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BATH-BASED PALADIN GROUP ACQUIRES PHOENIX ELECTRICAL

Property services company Paladin Group, based in Bath, has acquired electrical testing business Phoenix Electrical for an undisclosed sum.

The deal saw Paladin, which received development funding from NVM Private Equity in 2006, secure further backing from the investors to enable the acquisition of London-based Phoenix, along with several letting agents.

Bristol-based advisers from Deloitte and HSBC worked on the deal.

Paladin Group operates through four subsidiaries: Touchstone (property management services), Castle Estates (high street letting agency network), Calbarrie (health and safety testing) and Maintenance UK (property maintenance services).

The investment, in association with Paladin‘s trade investor Colliers CRE and bank funding provided by HSBC, also supported the acquisition of a number of lettings businesses in Buckinghamshire, as part of a plan to expand Castle Estates‘ geographical reach.

Deloitte, led by Martyn Gregory and Ian Bleakley, provided corporate finance advice to Paladin.

Martyn Gregory commented: “Since the original acquisitions of Castle Estates and Calbarrie back in June 2006, which enabled the establishment of an integrated property services group, we are delighted to have supported the Paladin team through the next stage of growth with its strategic partners.”

Martin Green, director of NVM added: “Paladin has grown strongly since our original investment. These acquisitions are a key part of our strategy for growth and will, we believe, offer significant benefits.”

Tom Tidy, of Colliers CRE, a non-executive director of Paladin Ltd., said: “As a substantial shareholder we will benefit from the rise in value of our investment. As a strategic partner we will benefit from the increased and enhanced range of services available from Paladin for our clients and likewise from the ability of an expanded Paladin and its clients to benefit to a greater extent from our own service offering.”

Lloyd Crutchley of HSBC in Bristol added: “This acquisition provided an exciting opportunity for HSBC to work with Paladin‘s management team in furthering their expansion plans where we provide a full range of banking services in addition to the debt funding required.”

ENDS             24th April 2008

For further information please contact Neil Fraser, Sturgess Van Damme, on 01275 349011 or email neil@sturgessvandamme.co.uk