Portfolio News

LDC exits investment in MML in sale to City FM

LDC has exited its investment in Lesprit, a leading provider of outsourced maintenance and facilities management which trades as MML in the UK, in a sale to City Facilities Management (City FM) for an undisclosed sum.

City FM is one of the UK’s largest privately owned facilities management providers. Headquartered in Glasgow, the business employs more than 13,000 people across Australia, Asia, and North America – and operates across a wide range of sectors including retail, commercial property, healthcare, oil and gas, construction and education.

Lesprit comprises Maintenance Management Limited (MML) in the UK and Atrium Maintenance France (AMF) based in Lille, France.

Mark Dixon, executive chairman at MML, comments, “The team at LDC have been a great strategic support and a true partner for our business over the last five years. Together, we have successfully pursued new opportunities and continued to win new contracts into 2017. As we’ve achieved our original objectives, now feels like a natural moment to consider the next phase in our strategy.

“This new partnership means we and our clients will benefit from the technical innovations and global reach of our new colleagues. As a team we’re excited for what the future has to offer.”

Simon Adcock, senior portfolio director at LDC, adds: “The management team has developed a unique proposition in a competitive marketplace, with a solid performance across the UK and Europe. Helping the business realise its strategy has been immensely satisfying, and the business will continue to develop international opportunities as part of a combined global team with City FM.”