Birmingham-based Midven invests in small and medium-sized enterprises in the Midlands and this investment will provide working capital to facilitate the acquisition of Confluence Management from Singapore-based Confluence Group.
Midven manages five funds and the Exceed Fund, which became operational in March 2010, is worth £18.4 million and invests up to £750,000 in a range of sectors to support expansion and development.
Confluence managing director Christian Bucknall comments, ‘We are delighted that the Exceed Fund is backing our business. We have ambitious plans and are confident with Midven’s help we can realise our full potential.’
Confluence Group originally acquired Confluence Management, who provide compliance and project management services and were originally a division within the Pettifer Group, in December 2008.
Bucknall and the Confluence Management finance director Robert Goemans, with the support from Midven, will now purchase the company and they will relocate the head office to Birmingham.
There already exists an operational office in Solihull, Birmingham and this will swiftly become headquarters while the London, Manchester and Glasgow offices will all be retained.
Confluence Management develops luxury hotels, higher education establishments and data centres and Exceed Partnership investment director, Surjit Kooner, believes the company is in a good position to expand.
