Lakehouse is a publically-listed construction and facilities management group, overseeing a number of subsidiary businesses and employing more than 2,000 workers throughout the UK.
With an aggressive growth strategy in place, Lakehouse was looking to further expand its business and to strengthen its presence in certain regions within the UK. The Group contacted Avondale to identify a suitable target for takeover. A clear mandate was given to look for specific types of businesses located in particular geographical areas.
Through extensive research of the market place, Avondale identified Foster Property Management (FPM), as a prospective acquisition target. A £50m turnover company, FPM was well established in its field, with operations dating back to 1976. While a slight diversion on the original brief, the commercial fit between Lakehouse and FPM was unquestionable. In particular, with operations across East Anglia and the East Midlands, the company’s geographic focus offered Lakehouse a unique opportunity to expand its footprint in a region of strategic importance for the Group.
The Lakehouse team were excited about the synergies that merging the two organisations could bring, and were highly encouraged by the strong cultural fit between the respective management teams. Since completing, the acquisition has played a key part in of Lakehouse’s subsequent increase in revenues, putting the Group on course to meet its ambitious growth targets.
“We’re thrilled to be able to incorporate a highly respected business like Foster Property Maintenance into Lakehouse. Avondale clearly understood our goals and identified FPM as a perfect strategic fit.”
Stuart Black, Executive Chairman, Lakehouse