Clearwater International has advised the shareholders of market leader Evander Locks & Glazing (“Evander”) on its sale to VPS, the vacant property, site security and property services specialists.
Founded in 1984, Evander is a nationwide 24/7 emergency response and repair provider of locks and glazing. Located in Norwich and through a national infrastructure of 19 depots and 297 engineers, it provides fulfilment services to both the insurance and commercial sectors as well as direct to consumers. Two-thirds of its business comes from the insurance sector and clients include Aviva, LBG and RSA.
Headquartered in the UK, the VPS Group leads the European vacant property services market, providing a full suite of specialist solutions across the complete property lifecycle as well as offering a wide range of services covering remote sites and occupied property. It has a national network of 20 depots in the UK and operations across mainland Europe including France, The Netherlands, Germany, Spain and Italy. VPS has more than 1,100 employees, with 750 based in the UK, and is backed by major European private equity firm PAI Partners.
With very similar customer requirements and challenges, the acquisition of Evander should enable the VPS Group to expand both its operational spread and develop into new segments as well as enhancing the service offering to shared customers.
Clearwater International, led by partner Jon Hustler with support from partner Rob Britton and associate Richard Ellis, advised the Evander shareholders, Bridgepoint Development Capital and Lloyds Development Capital, which have co-owned the business since 2011.
Rick Francis, CEO of Evander, said: “The business will benefit significantly from becoming part of a larger platform with ambitious plans for growth in the sectors in which we operate. It will allow us to accelerate the level of innovation to the services we currently provide and to extend a wider range of services to our client base. Our team are delighted to be joining a business that has substantial opportunities for growth.”
Jon Hustler, Head of Industrials at Clearwater International, added: “Evander has an excellent reputation for providing responsive security services and it is a great fit with the market-leading services provided by the VPS Group. We believe Evander will benefit from becoming part of a larger platform and under the stewardship of its new owners, it will continue to go from strength to strength.”