Our Private Equity and Debt Advisory teams have advised EverGrowth Group Limited (“EverGrowth”) on an equity and debt fundraise supporting its acquisitions of Medway Heating (Bolton) Limited (“Medway”) and Haulaway Limited (“Haulaway”). They join Excell Cleaning Services (“Excell”) within the group.
EverGrowth is an operator-led total facilities management business, led by people who have run facilities management at scale. It brings together specialist UK businesses across soft services, hard services, environmental services and critical services to give clients one integrated service nationwide, and it invests for the long term in the businesses it acquires and their people.
The group now comprises three complementary businesses. Excell is a UK commercial cleaning services business. Medway is an established UK HVAC services contractor serving multi-site commercial and public sector clients, with expertise in heating, plant and mechanical compliance. Haulaway is a UK environmental services business specialising in waste management and recycling.
Forvis Mazars advised EverGrowth on both the equity and debt fundraising. The Private Equity team secured investment from FourLeaf Capital, a long-term partner aligned with EverGrowth’s ambitions. The Debt Advisory team arranged a £20 million term loan and a £2 million revolving credit facility from OakNorth to fund the acquisitions and support further growth.
The transaction builds on Forvis Mazars’ long-standing relationship with EverGrowth, having previously advised on debt funding from Allica Bank for the acquisition of Excell. It demonstrates the firm’s ability to deliver coordinated equity and debt advice, including support on management equity terms, through to completion.
EverGrowth has a clear ambition to build a leading integrated facilities management business through carefully chosen acquisitions. We are delighted to have helped the team secure a long-term equity partner in FourLeaf Capital and to have worked with our Debt Advisory colleagues to put the funding in place to complete these acquisitions. EverGrowth is well placed for its next phase of growth.
Fred Dearden Head of Private Equity Advisory
EverGrowth needed a debt package that could fund these acquisitions while leaving room for future opportunities. Building on our previous work arranging Allica Bank funding for the acquisition of Excell, we ran a coordinated process and secured facilities from OakNorth that were instrumental in completing the Medway and Haulaway deals. The package gives EverGrowth the capacity and flexibility to keep growing.
Josh Thorneycroft Partner - Debt Advisory
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