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FRP Corporate Finance has advised shareholders of CLC, a UK provider of property and asset refurbishment, on the sale of the group by its owners, Armitage Family Trust, to global alternative investment firm H.I.G Capital.
CLC’s shareholders have appointed FRP as the lead sell-side adviser. The team in charge of the case was jointly led by partner Simon Davies and partner Darren Miller, as well as supported by director Richard Boyden and senior manager Paul Cashman.
According to the firm, it gained “significant” levels of interest from both potential trade and private equity buyers.
As a result, the Armitage Family Trust and CLC management will reinvest in the group alongside H.I.G.
A deal was agreed with H.I.G. after the firm recognised the group’s strong market position and reputation, its track record of profitable growth, and the opportunity for further expansion into new geographical areas and complementary services.
Miller said: “Since its foundation in 1969, CLC has established an exceptional reputation for delivering a high quality and dependable service to its clients, and this has been reflected in almost continuous growth.
“It has been a privilege advising shareholders and the management team to bring this transaction to a successful completion.”
Simon Reeve, finance director at CLC, said: “I was extremely fortunate to have Darren and Simon from FRP Corporate Finance as part of the team to advise and support through the sale process.
“They worked tirelessly to help to attain the shareholders’ goals, and managed to maintain a strategic view whilst simultaneously keeping on top of the minutiae of the deal.”
He added: “The management team is very excited to have the opportunity to work with H.I.G. to seek out new opportunities for growth, and begin the next stage of the CLC journey.”
John Harper, managing director of H.I.G. in London, said: “The property refurbishment market is set for significant investment in the coming decade. We are excited to partner with CLC’s highly experienced management team to build on their success to date through further service and geographic expansion, as well as add-on acquisitions.”
