Deal Origination continues to build

December 2006

Livingstone has advised Private Equity firm Lyceum Capital on its investment in SPI Group, an independent building services company for the social housing sector.

SPI is currently the market leader in its sector in the West Midlands, having established partnerships with eight local authorities and housing associations. The company employs over 500 people and has a turnover in excess of £38 million.

The existing management team, which established SPI in 1966, will continue as shareholders in SPI. Steve Huxley has joined the business as Group CEO and will work closely with Managing Director, Paul Dillon, and the other Directors to drive the next stage of SPI’s growth.

Paul Dillon, Managing Director of SPI, commented “We are delighted to have formed this partnership with Lyceum Capital. Their funding and guidance will give us the ability not only to broaden the range and scope of services we offer, but also to invest in new technology that will improve and enhance the services we offer our customers.”

The deal was jointly originated by Livingstone and Lyceum Capital. James Lever, partner at Livingstone, comments “We are delighted to have unlocked the opportunity for Lyceum to invest in SPI and to support Paul Dillon in his further expansion of the Group across the UK.”

Dan Adler, Partner at Lyceum Capital: “We knew we wanted to invest in the business from the start. Thanks to Livingstone's persistence we were able to get in front of the management team at an early stage and that was key to the success of this transaction.”

This is the second deal completed by the Livingstone team in the social housing sector in December 2006.

James Lever, Partner
Tel: 020 7484 4711
Email: jlever@livingstonepartners.co.uk

Christopher Jones, Deal Leader
Tel: 020 7484 4704
Email: cjones@livingstonepartners.co.uk

Tamara Scribante - Deal Originator
Tel: 020 7484 4704
Email: tscribante@livingstonepartners.co.uk