Facilities management service provider Servest has acquired independent mechanical, maintenance and building services business Maxwell Stewart as part of its growth and diversification strategy.
Servest identified the M&E company as providing an excellent strategic and cultural fit with the existing business and its plans for expansion and growth in the UK facilities sector. The combined business will have annual sales of around £225 million.
“This acquisition is part of our growth strategy which we aim to achieve through a mix of organic growth and further purchases,” said Servest group chief executive officer UK and Europe, Rob Legge. “This acquisition provides diversification into yet another service area - it offers long-term contracts and a huge growth opportunity. I look forward to working with Maxwell Stewart's management team on integrating the business into Servest and realising our combined potential.”
Maxwell Stewart's managing director, Paul Morgan, said: “This is great news for our business. Being part of the Servest group allows us to discuss a full range of services with our customers and further develop the relationship with our clients who are looking for a multiservice solution.”
Maxwell Stewart was founded by Robert Stewart in 1992 and provides services in the retail, leisure, education, travel, corporate, transport and manufacturing sectors. It has an annual turnover of £15 million.
The emphasis is on continuity, with Morgan and all the senior management at Maxwell Stewart remaining in place to drive the strategy and growth of the business. The new combined entity enables Servest to deliver key service lines of maintenance and building services, catering, cleaning and security nationally, enhancing value to existing and new customers through its self-delivery integrated solution model.
The acquisition of Maxwell Stewart follows the acquisition, in December 2012, of the UK's largest independent caterer 7 Day Catering. This followed hot on the heels of the May 2012 purchase of Stag Security.