Posted: 30.03.21 at 12:02 by By Swadlincote Nub News
A commercial cleaning company has been snapped up by Swadlincote firm REACT.
The acquisition of Birmingham-based Fidelis Contract Services Ltd, which is expected to be earn immediately, is part of REACT's growth strategy, reports Insider Media.
Fidelis provides services ranging from daily housekeeping and washroom hygiene services through to building and caretaker services.
It also provides specialist services such as kitchen and duct cleaning, industrial deep cleaning, pest control and barrier matting for flooring in buildings.
The business, which has been acquired for an initial consideration of £1.7million, was founded by Lloyd Ansermoz more than 10 years ago.
Ansermoz will remain a shareholder in the enlarged business and, along with his colleagues at Fidelis, part of the management team going forward. Fidelis was majority owned by Lloyd Ansermoz and his wife Naomi.
Mark Braund, executive chairman of Hearthcote Road-based REACT, said: "We are delighted to announce the acquisition of Fidelis today, our maiden acquisition and an important milestone in our stated goal to become the country's most trusted name in the provision of specialist cleaning, decontamination and hygiene services.
"The acquisition is expected to be immediately earnings enhancing and leaves REACT well positioned to continue to increase market share.
"We have structured the acquisition such that the deferred consideration is linked to the EBITDA performance of Fidelis. We therefore intend to fund any further consideration payable from a combination of existing resources and cash generated by the enlarged REACT group post acquisition.
"The combination of our recent organic growth and the Fidelis acquisition leaves us well positioned to deliver material growth in the current financial year."