Gresham, the leading UK mid-market private equity specialist, has provided a financing package of £31m for Jackson Lloyd to support its future growth. Jackson Lloyd is a fast growing provider of maintenance services to local authorities and housing associations in the North West with its head office based in Wigan.
Gresham are backing Bill Lloyd, the existing CEO and the current management team including Dennis and David Cleary. All senior management have bought into the equity of Jackson Lloyd. Clearwater led, structured and arranged the deal for Jackson Lloyd and is a further example of Clearwater’s deal making capabilities in the private equity arena. Lloyds TSB Acquisition Finance provided a debt package to support the transaction.
Jackson Lloyd’s services typically involve responsive repairs and planned maintenance of social housing in the North West of England. It also undertakes significant maintenance work in the schools and local authority sector from working with joint venture partners. Jackson Lloyd currently services 30,000 properties; processes and completes over 150,000 jobs each year, attends emergency call outs on time in over 98 percent of cases. In the North West alone, the social housing maintenance market is worth over £1bn. 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, Jackson Lloyd has the regional capabilities, depth in management, systems and processes to meet the growing future requirements of the North West housing associations.
CEO Bill Lloyd and his team will use the support of Gresham to pursue the company’s ambitious growth plans. The transaction will widen Jackson Lloyd’s shareholder base and achieve a partial equity release for existing shareholders. Jackson Lloyd’s expansion has seen a number of new appointments at various levels of management. As part of this expansion Jane Spellacy and Dave Batterton will join the board. The company has appointed Steve Yarwood (formerly of Burton Biscuits and Bodycare) as Finance Director and Tony Rieger (who was previously CEO of Sitex) as Chairman.