Private equity investor NBGI has backed the £9 million management buy-out of national property maintenance provider Facilities Services Group (FSG).

Private equity investor NBGI has backed the £9 million management buy-out of national property maintenance provider Facilities Services Group (FSG).

FSG’s existing management team, led by managing director George Lilley and executive chairman David Simons, have acquired the business from outsource infrastructure services group Spice Limited. The two executives joined the business in late 2009 to lead a buy-out.

NGBI has taken a majority stake in the business and committed further capital to expand FSG’s range of services and delivery capabilities. FSG provides maintenance, compliance and managed services. NBGI investment director Richard Babington will join the FSG board as part of the deal.

The Buckinghamshire business was formed in 2008 through the merger of retail and leisure companies including Circle Britannia, Serviceline and Atlanta Facilities.

Lilley comments that FSG was ‘non-core to Spice’s ongoing operations’ and the deal represents an opportunity to grow and expand the business.