PMSI supports Elysian Capital on the merger of its portfolio company Fastflow Group with United Living Group.
Fastflow Group, the utilities and property services business and United Living, a new and refurbished housing specialist, have merged into an enlarged group, Elysian Capital and the management retain ownership.
The merger will allow the Group to provide a broadened maintenance and development capability in the social housing sector. The two organisations will be better equipped to meet the ever-increasing UK demand for new and well-maintained social and affordable housing.
Fastflow Group is an independent provider of essential services to the utilities and property sectors. Over 600 people are employed on sites throughout the UK, improving and managing a broad range of client assets. Group turnover is £137 million.
With over 65 years of experience, United Living is a leading provider of new and refurbished homes for clients throughout the UK. The Group employs 540 people with a turnover of £275 million. The combined headcount, not including sub-contractors/supply chain, will exceed 1,100 people with combined turnover of £412m.
Between them, the companies delivered 1,263 new homes in 2018. In addition, 29,895 planned maintenance jobs were completed and 47,100 short notice responsive repairs were carried out.
Ian Burnett, Chief Executive Officer of United Living will step down but remain as an advisor to the Group. Neil Armstrong, Chairman and Chief Executive Officer of Fastlfow Group will take overall responsibility for the enlarged group as Chief Executive Officer.
PMSI worked closely with both Elysian and Fast Flow in providing CDD support for the deal.