A deal for both sides
Headquartered in Olney, Milton Keynes, Optimum was founded in 1989 as a specialist in air conditioning and refrigeration engineering for commercial customers. Optimum’s growth has accelerated over the past few years and attracted attention on a global scale leading to its recent sale to Canadian industry giant, BGIS.
Setting the scene
In a world where demand shifts so frequently, diversifying with the times is critical. This is the model Optimum has followed since its launch in the late-1980s. It now specialises in mission critical building maintenance, focused on digital-led hard services: heating, air-conditioning, refrigeration, M&E (mechanical and electrical) maintenance and energy systems. It’s also the UK’s leading independent Data Centre maintenance provider and has a team of 500 professionals delivering its technology-enabled data solutions to more than 200 locations across the UK.
So when BGIS, the Canadian-based leading provider in the provision of facility management (FM), project delivery, energy & sustainability, asset management and other workplace consulting and delivery services, sought to acquire Optimum, PwC were well-placed and ready to facilitate and lead this major transaction.
“We are delighted to have advised John, Jim and the Optimum team on this strategic combination with BGIS. Optimum is a leading player in the critical infrastructure maintenance sector within FM; an area we have seen increased interest in. Optimum has found a fantastic home with BGIS and we expect this partnership to create an exciting platform for growth.”
How we helped
Acquiring Optimum was central in accelerating BGIS’ strategy of building an engineering-led global integrated facilities management (FM) company and enhancing its FM and data centre capabilities in the UK.
Our experienced Business Services Corporate Finance team led by Coolin Desai and Matt Loxton provided lead advisory services to Optimum during the acquisition process. Leveraging significant FM sector experience they were able to support the client’s shareholders and wider management team with navigating the complexities of this international deal.
PwC’s thorough understanding of the client’s objectives, business and sector were particularly critical to ensure the transaction was structured optimally and due diligence was conducted efficiently, enabling a successful transaction. We helped ensure that all ‘value items’ were identified and presented to the buyer, maximising the value to Optimum’s selling shareholders and managed a diligence process which supported and protected shareholders’ interests throughout.
As with many things last year, we had to make this deal happen in a fully virtual environment, and build strong working relationships from behind the screen as the team worked in close collaboration across different parts of the UK as well as different time zones with our BGIS counterparts in Canada.
“The team at PwC have helped deliver a fantastic result for both Optimum and BGIS, providing excellent support and collaboration throughout the sale process which helped all parties navigate through the deal. Each PwC team member was professional, enthusiastic and maintained a sense of humour throughout!”
Making a difference
Optimum’s sale to BGIS has been a great success and despite the cross-territory boundaries the team worked effectively to make it happen. From a regional perspective in the UK and in the South East which is home to Optimum, the partnership will be integral to the local economy, market and ongoing value creation.
Against a backdrop of the pandemic and related Brexit uncertainty PwC facilitated a smooth process even in the face of associated challenges. This had advantages for both parties and minimised business disruption in a turbulent period of 2020.
With our extensive experience and business focused approach we were able to enable the local seller and the global buyer to achieve a mutually beneficial international deal within the anticipated timelines. Working collaboratively, prioritising the clients needs and building trust was the real differentiator for the stakeholders.
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