20 April 2021
RGE Services, a fire and electrical compliance services provider primarily working with the public sector, has funded its primary buyout by securing an equity investment from YFM Equity Partners (YFM). The deal is the second from the PE house’s £80m Buyout Fund II which closed just 12 months ago and another example of YFM’s strong regional presence, with this investment based in the South East of England.
The buyout was led by Scott Craig, managing director, who has worked alongside founder Roger Greene for the last 15 years, joining as an electrician engineer and working his way up through the ranks. Scott will be supported by incoming chair, Stuart Black, and Matt Aspinall who joins as finance director. Roger Greene will remain a shareholder and investor in the business, continuing in his current strategic support role.
Founded in 1985, RGE Services is headquartered in Chigwell, Essex, and has grown to over £8m turnover with an 80-plus team. With over 30 years’ experience in property services, repairs and installation, it mainly serves customers in the public sector including local authorities and housing associations, primarily working across London and the South East. The UKAS-accredited company provides a range of services covering electrical maintenance and testing and fitting of equipment such as fire alarms, dry and wet risers, fire extinguishers, door entry systems, emergency lighting and CCTV.
Scott Craig, managing director of RGE Services, said: “Over the last 30 years, RGE Services has established a solid reputation as a supplier which is trusted by public sector organisations. We understand the high levels of customer service they need in order to ensure that all types of electrical, fire and security projects are safe for users, and also to enable them to demonstrate that a robust compliance procedure has been followed.
“Having worked with Roger to build up the business, I am excited to be leading the business supported by an extremely experienced board, continuing to offer high levels of customer care and maintaining our commitment to the best possible standards of ethical, environmental and business practice. We are pleased to welcome YFM on board not only as a funder, but as a partner who really believes in us and understands our values and goals.”
Roger Greene adds: “I am delighted to be placing RGE Services in such capable hands. It will very much be business as usual, but with a greater capacity, and I look forward to supporting the team as they continue to provide the compliance services on which our customers rely.”
David Wrench, YFM investment director, comments: “RGE Services is a great commercial business which has continued to meet growing demands for compliance as part of the drive for greater regulation within property services. With its strong track record in the public sector as a high quality provider, it is well placed to continue to benefit from the positive market environment, led by Scott and the experienced team he has brought together.”
YFM Equity Partners has been investing in growing businesses in the UK since 1982, with a focus on helping them to scale. The YFM team comprised David Wrench, Helen Villiers and Jamie Roberts. Advisers to the management team included James Cowper Kreston (Stuart Williams and Richard Thomas, buyside advice); Birketts (Adam Jones and Thomas Utting, legal work); Graph Strategy (James Tetherton, customer due diligence); Crowe (Bob Alsop, financial due diligence); Stratton HR (Anna Cornwallis, organisational and people due diligence); and Delta Simons (Alexandra Houndsworth, health & safety due diligence). The vendor was supported by Transworld Business Advisors UK: Mergers and Acquisitions (sell-side adviser); with legal advice provided by Pepperells Solicitors and Keystone Law.