Acorn Awards sponsor ACT Clean has secured private investor backing for a £10.2m management buyout, signaling a new cycle of growth for the specialist outsourcing company of kitchen porters, night cleaning and housekeeping.
Founders Russell Stinson, Robert Beaugié and Paul Tocher have left the business with immediate effect.
The deal was structured by Connection Capital LLP, which currently has some £180m of funds under management across a diverse portfolio including investments in Virgin Wines and Wagamama and property tenanted by Travis Perkins and Premier Inn.
John Stevenson, chief executive officer of ACT Clean, commented: "We have always been, and continue to be, committed to providing an exceptional service, every day - offering the highest standards of outsourced cleaning to the hospitality industry. This new investment and partnership is a very exciting opportunity for myself and our fantastic management team to both consolidate and nurture our existing long-term client relationships as well as attract and develop new clients.
"We're hugely excited about the future and wish my fellow founders all the best in their future endeavours as they leave the business to move on to new things."
Miles Otway, partner at Connection Capital, who led the transaction said: "ACT Clean's leading position in its niche luxury market, experienced and proven management team, prestigious client base and strong growth prospects make it a highly attractive investment proposition. We look forward to working with the senior management team of John Stevenson, Gillian Thomson and David Murray to take the business on to its next stage of growth."
ACT Clean was founded in 2006 and grew quickly alongside the expansion of upmarket hotels and restaurants in London. Today, it is the market leader in its luxury niche with a client base ranging from Michelin-starred and leading restaurant groups to well-known hotel brands - including London hotels the Ritz, Claridge's and the Savoy - through to the royal household.