ICG Europe Mid-Market forms partnership with Churchill Group to support next phase of growth

Churchill is a business we have long admired for the quality of its leadership team, the breadth of its capabilities and its distinctive employee-owned culture, say Varun Bahri and Will Woolsey, ICG Europe Mid-Market

ICG, the global alternative asset manager, today announces that it has agreed an investment in Churchill Group (“Churchill”), a group of specialist businesses in the UK facilities management market, to support the next phase of Churchill’s growth.

Varun Bahri, Managing Director, ICG Structured Capital: Europe Mid-Market

Founded in 1988 by Joel Briggs and Phil Moxom, Churchill is one of the UK’s largest employee-owned companies, employing c.18,000 people across its specialist businesses. A majority of frontline employees hold an interest in Churchill through its Employee Ownership Trust (“EOT”), which will remain in place. Employee ownership underpins Churchill’s long-term growth, giving colleagues a stake in the success they create.

The transaction supports investment in the business, including in its people, technology and service capabilities. ICG’s capital and strategic support will strengthen Churchill’s position and give the EOT a stable, well-capitalised platform for future growth. All of Churchill’s existing shareholders will remain invested alongside ICG.

Will Woolsey, Principal, ICG Structured Capital: Europe Mid-Market

At the same time, Principle Cleaning, a London-focused premium cleaning specialist, has joined Churchill. Principle brings complementary expertise and established client relationships, and is closely aligned with Churchill’s values and employee-owned model.

In partnership with ICG, Churchill intends to pursue further acquisitions of complementary specialist businesses. It will focus on companies with strong management teams, deep client relationships and a clear alignment with its culture and capabilities.

Varun Bahri and Will Woolsey, ICG Europe Mid-Market, said:

Churchill is a business we have long admired for the quality of its leadership team, the breadth of its capabilities and its distinctive employee-owned culture. It has built a leading position in the UK facilities management market by combining national scale with entrepreneurial agility, service quality and enduring client relationships. We look forward to backing the team as they invest in the business and accelerate Churchill’s acquisition strategy. For owners and management teams seeking the right home, Churchill offers a compelling combination of scale, culture and ambition.

James Bradley, Chief Executive Officer of Churchill Group, added:

Churchill’s success has been built on the commitment of our colleagues, the expertise across our businesses and the relationships we have with our clients. ICG understands our employee-owned model and shares our ambition to grow responsibly. We are excited to continue investing in our people and services, and to work with like-minded businesses where we can achieve more together.

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About Churchill

Churchill Group is the second largest employee-owned business in the UK. The Group’s specialist businesses deliver sector-leading cleaning, security, guest services, water hygiene and drainage compliance, winter maintenance and FM for social housing. Churchill Group provides services to public and private sector clients nationwide, across sectors including transport, education, financial and professional services, real estate, aviation, public sector and utilities.

About ICG

ICG (LSE: ICG) is a global alternative asset manager with more than three decades of experience. Operating from over 20 locations globally, ICG partners with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with expertise and flexible capital. For more information visit our website and follow us on LinkedIn.