A Greater Manchester-based business finance broker has helped fund a major deal in the specialist cleaning sector by providing a seven-figure structured finance package.
PMD Business Finance’s structured finance division has provided part of the funding which has allowed React Group Plc to complete its £8.5m acquisition of LaddersFree Ltd – an established business specialising in commercial window, gutter and cladding cleaning.
The deal enables Derbyshire-headquartered React Group to broaden its customer base and achieve further nationwide growth.
The AIM-listed company provides a wide range of specialist nationwide services including deep cleaning, decontamination, and hazardous waste removal for sectors including prisons, emergency services, industrial, highways, transport, technology, and hospitality.
Based in Exeter, LaddersFree has a network of over 300 service partners and counts established brands like Costa Coffee, Next, Lidl, Holiday Inn Express and Marriot hotels among its customers.
PMD Business Finance provided a £2.5m structured finance package to support the cash and shares deal. The deal team at PMD was led by structured finance directors Callum Bull and John Platt.
Commenting on the deal, Callum Bull, structured finance director at PMD Business Finance, said: “We’re proud to have supported this significant acquisition that will allow React Group to further diversify its service offering in the specialist cleaning market.
“LaddersFree has a highly scalable business model and can look forward to further significant growth through the additional investment and resources provided by React Group.”
Mark Braund, chairman of React Group, said: “This is our second major acquisition and one that represents our ambition to build a profitable, industry leading business through both organic growth and strategic acquisitions.
“LaddersFree has an established customer base and generates significant recurring business, which complements the highly specialist reactive cleaning service we already provide. We’re delighted to welcome the company and its excellent team to the group.
“We’re also incredibly thankful to Callum and John in the structured finance team at PMD Business Finance for their invaluable support. It’s been refreshing to deal with an intermediary that has such a clear understanding of the market and was able to guide us carefully through the deal process.”
React Group has provided specialist cleaning and decontamination services in difficult locations and sensitive circumstances for over 20 years, providing a 24/7 service by fully trained and security cleared professionals.
Founded in 2002 by Justin and Jason Korinek, LaddersFree specialises in specialist window cleaning for shops, restaurants, offices, hotels, and car dealerships. It uses a range of methods, including water-fed poles, mobile elevated platforms, abseiling and rope access to service its customers.
PMD Business Finance was founded in 2010 and is now one of the largest independent providers of business finance in the UK, targeting £250m of lending this year. Its structured finance team was founded in 2020 and specialises in providing structured finance solutions to SME and professional advisors.
