Acquisition from business support
A specialist North East finance house partnered with two of the region’s leading banks to secure a major acquisition for fast-growing Washington firm Fastflow.
Utilities and property services specialist the Fastflow Group acquired Spennymoor affordable housing developer, Partner Group, for an undisclosed sum.
Partner, which has completed over 2,000 new houses on 82 sites across the UK, has an order book is in excess of £100million.
Cavu Corporate Finance worked with Yorkshire Bank and Lloyds Bank to secure the deal for Fastflow.
Fastflow has acquired 100% of the share capital of the Partner Group and will put in place an investment and development strategy, creating more jobs and helping to develop sustainable housing communities.
Fastflow Group, Chief Executive Officer, Neil Armstrong, said: “As well as growing our overall business, this deepening focus on the affordable housing sector hugely adds to the offer we have for property providers.
“For customers whose homes we currently maintain and repair, we can now help to deliver new build housing targets. With our support,
“Partner can increase its service offer with additional capacity for new housing, backed by high quality, focused, maintenance and repair programmes.”
He added: “We are delighted with the high-quality service provided by Shawn and the team at Cavu Corporate Finance – and the support from Yorkshire and Lloyds Banks.”
Shawn Bone, founder and Managing Director of Cavu Corporate Finance, said: “We are delighted to have acted for Fastflow Group in this key acquisition.”