisitions of property developer, PREIM and Knight Frank’s Residential Asset Management division. Our Financial Advisory team was appointed to carry out financial and tax due diligence on Aspect Property Management, a London-based residential managing agent. This marked the third acquisition that we have advised on since the QPE investment and will see Encore expand its presence in central London. Towards the end of this year, FRP Corporate Finance advised QPE on its exit of Encore to Odevo, a portfolio company of Fidelio Capital. Strong organic growth and the three complementary acquisitions which we advised on, helped generate an initial return of 5.9x money multiple with deferred payments expected to increase this to 7.6x money multiple.
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Despite the complexities in this deal, including the management of multiple external stakeholders and a pre-deal group reorganisation we were delighted to secure a great outcome for the vendors in limited timescales.
Chris Adlam FRP Corporate Finance
Alison Price QPE
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