Elysian Capital portfolio company Fastflow Group merges with United Living Group
Fastflow Group, the utilities and property services business owned by Elysian Capital and Fastflow management, and United Living, a new and refurbished housing specialist, today announce that they have merged into an enlarged group, itself owned by Elysian Capital and the management.
The enlarged group will retain the existing contracting companies under their separate brands with existing contracts being unaffected. The merger will allow the Group to provide a broadened maintenance and development capability in the social housing sector. The two organisations will be better equipped to meet the ever-increasing UK demand for new and well-maintained social and affordable housing.
Fastflow Group is an independent provider of essential services to the utilities and property sectors. Over 600 people are employed on sites throughout the UK, improving and managing a broad range of client assets. Group turnover is £137 million.
Fastflow was acquired in a transaction with management by Elysian Capital II LP and Fund co-investors in 2017. United Living’s existing shareholders are Lloyds Development Capital and some existing United Living management who will be selling as part of this transaction.
With over 65 years of experience, United Living is a leading provider of new and refurbished homes for clients throughout the UK. The Group employs 540 people with a turnover of £275 million. The combined headcount, not including sub-contractors/supply chain, will exceed 1,100 people with combined turnover of £412m.
Between them, the companies delivered 1,263 new homes in 2018. In addition, 29,895 planned maintenance jobs were completed and 47,100 short notice responsive repairs were carried out.
Ian Burnett, Chief Executive Officer of United Living will step down but remain as an advisor to the Group. Neil Armstrong, Chairman and Chief Executive Officer of Fastlfow Group will take overall responsibility for the enlarged group as Chief Execuive Officer.
Neil Armstrong said:
“The reasons for combining these two great businesses are simple and compelling. The enlarged maintenance and new social housing capability will benefit clients and our people, safeguarding jobs and providing more opportunities to progress within the group."
“At United Living, we see people with a shared ethic and common purpose, who are already delivering a best in class service. People who, like us, take their responsibilities to customers, residents, employees, the environment and communities in which they work very seriously."
“By harnessing this commitment and talent and by working together, investing time and money to drive improvement, we will take the business to the next level.”
For further information please contact:
Elysian Capital LLP - Ken Terry, CEO, email@example.com