Spectrum Corporate Finance has recently completed the sale of property and facilities management consultancy Fasset to tech-enabled compliance and risk management company, Bellrock.
Headquartered in Havant and with nearly 200 employees, Fasset provides property and facilities management consultancy and delivery services, across Southern England and the Midlands. Operations include managing the Langstone Technology Park in Havant.
Spectrum were appointed by the shareholders to assist with evaluating options and to conduct a sales process, which involved marketing the business to a select number of potential buyers, before entering into exclusivity with Bellrock. Bellrock were attracted to the geographical fit of the business and its customer reach into the technology and utilities markets.
Backed by private equity investor Horizon Capital since 2013, Bellrock uses its own facilities management technology platform to plan, report and analyse trends, which helps its customers operate and manage their estates more efficiently. This latest acquisition is the tenth in the last two and a half years, and further enhances Bellrock’s growing reputation across the facilities and property market as a technology and compliance led alternative to the traditional TFM (total facilities management) approach.
Spectrum supported the shareholders through the sale, structuring and negotiating the deal and working alongside Blake Morgan to finalise the legal documentation.
RSM undertook financial due diligence on behalf of Bellrock and legal advice was provided by Mills & Reeve.
“Spectrum were recommended to us as most suited to advise on the sale of Fasset and we were not disappointed. The team led by Darren Miller were excellent throughout. From early in the process where they developed a good understanding of our business model and crucially this enabled them to find a suitable buyer. It is a long process and Darren provided invaluable support at all of the key stages and ultimately got the deal over the line. As owners of the business we would both recommend Spectrum to anybody considering selling their business.”Gary Medlow, Managing Director and Stuart Adamson, Finance Director of Fasset