- Sixth add-on by Bellrock in under a year marks the transformation of the group as a property and facilities management disruptor
- Committed and uncommitted financing facilities secured from Ardian and HSBC to fund Profile acquisition and future add-ons
Bellrock, the leading technology-enabled facilities management and property services provider backed by Lyceum Capital, has acquired Profile Consultancy Limited.
Profile, based in Bedford and York is the UK’s leading service charge expert, and currently manages £250 million service charges per annum on behalf of its corporate clients in the retail and leisure sector. Bellrock is now the leading independent provider of service charge management to corporate occupiers in the UK, making it the partner of choice for all tenant charge requirements.
The deal is Bellrock’s single biggest investment since Lyceum first backed the company in 2013, and follows five successful add-on acquisitions in 2016, which together have transformed Bellrock’s technology-driven facilities management and property service offering. This underlines Lyceum’s support for buy and build strategies to create scale and broaden the range of services and customers.
The deal was funded by a new financing facility from Ardian, which will also be used to target further acquisitions as the group continues to grow its offering.
David Smith, CEO, Bellrock said: “Profile is a highly skilled outfit and a perfect fit for Bellrock, which now has a secure reputation as the leading tech-enabled FM and property services provider in the country. We are delighted to bring on board a new partner in Ardian to help drive our aggressive growth strategy as we look to continue its organic expansion and acquire additional leading businesses that further complement our product suite.”
Adam Lewis, Investment Director at Lyceum Capital said: “The last 12 months have been transformational for Bellrock. During this time David and the team have successfully created a market leader in Property and Facilities management. We continue to see huge potential for the business.”
Olivier Berment, Co-Head of Private Debt & Managing Director at Ardian said: “We recognised that Bellrock is an innovator in its sector, with its focus on tech-enabled services to support the property management needs of its commercial customers. Add-on acquisitions will continue to form a key part of Bellrock’s growth strategy, so we are excited to offer flexible financing to enable this, and help the team realise its ambitious growth plans.”