EvolutionCBS advises Synecore Limited on its sale to H.I.G. Capital

H.I.G. Capital (“H.I.G.”), a leading global alternative asset investment firm with £44 billion of equity capital under management, is pleased to announce that one of its affiliates has acquired Synecore Limited (“Synecore” or the “Company”), a leading provider of specialist mechanical and electrical servicing and maintenance in the South-East of England. Synecore’s Founder and Managing Director Paul Thomas will reinvest alongside H.I.G. The financial terms of the transaction have not been disclosed.

The shareholders of Synecore were advised by Berkshire-based M&A Consultancy EvolutionCBS, with a team led by Steve Barry, Senior Client Director, managing the entire sale process, facilitating negotiations and latterly due diligence in the run-up to the successful completion of the transaction.

Steve comments, “It was a real pleasure to work with the Paul and the Team at Synecore, helping them to realise their desire to secure the future of the Company and its staff, through facilitating an orderly sale process that fully met and exceeded their objectives. Undoubtedly the business will achieve new levels of success with this significant investment and strategic support from H.I.G.”

Sarah Rowland, Executive Director of Corporate Law at BRM Solicitors advised the shareholders of Synecore Limited, managing all aspects of the legal Due Diligence.

Synecore provides design, installation, servicing and maintenance of refrigeration, ventilation and air conditioning systems, with a focus on serving multi-site clients in the hospitality and leisure sector. The business has developed a strong reputation for high-quality service provision in its market, having grown with their clients to support national site roll-out programmes across the UK. H.I.G., together with the management team, aim to continue Synecore’s track record of growth, both organically and through acquisitions of other HVAC specialists, to become the market-leading independent service provider.

Synecore follows on from H.I.G.’s acquisitions of CPS and Classic Lifts, leading UK service providers in their respective fields of M&E and Lifts maintenance, making it the third business within a broader technical building services group. It will form the core of a national HVAC installation and maintenance offering within the group. Further acquisitions are anticipated across fire protection, water and pumps, access and security, and associated compliance services.

Paul Thomas, MD of Synecore, remarked “We are very pleased to be joining H.I.G. as they work to build a leading technical building services group that shares our focus on customer service. This is the start of the next phase of growth for Synecore as we look to continue our M&A strategy and build on customer relationships across Synecore, Classic and CPS.”

Jonathan Simpson-Dent, Chairman for the H.I.G. ‘platform build’ said “Paul and his team have built Synecore into a high-quality servicing business with a demonstrated track record of delivering excellence to an enviable list of customers. I’m excited to be working with Paul and his team to drive further growth at Synecore and to continue our acquisitive technical services growth strategy.”

John Harper, Managing Director at H.I.G., said “We are very excited to be partnering with Paul and the Synecore team to build on the Company’s track-record of success. Synecore’s long-term growth record, talented staff and strong reputation with their customers were core to our interest in the business. We are pleased that the team have decided to join our group of technical building services companies.”  ■

About EvolutionCBS

As a long-established premium provider of business sale advisory services to UK businesses, EvolutionCBS offers business owners a complimentary and confidential discussion on how their specific objectives could be met and provides pragmatic, practical advice on how to begin preparing both themselves and their businesses for a future sale.

EvolutionCBS works with owners of UK businesses in any sector, finding buyers from around the world through highly targeted research and supporting clients with dedicated Director-led teams, at every stage of their journey to a successful sale.

About Synecore

Synecore is a leading provider of specialist mechanical and electrical servicing and maintenance, headquartered in Kent. The business has developed a strong reputation for high-quality service provision in its market, serving multi-site clients across hospitality and leisure to support their national roll-out programmes. For more details see https://www.synecore.co.uk/.

About H.I.G. Capital

H.I.G. is a leading global alternative assets investment firm with $53 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, São Paulo and Bogotá, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
  4. H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.



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