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15 June 2012

Mynt Facilities Services mops up £650k investment from The North West Fund for Development Capital

Press Release 15th June 2012

The North West Fund for Development Capital, which is managed byYFM Equity Partners, has invested £650,000 of development capital into Mynt Facilities Services Limited, a Merseyside-based commercial cleaning business, following a series of recent acquisitions. This is the fifth investment that YFM Equity Partners has made from The North West Fund for Development Capital and its third in Merseyside.

Mynt (formerly known as ACS Cleaning) was set up by Mark Allen in 1997 in Manchester to provide cleaning services to businesses, shops, schools and restaurants in the Cheshire area. It has expanded in recent years, acquiring Maid in Cheshire in 2010 and Cresta Cleaning Services in St Helens in April last year. A more recent acquisition has enabled Mynt to provide expertise in deep cleaning of commercial and industrial kitchens and to open a head office in Liverpool.

The North West Fund for Development Capital, is a sub-fund of the £185m North West Fund that is jointly financed by the European Regional Development Fund and the European Investment Bank.

As part of the investment deal, Eugene Boyle joins the management team of Mynt as non Executive Chairman and Jamie McGivern joins as Finance Director. Both previously worked together at contract cleaning business InterCity Group, a former YFM Equity Partners portfolio company which was sold to LPM Group in 2008.

Mynt has a large and loyal client base across the North West and Midlands which includes: Chaophraya, British Transport Police, Tyco Ltd, Amalans Solicitors and Allied Irish Bank. One of its specialist areas is cleaning food preparation areas of restaurants, pubs and clubs. It also cleans a number of schools, colleges and nurseries in Derbyshire.

Commenting on the investment, Mark Allen, CEO of Mynt Facilities Services Ltd, said: "This funding from The North West Fund for Development Capital and additional management support from YFM Equity Partners comes at the right time for our business. We have ambitious exciting growth plans and with this investment we will be able to employ more staff and continue to build our business further to meet the growing demand for professional cleaning services."

"Mynt has many opportunities for growth following its recent acquisitions. We look forward to working with Mark, Eugene and Jamie as they continue to develop services for clients and expand the business further", said Simon Cleaver, Investment Director at YFM Equity Partners, manager of The North West Fund for Development Capital.

Andy Leach, chief executive of North West Business Finance, which manages The North West Fund, said: "It is clear that Mark and the team at Mynt Facilities Services has identified an exciting market opportunity to step change their business. I am delighted that The North West Fund has been able to provide it with the equity funding required to facilitate this and the opportunity to achieve their ambition."

The North West Fund for Development Capital, managed by YFM Equity Partners invests between £100k and £2m in businesses across all stages of development. Other businesses looking for growth investment or an investment partner can find out more at www.thenorthwestfund.co.uk

YFM Equity Partners were advised on financial due diligence by Langtons and on legal matters by Hill Dickinson. Mynt Facilties Services Limited's advisers were: RSM Tenon on due diligence and Shoosmiths solicitors provided legal advice.


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