Law firm Moorcrofts LLP has advised Steve Bailey on the sale of his controlling interest in Hygiene Group, a leading industrial cleaning services provider, as part of a management buyout.
With over 600 employees, a nationwide network, and a string of industry awards to its name, Birmingham-based Hygiene is a longstanding client of Marlow-based Moorcrofts, and the company offers a comprehensive range of cleaning services to its clients who include many household names and other leading manufacturers in the food and pharmaceutical industries.
Bibby Financial Services provided an invoice discounting facility to assist the management team to finance the transaction.
Steve Bailey said: “I have been a director of Hygiene since 1983, and so I was keen to find the right buyer for my shares. We experienced a few complications along the way, but I am delighted to have sold to the management team, having worked with them for many years. I have every confidence that Hygiene will thrive under the new ownership and leadership, and I wish them every success in future.”
Moorcrofts’ corporate partner Peter Woolley led the deal, with support from corporate solicitor Kierendeep Sahota. Commercial property support was provided by partner Julia Ferguson, commercial/technology support was provided by partner Tim Astley and solicitor Usha Guness, and employment support was provided by solicitor Lindsey Abbott.
Peter Woolley said: “It was a pleasure to act for Steve on his exit from Hygiene. We wish Steve all the best on his retirement, and we hope that under the management team’s leadership, Hygiene will continue to grow its share of the industrial cleaning market.”
Birmingham law firm Emms Gilmore Liberson acted for the management team on the transaction. BDO LLP provided tax advice for Steve Bailey on the transaction.