Clearwater International advise Sure Maintenance on an expansion capital package provided by Graphite Capital
Graphite Capital, the leading UK mid-market private equity specialist, has provided an expansion capital package for Sure Maintenance, the fast growing provider of domestic heating maintenance services to local authorities and housing associations. Sure is based in Manchester and Liverpool.
Sure has capitalised on the growing trend for local authorities and housing associations to adopt “best value” and long term partnering contracts with their suppliers. Sure has won these contracts by ensuring excellence and consistency in the service it provides to clients such as the Metropolitan Borough of Bury and Golden Gates Housing. The company is committed to working alongside both tenants and social landlords to provide a level of service that sets it apart from other providers in the market. Managing director Heikki Viitikko and his team will use the expansion funds to pursue the company’s ambitious growth plans. The transaction will widen Sure’s shareholder base and achieve a partial equity release for existing shareholders.
In the North West alone, the gas heating maintenance and replacement market is worth around £152 million. The market is growing in response to government initiatives aimed at providing higher quality services and housing to local authority and housing association tenants and at modernising procurement. Unlike many of the smaller service providers, Sure has the systems and processes to comply with the stringent new service standards. Services typically involve annual safety checks, responsive repairs and planned replacement of appliances. Sure currently services 70,000 properties; processes and completes over 250,000 jobs each