Sale of Saltire Facilities Management Ltd to Daikin UK

BDO has advised United Capital Group on the sale of heating services specialist Saltire Facilities Management Ltd. Saltire, which is based in Scotland with operations in the Midlands, has been acquired for an undisclosed sum by Daikin Airconditioning UK Ltd – part of Daikin Europe NV, a market leader in heating, cooling, ventilation, clean air and refrigeration technologies.

Saltire is one of the UK’s largest providers of property services, specialises in renewables, gas services and electrical works. Headquartered in North Lanarkshire, the company employs around 300 people and supports an array of subcontractors and thousands of customers. Saltire has secured over £220 million of public sector contracts in the past 12 months alone.

Daikin operates globally, with a significant European presence through Daikin Europe NV. Saltire will now form part of Daikin UK’s operations, and the acquisition strengthens its service infrastructure in the UK, supporting the country's growing adoption of heat pumps.
 

"The BDO M&A Business Services team, led by Satvir, have worked tirelessly to support us throughout the sale process over an extended period. From the outset, we were impressed both with their sector expertise and commitment from start to finish to achieve a successful result. The transaction did encounter a high degree of complexity to work through, but the BDO team were always accessible and adopted a collaborative approach with the Saltire deal team which proved to be invaluable. Their sector knowledge and international reach enabled us to identify and access the right strategic buyer for Saltire. It was a pleasure working with the team and we are very pleased with the outcome. We would welcome the opportunity to work with them again."

Graeme Carling, Co-Founder, United Capital Group

 

“Saltire Facilities Management has built up an excellent reputation in the heating services sector, marking its footprint both in Scotland and the Midlands. The sale to Daikin marks an important milestone in the company’s growth journey, providing Saltire with significant infrastructure and expertise to expand its heating service offering to customers. We look forward to following the company as it continues to flourish under the ownership of Daikin.

It has been great to work with the shareholders and management team of Saltire on a significant deal for both parties in the social housing maintenance sector. It is the latest in a string of transactions for BDO in the wider facilities management space – a market where we have real strength and depth in helping high quality businesses to attract the attention of national and global strategic players and investors.”

Satvir Bungar, Managing Director, Deal Advisory, BDO

The BDO project team included: 
M&A: Satvir Bungar, Alper Dervish
SPA review: Lawrence Mills