Building services group completes MBO and merger
Specialist mechanical, electrical and environmental services consultancy The GDM Group Limited, has completed a management buyout and subsequent merger with Concourse FM, a facilities management firm. The terms of the deal are undisclosed.
GDM is a London-based consultancy that delivers design and project management services in the UK and internationally. Founded in 1991, GDM has successfully grown from a South East England-based building services design consultancy into a multi-national, multi-disciplined property services consultancy which has undertaken projects across the UK, throughout mainland Europe, the Middle East, Asia, Australia and North America.
Concourse FM was founded in 2007 as a boutique facilities management services provider and has a natural synergy with a complementary client base and geographies. They both provide services to blue chip organisations including Deutsche Borse Group, Royal London, Aberdeen Standard Investments, M&G Investments and Aviva. The enlarged business will have revenues of c.£16m and employ 48 staff.
The management buyout was led by GDM Group managing director and co-founder Gary Draper, alongside chairman Nigel Taylor and co-founders/directors, David Moseby, Craig Scott, Chris Doyle and Alex Riche. The deal was funded by Tosca Debt Capital.
Draper said: “When we set up GDM, we had a mission to build a sustainable mechanical, electrical and public health (MEP) design consultancy providing personal director input into every project for the benefit of every client. We will celebrate the 30th anniversary of GDM during 2021 and continue to develop our service proposition for the benefit of our clients; now adding facilities management and real estate services. We have a long-standing relationship with Concourse and a new strategy to support clients across the lifecycle of their built assets.
“We are now poised to embark upon the next stage of our growth with our partner, Tosca Debt Capital, to further develop our capabilities and geographic reach whilst continuing to focus on providing unparalleled levels of service to our clients.”
Gary Davison, Partner at Tosca Debt Capital LLP, added: “We are delighted to have been able to support the GDM and Concourse teams to acquire their newly merged businesses. We exist to unlock growth in regional businesses and look forward to working with the team to build further value over the coming months and years.”
Advisers on the transaction included: DLA (TDC), Grant Thornton (Tax – TDC), Hill Dickinson (Management).