resource™

Clearwater Corporate Finance advised the Irish support services company resource™ on its £22 million acquisition of Pall Mall, the UK cleaning and security services arm of Carillion plc.

The acquisition creates a company with unique capabilities to service clients throughout Ireland and the UK. It also makes resource™ the largest Irish-based support services company, with annual revenues of £150 million.

The deal was funded by Lioncourt Capital and Anglo Irish Bank Corporation Plc.

The deal is a classic example of Clearwater using its network of contacts to originate a deal from scratch. Pall Mall was being sold by Carillion plc in a competitive auction run by its investment bankers.

Clearwater spotted a potential buyer in resource™, who had not been approached by the investment bank. Clearwater introduced resource™, negotiated on their behalf and achieved an acquisition price which was substantially less than that which resource™ had expected to pay.

Terence Brannigan, chief executive of resource™, said:

"Clearwater were an integral part of the deal team during resource™'s successful acquisition of Pall Mall Holdings. They sourced the deal, led all negotiations with Carillion plc and their advisers and kept cool heads to ensure we secured the acquisition against stiff competition.

"This acquisition proved transformational for resource™, doubling the size of the Group and providing us with a significant platform from which to grow in mainland UK.”