NVM has completed the management buyout of Flexioffices
Flexioffices (Flexi), one of the UK’s leading serviced office brokers, has secured £8.2 million of investment from NVM Private Equity (NVM) as part of the funding package for a management buyout. The investment from NVM will help to accelerate Flexi’s international growth and drive continued development of their technology.
The deal is NVM’s second management buyout from NVM Private Equity Vintage III LP.
Headquartered in London, and founded by Paul Slinn in 2000, the Flexi team are experts in finding the perfect workplace solutions for individuals, businesses and organisations through specialist knowledge of the entire UK flexible workspace market. Paul Slinn recognised a gap in the market to source flexible office space for SMEs. He believed the changing working practices of the millennial generation and favourable shifts in both technology and regulation were combining to drive demand for more flexible office arrangements. Managing Director, Geraint Evans, joined the company a few years ago to drive this strategy and accelerate the growth of the business.
Flexible office space provides a fully-inclusive, ready-to-go office solution and is available under licence agreements which are more flexible than traditional leases. The spaces typically come fully furnished with the necessary support services allowing companies to focus on running their business operations.
Led by an experienced management team, the company works with 3,000 flexible office facilities across London and the UK, offering a wide variety of styles and designs from traditional office space to modern and quirky. Flexi hasrelationships with many providers such as IWG, The Office Group, WeWork, Landmark, Citibase and London Executive Offices and some of its major clients include ASOS, Bovis Homes, Eventbrite, Spotify, Deliveroo and Argos.
Peter Hodson and David Rolfe led the investment for NVM. Peter joined the Flexi board at completion.
Geraint Evans, Managing Director of Flexioffices, said: “The business has achieved great things to date and now with NVM’s backing and an experienced management team, the business is set fair to play its part in the continued global appetite for flexible workspace.”
Peter Hodson, Investment Partner of NVM Private Equity said: “Market drivers in the flexible office space continue to be exceptionally strong. Flexioffices represents a unique opportunity within the sector to back a highly experienced management team that has done a fantastic job in growing the business to where it is today. NVM look forward to supporting Geraint and the team as they build on the good work already done.”
NOTES TO EDITORS
For further information please contact:
- Natalie Dickinson (NVM: PR & Marketing) – 0118 951 7021 email@example.com
- Peter Hodson (NVM: Investment Partner)– 0207 100 4364 firstname.lastname@example.org
- Geraint Evans (Flexioffices: ManagingDirector) email@example.com
Download photos of: Flexioffices – www.nvm.co.uk/PRphotos
NVM was provided with:
- Commercial due diligence by Armstrong Transaction Services (Tom Raymond and Matt McNally)
- Financial due diligence by Grant Thornton (Carl Parker)
- Insurance due diligence by AON Risk Solutions (Gordon Shaw and John Donald)
- Legal due diligence by Gowling WLG (Ian Piggin and Gregg Dunn)
- Management due diligence by Continuum (Steve Wycherley)
- Corporate Finance advice by Spectrum (Clive Hatchard and Ian Milne).
Cavendish Corporate Finance acted for the shareholders on the sale.
NVM Private Equity is independently owned with over 30 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing more than £350 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities of between £2 million and £12 million in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. www.nvm.co.uk