London private equity firm launches bid for Sureserve

Aaron Morby 2 years ago
Share

London-based private equity group Cap10 has launched a £214m takeover bid for housing maintenance contractor Surveserve.

The bid, which is being recommended by the housing maintenance firm’s board, is at a 39% premium to yesterday’s closing share price of 90p, which gave Sureserve a market capitalisation of £145m.

Sureserve employs about 2,500 people specialising in housing safety compliance work, offers the potential to grow quickly as the country moves to meet net zero targets.

The firm was formed five years ago, when the former Lakehouse business rebranded.

Fabrice Nottin and Serge Touati, co-managing partners of Cap10, said: “Cap10 is looking forward to working with Sureserve’s management team to support them in delivering their strategic vision.

“We are fully supportive of Sureserve’s intention to become the strategic partner to social housing landlords, local authorities and other public sector bodies to help them achieve their goals to reduce fuel poverty and the carbon footprints of their estates.”

Nick Winks, chair of Sureserve, said: “Under private ownership, without the costs and regulation of a listed company, Sureserve should be able to pursue its strategy more productively and thereby sooner achieve leadership in helping our customers transition from traditional heating fuels to renewable alternatives.

“The Sureserve directors believe that the offer presents an opportunity for Sureserve shareholders to realise an immediate and certain compelling value in cash at a meaningful premium and are therefore themselves going to vote the Sureserve shares in which they are interested in favour of the acquisition.”

Latest news

JRL close to deal on sale of stake to Far Eastern buyer

Equity sale plan to strengthen balance sheet and improve liquidity
18 hours ago

ISG collapse brings down glazing contractor

All staff made redundant at Vitrine Systems Limited
10 hours ago

Cost of HS2 bat shed hits £100m

Construction costs revealed for Sheephouse Wood Bat Mitigation Structure
11 hours ago

Groundworks firm Corbyn files administration notice

Court notice lodged by £33m-turnover contractor
18 hours ago

Vistry takes another £50m hit on build cost blunders

Second profit warning but problems contained in one division
17 hours ago

Watkin Jones go-ahead for Leeds co-living project

Firm will convert former office block Headrow House into 230 homes.
18 hours ago

United Utilities hunts for ground investigation specialists

£170m five-year framework deal out to tender
17 hours ago

WSP names new chief for UK and Ireland

Paul Reilly promoted to UK president after just over two years at consultant
18 hours ago

£125m cash injection for infrastructure at Barking Riverside

Home England funded works to boost 20,000-home development in east London
1 day ago

Subcontractors wanted across the North West

Register now to meet major buyers at Manchester event
17 hours ago

Management buyout at joinery specialist TMJ Interiors

Founder James Taylor hands over reins to directors
1 day ago

Guinness Partnership starts race for £1bn housing deal

Housing association to renew preferred firms for 15-year housing retrofit programme
2 days ago

Rockwool plans new factory to ramp up output

Stone wool maker plans second factory in Midlands
2 days ago

McAleer & Rushe wins London City 670-room student job

Dominus confirms builder for 65 Holborn Viaduct
2 days ago

Electrician caught abusing covid loans

Middlesbrough spark subject to seven years of stringent bankruptcy restrictions
2 days ago

Wates hires Bouygues chief as MD for residential arm

Phillippa Prongue will replace Helen Bunch who retires
2 days ago

Civils powers on but house building falters

Buyers report "solid output growth" despite decline from record September
3 days ago

Multiplex tops October contracts league

£300m Glasgow Uni win tops big new orders
3 days ago

Key industry rebar supplier loses fight to stop factory closure

Kent rebar facility supplying 30% of UK rebar set to close
3 days ago

Vital Energi/Hemiko JV to build £1bn heat network for Westminster

Heat captured from the River Thames, Tube and sewers to warm Parliament
3 days ago

Plans in for Birmingham 300-bed student scheme

China Quarter stepped project will rise to 15 storeys
3 days ago

United Living looking to continue expansion

Record results as infrastructure and property spending flows
3 days ago

Paralysed builder stranded on floor for six hours after fall

Court hears how contractor failed to properly plan housing job
3 days ago

Network Rail scales back Liverpool Street station scheme

Architect changed and developer Sellar dropped as £1.5bn original plan scrapped
4 days ago

Muse JVs with pension fund insurer to build 3,000 homes

New Habiko business will build affordable low carbon, rental homes
4 days ago

£1.3bn revamp plan for South London shopping centre

Landsec plans 1,700 homes at Lewisham shopping complex site
4 days ago

Network Plus names new chief executive

Kevin Fowlie steps up to succeed founder Dan Holland
4 days ago

TanRo lands latest Clowes business park

Groundworks due to start in new year at 31-acre Harrier Park site
4 days ago

New consultant buys M&E specialist TACE

Contollo Group has ambitious growth plans over next five years
4 days ago

Skanska signs £197m deal for Mayfair offices job

South Molton job consists of two big office buildings
5 days ago

Contractor services