TLT has acted for the shareholders of Tasker Investments and High Access Maintenance on the latter's merger with Nationwide Window Cleaning (NWC).
This is the first merger of two Business Growth Fund (BGF)-backed businesses and will create one of the UK's largest facilities management services companies, Nationwide Specialist Services (NSS).
High Access, which is headquartered in Manchester and in which Tasker has an interest, provides building, roof and gutter maintenance, safety system testing, glazings, coatings and equipment hire. Leeds-headquartered NWC provides window and specialist cleaning services.
BGF is an independent company with up to £2.5bn with which to make long-term equity investments in Britain’s growing smaller and medium sized businesses, backed by Barclays, HSBC, Lloyds, RBS and Standard Chartered.
TLT advised on all legal aspects of the transaction, including the share acquisitions and a further investment by BGF in the new holding company, NSS.
The transaction follows two recent acquisitions by Tasker of Reflekt Cleaning and PM Leeds (trading as Electromec Access), which TLT also acted on.
The TLT corporate team was led by Ian Roberts and Stephen Devlin with support from Rachel Westwell, Sam Jones, Vanessa Aziz and Michael El Gawly.
Niel Bethell, CEO of High Access, says: "Both companies have achieved significant growth in recent years, especially since securing BGF investment. The size and scale of the opportunities for the group are significant and we are grateful to TLT for their expert advice and support. They made sure the deal progressed quickly and delivered on our shared vision for NSS."
Ian Roberts, partner at TLT, says: "This merger creates significant opportunities for the new group given its size, scale and presence in the market and we are pleased to have been a part of this exciting new chapter for everyone involved."