LPM Group, a UK provider of contract cleaning, security and maintenance services, has completed a £12 million refinancing backed by Clydesdale Bank.

LPM Group, a UK provider of contract cleaning, security and maintenance services, has completed a £12 million refinancing backed by Clydesdale Bank.

The funding will provide LPM with a war chest to continue its buy-and-build strategy.

Buy-and-build specialist Sovereign Capital backed the buy-in management buy-out of the business in 2006 and has since supported the bolt-on acquisitions of washroom business Dependable Services and contract cleaning specialist InterCity Group.

A team at Armstrong Transaction Services conduted commercial due diligence on LPM, led by associate director Edward Hikmet.

Hikmet commented: “Armstrong has previously worked with Sovereign Capital on a number of deals in the sector and asked Armstrong for commercial due diligence on LPM Group as part of its debt refinancing.

“LPM is a national contract cleaning company with a national footprint, and the refinancing supports the ongoing buy-and-build strategy to grow the business.”