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03/2023100%

Andwis Group acquired by HIG Capital

UNITED KINGDOM Facility Management / Maintenance EV €100–350M

Context

On 30 March 2023, private equity sponsor H.I.G. Capital completed the simultaneous acquisitions of Synecore Limited and Meesons Futures Limited. The transactions serve as the foundational catalyst to establish Andwis Group, combining these newly acquired operations with H.I.G.’s existing portfolio companies, CPS and Classic Lifts, into an integrated UK technical building services platform. Led by Managing Director John Harper at H.I.G., the sponsor structured the platform to address structural tailwinds across the UK built environment, including statutory decarbonisation targets, regulatory tightening, technological upgrades, and aging property assets. By uniting mechanical and electrical (M&E) engineering with high-security physical access solutions, Andwis delivers critical maintenance and installation services across commercial and infrastructure facilities. The newly formed group operates under the leadership of Executive Chair Jonathan Simpson-Dent, tasked with integrating operations and driving commercial synergies across all four business units. Backed by H.I.G.'s institutional capital, Andwis is positioned to execute an active buy-and-build strategy, targeting bolt-on acquisitions in M&E, lift maintenance, fire protection, access control, and broader building compliance services to expand its national footprint.

The acquisition of Andwis Group is part of the growth strategy of HIG Capital, which already has several external growth operations under its belt, notably Berardi Bullonerie in 2022.

Andwis Group, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

-> Deep-dive in Business Services market trends

Target

Operating across the hospitality, retail, leisure, and critical national infrastructure (CNI) sectors, Synecore Limited and Meesons Futures Limited provide specialized technical building services in the UK. Based in Kent, Synecore delivers mechanical and electrical (M&E) solutions, with a core focus on commercial HVAC and refrigeration (HVAC-R). Its field engineers provide planned and reactive maintenance alongside nationwide fit-out and rollout programs for enterprise clients. Operating alongside it, Meesons Futures leverages a track record dating back to 1864 to design and deploy certified physical security and entrance control systems. Its product suite spans security portals, speed gates, revolving doors, turnstiles, and hostile vehicle mitigation (HVM) solutions. Together, the two businesses combine environmental controls with perimeter and access security across high-consequence environments, completing hundreds of complex infrastructure projects annually.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
€100–200M
€5–25M
[members only]
2022
€100–200M
€5–25M
[members only]

Other operations with HIG Capital

Other operations with HIG Capital
DateAcquirerTargetCountrySector
10/2025HIG CAPITALADVANCED LOGISTICS FOR AEROSPACE (ALA)ITALYIndustrial & Technical Distribution
09/2025HIG CAPITALRENTOKIL INITIAL WORKWEAR FRANCEFRANCEIndustrial Cleaning
03/2025HIG CAPITALTIMETOACT GROUPGERMANYConsulting & Integration
02/2025HIG CAPITALCONVERGE TECHNOLOGY SOLUTIONSCANADAConsulting & Integration
03/2024HIG CAPITALSTRADAUNITED STATESHR & Capital
01/2024HIG CAPITALDX GROUPUNITED KINGDOMRoad Freight
02/2022HIG CAPITALBERARDI BULLONERIEITALYIndustrial & Technical Distribution
04/2021HIG CAPITALINTERPATHUNITED KINGDOMAccounting & Audit
07/2020HIG CAPITALPROJECT INFORMATICAITALYConsulting & Integration
01/2011HIG CAPITALLOOPING GROUPFRANCELeisure Facilities

Similar deals in Facility Management

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12/2022WESTBRIDGE CAPITALALPINE FIRE ENGINEERSUNITED KINGDOMSecurity & Guarding
11/2022NVM PRIVATE EQUITYINPROVA GROUPUNITED KINGDOMBPO & Outsourcing
05/2022FSN CAPITALFIRESAFENORWAYSecurity & Guarding
04/2022AQUIRIANCYBEM MECHANICAL SERVICESAUSTRALIAMaintenance
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REFERENCES

Valuation range: EV €100–350M

Revenue range: €100–200M

EBITDA range: €5–25M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Andwis Group by HIG Capital are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: andwis group

FAQ

What transaction does this page cover?

This page covers HIG Capital’s acquisition of 100% of Andwis Group, a British company specialised in Maintenance, in 2023.

How was the acquisition of Andwis Group by HIG Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Andwis Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Andwis Group generated annual revenue estimated in the €100–200M range and EBITDA in the €5–25M bracket (FY 2023). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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