Accountancy and business advisory firm BDO LLP has advised on the sale of professional cleaning and support services specialist Tudor Group.
The company, which is backed by Foresight Group, has been acquired by award-winning FM company Atlas for an undisclosed sum.
BDO Midland's M&A business services team advised the shareholders of Manchester-based Tudor Group. The team was led by Satvir Bungar, Managing Director and Head of Business Services M&A. He was supported by Rebecca Hoyle and Patrick Starrett. Following a competitive process, this is the second deal led by BDO involving Atlas. In 2022, BDO advised on the sale of Lewis and Graves to Atlas.
Bungar said: "Tudor Group has built up an unrivalled reputation in the professional cleaning and specialist support services sector, marking its footprint across the UK. The sale to Atlas marks an important milestone in the company's growth journey, providing Atlas with significant infrastructure and expertise to expand its service offering to clients, and we look forward to following the company as it continues to flourish under the stewardship of Atlas."
He added: "This is an exciting deal for the FM market and the latest in a flurry of transactions for BDO in the Business Services sector, having advised other businesses in 2023 that include Trios Group, Nurture Landscapes, Richard Irvin FM and Apleona. These deals demonstrate the strength and depth of high quality businesses that continue to attract the attention of national players."
Tudor, which operates at more than 250 sites, services a multi-sector client base which includes Transport for Greater Manchester, Savills, Mapp, Interactive Investor and the Principality Stadium in Cardiff. It specialises in office, stadium, accommodation and window cleaning, and also offers building and technical services.
Chris Wisely, Atlas Group Managing Director, commented: "We are very happy to have Tudor join the Atlas family and welcome 500 talented employees. This strengthens our quality cleaning operations across the North West and South West. It also offers us the opportunity to self-deliver more window cleaning and specialist services for our valued client base."
Fabien Caqueret, Managing Director of Tudor Group, added: "We are delighted to be merging with Atlas, which has a track record of supporting and charging the growth of new businesses in its group. We will benefit from Atlas deepening our commercial offering in key sectors – such as hospitality, education, leisure and the public sector – while we look forward to helping Atlas offer yet more quality services to its existing clients."
Other advisors on the deal were: Stephenson Harwood LLP (legal sell-side); Barnes Roffe LLP (legal buy-side).