NVM stake in Reading's Pareto FM sold to Swiss-based Pictet Alternative Advisors

NVM Private Equity, the SME investor, has sold its stake in Reading-based facilities management company Pareto FM to Swiss-headquartered investment group Pictet Alternative Advisors.

Award-winning Pareto recently featured in the 2023 South Fast Growth 50 list and the deal achieved a 4.2x return for investors.

It was founded by Andrew Hulbert in 2014 as an antidote to large, inflexible service providers.

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NVM first backed Hulbert in March 2021 as part of an £18m management buy-out which included the appointment of incoming chair Mark Rogerson, formerly the chair and NED of Bellrock property and facilities management.

Over the course of NVM’s investment, Pareto has invested in technology and people, with the number of employees rising to 509 from 141 and enabled a near threefold growth in revenues in under three years.

"The Pareto investment journey under the ownership of NVM has been an example of how private equity should work; management and investors working together to deliver exceptional results," noted Mark Rogerson, chair of Pareto FM.

"This has been achieved through NVM’s openness, collaboration, and clear sense of purpose.

"They have overseen the business with compassion, sincere encouragement and deep- rooted professionalism and I am grateful for their support and solidarity.

"It is, therefore, with sadness that I say goodbye as chair to this amazing business. Pareto will remain very close to my heart, especially all the amazing people led by two of the industry’s most accomplished professionals in Dave Richards and Andrew Hulbert."

David Rolfe, investment partner of NVM, added: "As soon as I met Andrew, I knew he was capable of something brilliant.

"His energy and passion for creating a differentiator in the FM market has been exceptional and we are delighted to have wholeheartedly supported his approach, whilst achieving a 4.2x return for our investors.

"The team that has been assembled have all contributed and with the assistance of Mark Rogerson as chair, and more recently Dave Richards as CEO, Pareto is well positioned for the next phase of growth, and we wish the team well as they continue to disrupt the market."

Founded in 1805 the Pictet Group is headquartered in Geneva and today employs more than 5,300.

Pictet Alternative Advisors is an independent unit within the group, which manages investments in private equity, private credit, hedge funds and real estate assets for both private and institutional clients.

As at September 30 this year, Pictet Alternative Advisors has around €26 billion in private equity assets under management.

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