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FRP Corporate Finance has advised ground maintenance provider Ground Control on a refinance with new funding from Pricoa Private Capital to support continued growth plans.
Ground Control is an external maintenance business and biodiversity expert founded as a grounds maintenance company in 1973. It has since grown to provide a diversified range of maintenance services to a portfolio of blue chip customers including Network Rail, Tesco, Western Power Distribution and Severn Trent Water.
The shareholders at Ground Control appointed the debt advisory team at FRP Corporate Finance. The team, which was led by Ian Milne and supported by managers Karris Giani and Brad Gayler, tested the debt market and gained interest from a number of debt funders as well as rolling the existing lender, Santander, into a Super Senior credit facility.
The team successfully managed a competitive debt process, negotiating an optimal debt package.
As part of a “long-standing tradition of employee shareholding”, managing director Jason Knights and Group Sales and Marketing director Brian Smith have acquired a significant shareholding in the company.
As well as funding to support Ground Control in continuing its strong organic growth, the business will also pursue strategic acquisitions, looking for culturally aligned companies that can provide additional value to its customers.
Milne said: “We are delighted to have supported our longstanding client, Ground Control once again through the delivery of this refinance. It will provide significant growth capacity for the business as it continues to deliver on its ambitious strategic plans while also ensuring that the Senior Management Team’s contribution to delivering growth in the business is acknowledged through a material shareholding.”
Knights added: “I am excited about this investment, which can only accelerate our growth plans, allowing us to better support our existing and new customers in meeting their carbon and biodiversity goals. We are thrilled to have experienced partners in Pricoa, who share our vision and will help accelerate our growth trajectory.”
