BPE act for REACT Group plc on the acquisition of 24hr Aquaflow Services Limited
BPE are delighted to have acted for AIM-listed REACT Group plc on their recent acquisition of 24hr Aquaflow Services Limited and its associated share placing.
REACT’s subsidiary, React SC Holdings Limited, purchased Aquaflow for a total consideration of up to £7.4m.
REACT Group is a leading specialist cleaning and facilities management provider, offering a comprehensive range of services across the UK. Their expertise extends to specialist cleaning, commercial contract cleaning, FM support services and commercial contract window cleaning The acquisition is part of a strategic venture to become the UK’s leading specialist cleaning and FM support services company. Their aim is to accelerate growth in shareholder value by enhancing their reach and range of specialisms, complemented by their continued organic growth.
Directors of REACT Group believe that the acquisition of 24 Aquaflow Services Ltd will provide a sought-after service that works in complement to REACT’s existing facilities management offering, opening both areas of business up to a new client base thanks to cross-selling opportunities.
Shaun Doak, Chief Executive Officer of REACT, commented: “We are delighted to welcome Sherry Mundy, Paul Mundy, Neil Holmes and the Aquaflow team into the REACT group. Over the last 20 years they have established a very strong reputation for consistently delivering high-quality services and solutions greatly valued by customers”.
The acquisition was led by Laurence Twiselton (Corporate Partner) and the share placing by Anthony Rudge (Corporate Partner) in each case with assistance from the Firm’s Corporate & Commercial (Joley Croft, Alex Baugh and Jasmine Bailey), Employment (Stephen Conlan and Emily Arnold) and Commercial Property teams (Georgiana Applegate and Thomas Christie).
Spencer Dredge, Chief Financial Officer of REACT, commented: “The team at BPE were fantastic to deal with throughout this transaction and gave us complete confidence at every stage. We are now excited by the opportunities that lie ahead as we continue to invest in profitable growth and offer our complementary services across the broadening customer base of the enlarged business.”
Partner in the BPE Corporate and Commercial team, Laurence Twiselton, said: “This acquisition was a great opportunity for REACT to expand their service offering and tap into a new client market. The services offered by both companies complement each other well, and the vision of the group as a whole will continue to promote the plans for growth, which we will be interested to watch and support.”
These notes have been prepared for the purpose of articles only. They should not be regarded as a substitute for taking legal advice.