The PwC UK Lead Advisory team advises on the successful sale of Florin Industrial Services to Kingdom
The PwC UK Lead Advisory team is delighted to announce the successful sale of the facilities management businesses trading as Red Support Services and Green Support Services, both subsidiaries of Florin Industrial Services Holdings Limited (“Florin”), to Kingdom Services Group Limited (“Kingdom”).
The acquired businesses are well established in the facilities management industry, focusing on cleaning, security, and building maintenance, and servicing over 230 shopping centres and commercial sites across England and Wales.
The businesses will be rebranded to Kingdom Security & Kingdom Cleaning respectively, and will be integrated with the wider Kingdom group which is growing rapidly through the completion of multiple acquisitions in the last 12 months plus major new contract awards. Kingdom is one of the largest, independent, and privately-owned companies providing specialist services in the UK, turning over £250m and employing 7,000+ great people, operating from a UK office network located in Edinburgh, Glasgow, Birmingham, London, and Belfast.
The Florin senior leadership team said: “We are excited to be sharing the news that the businesses have recently been acquired by Kingdom Group and we will be rebranding accordingly. The Directors and existing senior management team will remain with the business and will continue to serve our customers to ensure the smooth running of our services. Kingdom is a substantial group well known for providing a wide range of support services with excellent national coverage especially cleaning and security and we believe this will allow us to further strengthen our existing service delivery by utilising their resources across the country and their considerable branch network especially across the Midlands and North which will provide us with increased support in those regions. On behalf of all of us at Red and Green, we would like to say a huge thank you to all our wonderful customers for their support and valued business over the years and we look forward to continuing serving you in the future. And to all our loyal colleagues, we also thank you for your loyalty and the magnificent work you do every day. We look forward to being part of your next journey.”
Terry Barton, CEO of Kingdom Services Group, said: “This strategic merger reinforces our commitment to deliver superior services to our valued customers and signifies yet another exciting chapter in our collective journey. Welcome to our 750+ new Kingdom colleagues. There have already been so many exciting and fantastic projects completed within the Group this year and it's only June. The new customer contracts we have been awarded in 2023 plus the acquisitions we have completed so far, and all the additional new colleagues this work brings, further strengthens our WHY Kingdom proposition. We welcome the Red & Green Support Services team into Kingdom to further expand our growing and well-established Kingdom Security and Kingdom Cleaning companies.
Tim Armstrong, PwC Deals Partner said: “It has been great to work with the shareholders of Florin on a significant deal for both parties. Vickie, Ian, Andrea, Meredith, Mark and the whole Florin team have worked tirelessly for many years in order to grow the Red and Green businesses and establish them as industry leaders by offering customers exceptional service. Kingdom is the right partner to build on those core values, and we look forward to seeing them grow even further.”
PwC UK Lead Advisory acted as lead adviser to Florin Industrial Services Holdings Limited with the overall team being led by Tim Armstrong, supported by Hugh Rothwell, Alex Frostick, Emerson Sharp, Danny Vancheri and Matt Loxton. Legal advice was provided to Florin by John Young and Emer Hughes of Kinglsey Napley LLP.
