Company cleans up with £650k funding boost
A Merseyside cleaning business is looking to expand operations and boost its payroll after securing £650,000 worth of new investment from the North West Fund for Development Capital.
Mynt Facilities Services, which is headquartered in Liverpool, has made a series of acquisitions in recent years and has now been backed by the equity fund which is managed by YFM Equity Partners.
Mynt, previously known as ACS Cleaning, was set up by Mark Allen in 1997 in Manchester to provide cleaning services to businesses, shops, schools and restaurants in the Cheshire area.
It has expanded in recent years, acquiring Maid in Cheshire in 2010 and Cresta Cleaning Services in St Helens in April 2011.
Another recent acquisition has enabled the business to move into deep cleaning of commercial and industrial kitchens and to open its Bootle HQ.
As part of the investment deal, Eugene Boyle joins Mynt as executive chairman and Jamie McGivern as finance director.
Both previously worked together at contract cleaning business InterCity Group, a former YFM Equity Partners portfolio company, which was sold to LPM Group in 2008.
The North West Fund for Development Capital is part of the £185m North West Fund which is jointly financed by the European Regional Development Fund and the European Investment Bank.
This is the fifth investment that YFM has made from 'Development Capital' fund and its third in Merseyside.
YFM was advised Langtons (finance) and Hill Dickinson (legal). Mynt received financial advise from RSM Tenon and legals from Shoosmiths.