'Deal of the Year' Award
February 2007

Having been nominated in several individual categories, Momentum Corporate Finance was voted the winner of “Deal of the Year” at the 2006 South West Deal Awards.

More than 400 guests at the gala event used electronic voting to choose Momentum’s second transaction in nine months for Integral Services Limited – the UK’s biggest independent outsourcing company for facilities and property maintenance.

Just nine months after arranging a £20 million MBO of Integral Services Limited, Momentum led a new £40 million deal to release the venture capital investor with a massive profit, and transfer more than 90 per cent ownership to Integral’s management.

The deal saw the exit of the venture capitalist that backed the original MBO, Barclays Ventures, and more than doubled the value of their investment, from £5 million to £12.5 million.

Last summer Momentum assisted Integral’s management team, led by managing director, Bryan Glastonbury, to complete a £20 million MBO of the Bristol-based company.

Integral employs over 2,000 staff in 12 locations, with an 800-vehicle mobile maintenance fleet and around 400 clients, and turnover set to exceed £130 million this year.

Momentum Corporate Finance partners, Tony Kenny and Rob Crews, acted as lead advisers on last year’s MBO of Integral Services from its previous owner, Guinness Peat Group plc.

Mr Kenny and Mr Crews also invested their own money to become minority shareholders in Integral Services at the time of last year’s MBO, and have now increased their personal stake in the business, as part of the latest deal.

“Integral Services has gone from strength to strength since the MBO in 2005, with turnover having grown by 24 per cent and a matching growth in profits,” says Mr Kenny.

“The fact that we are prepared to back the management team with our own money underlines our confidence in their ability to continue on their rapid growth path.”

Finance for the latest deal was provided by Lloyds TSB Corporate Markets’ Bristol-based specialists, combining mezzanine and senior debt funding, in partnership with the bank’s Acquisition Finance Team. Integral’s MBO team was advised by Paul Cooper at law firm Osborne Clarke, while Lloyds TSB Corporate’s legal adviser was Julian Kinsey of Bond Pearce.