Servest grows through acquisition

HEATING and air conditioning specialist Servest Group Limited has bought building services maintenance provider Maxwell Stewart.

Servest, which has a significant operation in Harrogate following the acquisition of Stag Security in 2012, completed the acquisition through funding provided by Lloyds Bank Commercial Banking and Yorkshire Bank.

Maxwell Stewart provides 24/7 mechanical and engineering services, including heating, ventilation, and air conditioning maintenance, for corporate and commercial properties.

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The business has expanded in recent years, making revenues of over £15m over the past year.

Following this acquisition, the enlarged Servest Group is expected to have annual revenues of around £225m in the UK.

Servest Group’s CEO UK and Europe Rob Legge said: “This acquisition is part of our growth strategy which we aim to achieve through a mix of organic growth and purchases.

“It provides us with specialised services into yet another area and offers long-term contracts and a huge growth opportunity. I look forward to working with the Maxwell Stewart team on integrating the business into Servest and realising our combined potential.”

Funding for the acquisition was provided jointly by Lloyds Bank Commercial Banking in Leeds, led by relationship director Jim Sparling, and Yorkshire Bank, led by Kevin Hambling.

Servest was advised by Birketts on legal advice and by BDO on due diligence.

Servest’s clients include Timberland, Sainsbury’s, Tesco, Next, H&M, Leicestershire County Council, Natural History Museum, Science Museum, University of Cambridge, Laing O’Rourke, Balfour Beatty and Carillion.