Oxford-based cleaning company cleans up with £3.5m funding package
Ecocleen Services Limited, the commercial cleaning company based in Wallingford, has been supported with £3.5 million for acquisition funding and refinancing for some existing facilities by ThinCats, an alternative finance provider to mid-sized SMEs.
Established in 1993, Ecocleen is a leading national commercial contract cleaning provider. With a unique franchised business model, the company delivers local cleaning solutions throughout the UK across a diverse mix of industry sectors backed by nationwide standards, systems and support. As a result, Ecocleen services 33 million sq ft of educational, office, retail, healthcare, media and industrial space, handling contracts of all sizes for both private and public sector organisations.
Ecocleen sought funding for the refinancing of some existing facilities and for the acquisition of The JPM Group of Companies, a Watford-based contract cleaning agency offering ‘innovative cleaning services’ to film studios, offices, leisure facilities and retail stores throughout the UK, with a centrally controlled national service delivery.
The opportunity was introduced to Thincats by Graeme Jones at AS Advisory. He said: "It has been great to work with the dynamic team at Ecocleen right from the outset in acquiring JPM - negotiating a transaction during lockdown brings a unique set of challenges to all parties involved and it’s fantastic we have been able to deliver."
Jean-Henri Beukes, CEO, Ecocleen, added: “We are one of the fastest-growing commercial cleaning companies in the UK, with a multi-award-winning business model which has allowed us to earn the trust and respect of thousands of customers across the country. We have big plans to build on this to grow our geographical reach and introduce new service offerings, and this acquisition is a great step in the right direction. Access to this funding and the support from ThinCats has made all of this possible.”
Stuart Thompson, Director, Regional Business Development, ThinCats: “These two businesses are well placed to complement the services that each offers, and Jean-Henri and the team will no doubt make the most of the opportunities that the union brings. I am sure that there are very exciting developments in store, and we look forward to seeing them play out.”
James Cowper Kreston’s corporate finance team provided transaction support.
Brad McAvoy lead the team at James Cowper Kreston Corporate Finance. He said: “Ecocleen is continuing to pursue its acquisition growth strategy which we are thrilled to be a part of. JPM’s established customer base and sector focus will be very complementary for the company."