Sovereign acquires Dependable Cleaning for portfolio company LPM

Sovereign Capital ("Sovereign"), the UK buy & build private equity specialist, today announces the acquisition of Dependable Services Limited ("Dependable"), by portfolio company LPM for an undisclosed sum.

Dependable is a Leeds-based supplier of contract cleaning and related ancillary soft support services with 460 staff. The business has a diversified base of over 245 clients across the daily office and light industrial sectors and provides a full-service offering including contract cleaning, one-off cleans, window cleaning, washroom services, feminine hygiene and direct janitorial sales. It is a business which enjoys strong client relationships and a reputation for quality of service. Dependable was founded over 50 years ago and Sovereign was able to offer a succession solution to the vendor and a strong fit with LPM.

LPM, a leading provider of contract cleaning, security and maintenance services, was acquired by Sovereign through a buy-in/management buy-out in November 2006. The acquisition of Dependable marks the first step in extending LPM's national footprint. It also strengthens LPM's service offering through the provision of consumables, washroom and feminine hygiene.The enlarged LPM business will continue to grow organically and, in addition, Sovereign is in negotiations with a number of further targets, which are expected to complete shortly.

Commenting on the acquisition Ryan Robson, Managing Partner, Sovereign Capital said:

"Dependable is a great business with a solid history of growth. Its acquisition marks the seventh bolt-on acquisition that Sovereign has completed for our portfolio companies in the last six months. This strong deal flow illustrates the strength of our buy & build approach and we look forward to reporting on a number of further acquisitions before the year is out."  

David Howroyd, CEO of LPM added:

"The deal allows one of the North's oldest cleaning companies to realise the next exciting stage of its growth with the support of LPM and Sovereign Capital. Dependable adds considerable strategic value to LPM and its acquisition marks the first step to building a market-leading soft support services business with a national presence."