ACS Building and Maintenance Limited

Meridian Corporate Finance LLP ("Meridian") assisted ACS Building & Maintenance Limited ("ACS") to raise £1.7m of equity investment from the Capital Growth Fund ("CGF").

Founded by Harvey Hunt in 2001, ACS is a Coventry based specialist building repair and maintenance company, growing into one of the largest Regional contractors, specialising in servicing Insurance Company and Loss Adjuster clients. ACS strives to deliver a swift and seamless resolution of domestic buildings claims, arising from burst pipes, flood, fire etc, for insurance companies and their policy holders.

With the new funding, the company will continue its investment in systems and people, aimed at enhancing further the service levels and client experience it delivers, throughout the Midlands and adjoining regions.

Meridian were first introduced to ACS in 2007, and have worked with Harvey in the interim period on ad hoc projects, initially introducing Harvey to Catapult’s Richard Bucknell 3 years ago.

Commenting on the transaction Richard states "Our investment into ACS is the culmination of the relationships which have been built over that period. Support Services is a sector Catapult is keen to develop further and ACS is a great example of how the out-source model can be used to develop a really high quality business. Alongside working capital facilities from Yorkshire Bank, our investment will serve to provide a solid financial base from which the company can continue to expand and the confidence to exploit the many growth opportunities it identifies."

Managing Director, Harvey Hunt commented, "I am very excited by this investment as it allows us to open further offices and take on further post codes for our clients, which in turn should ensure we can continue to provide high levels of service to policy holders. The additions to our Board (of Philip Milburn and Michael Barcia) will also provide impetus and connections improving on the already great reputation that we have in this market.2

Commenting on the deal, Meridian’s Michael Barcia said "ACS currently handle over 3,000 claims per annum with a turnover of c£10m. They operate principally from their head office in Coventry, servicing the CV and surrounding postcodes, however this investment will allow further growth, complimenting their recent opening of offices in Gloucester and Milton Keynes. It’s an exciting time for ACS in a consolidating market and we look forward to helping the business flourish in the coming years."