Two of Locate in Kent’s partners have helped an industry leader go for further growth.
Leading serviced apartments agents have been bought together, thanks to the help of the Kent team at Crowe Clark Whitehill, the specialist audit, tax and advisory firm, and Cripps, the leading regional law firm with offices in Tunbridge Wells, Kings Hill, Sandwich and London.
SilverDoor Limited has acquired Worldview Limited, the parent company of serviced apartment agents Citybase, in a deal worth £2.25m, creating a combined business with a turnover of £75m and 130 employees.
Geert Struyven, Corporate Finance Partner at Crowe Clark Whitehill, which has offices in Maidstone and Tunbridge Wells, said: “The sector is set to double in size over the next two years and SilverDoor this is a timely opportunity to grow and develop through a multi-million pound acquisition.”
SilverDoor’s Managing Director, Marcus Angell, and Commercial Director, Stuart Winstone, will continue in their roles at SilverDoor and take on the same positions within Citybase, and assume control of the parent company.
Citybase co-founders and joint Managing Directors, Stuart Parker and Davor Parker, have been appointed Director of Digital & Leisure Strategy and Technology Consultant respectively. Their father, Victor Parker, also co-founder and joint Managing Director, and his wife Davorka Parker, will be retiring.
Geert Struyvrn added: “I am delighted for all at SilverDoor. This was a transaction where Marcus and Stuart had a clear vision for what they wanted to achieve as part of their wider plans for the growth of the business. They were able to make commercial and decisive actions throughout the process, which helped us keep this complex deal on track.”
Crowe Clark Whitehill provided acquisition advice to the SilverDoor team on each stage of the transaction in addition to financial due diligence.
Since it was formed in 2000, SilverDoor has grown rapidly, and currently provides more than 130,000 serviced apartments in more than 518 business centres in 83 countries. Both privately owned since their inception, SilverDoor and Citybase will continue to operate from their respective London and Lancaster offices and benefit from the integration of resources.
Marcus Angell, Managing Director at SilverDoor, said: “Now is the ideal time to strengthen our position as the world’s leading agents. SilverDoor and Citybase provide two very successful yet distinct offerings, which complement each other perfectly.
“I am grateful to everyone at Crowe Clark Whitehill for their advice and commitment throughout the process. Deadlines were tight, so having Geert and colleagues proactively managing the transaction was vital.
“I’d also like to take this opportunity to thank the Parker family for their transparency and good faith throughout this process and to recognise the love and care they ’ve committed to Citybase over the years. We look forward to taking on the stewardship of a thriving company, with a track record for innovation and success, and elevating it to the next level.”
SilverDoor’s management team was advised by law firm Cripps with funding from Barclays.
For advice on the corporate finance and acquisition or sale of a business, contact Crowe Clark Whitehill on 01622 767676 or 01892 700200.
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