LCB Group managing director, Liam Bevan, will become CEO of the newly-formed Cardo Group, where he holds a joint stake with investor Buckthorn Partners.

Buckthorn invests in industrial businesses operating in the areas of renewable energy, lower emissions, energy efficiency.

Cardo Group has been formed to support social housing providers with their maintenance, compliance, retrofit and decarbonisation needs.

It now plans to acquire several businesses across the UK to deliver these services.

Under the deal, LCB Group, founded by Bevan, becomes Cardo’s first acquisition.

The £30m revenue LCB business was established in Cardiff and has recently extended its operations into England, with offices in Bristol, Exeter and the Home Counties.

Bevan said: “We are developing a national offering that continues to put our clients, residents and employees first.

“We will be looking for companies with a similar ethos to join us and are in discussions with several businesses across the UK.

“I look forward to leading the platform and developing a high-quality and reliable social housing retrofit and maintenance offering across the UK.”

Buckthorn Partners managing partner, Mark Chaichian, said: “We are delighted to announce our joint investment with Liam Bevan into Cardo Group and its first acquisition, LCB Group.

“Under our joint ownership, we look forward to developing the group’s decarbonisation capabilities and strengthening the platform through our exciting pipeline of acquisition opportunities”.