The Quinn Partnership, the UK’s leading Management Due Diligence specialist, has advised Palatine Private Equity on their recent secondary management buyout of social housing contractor, Forrest.

The Bolton-based firm, which employs around 500 people, is a leading provider of essential refurbishment and responsive maintenance services to the social housing market in the North West.

With Palatine investing £16m into Forrest and existing investor LDC achieving a partial exit, both GP’s now hold a combined majority stake in the business.

Forrest is led by Chief Executive Lee McCarren and Managing Director Mark Lyons, Ed Fazakerley, Gary Tipper and James Winterbottom worked on the deal for Palatine. Bob Holt, Chairman of social housing company Mears Group plc will become Non-Executive Chairman.

Commenting on the deal, Palatine Partner, Ed Fazakerley said:

“Forrest is one of the leading social housing contractors in the North West and has shown impressive growth, both in turnover and profit, under the management of Lee McCarren, Mark Lyons and the management team.

“Management has succeeded in broadening the business offering in order to capitalise on the significant new-build and renewables opportunities that are available in the social housing arena. We are looking forward to working closely with Lee and the management team to exploit these growth opportunities.”

Lee McCarren, CEO at Forrest comments:

“LDC, led by Jonathan Bell, have been a hugely supportive partner for the business over the past six years.

“With Palatine alongside us as an additional investor, we can continue to drive improvements in the quality of our customer service offering, as well as developing more new and complimentary service lines.

“This on-going strategy has been the key to our many consecutive years’ growth and to our strong, long-term customer relationships.”

Mike Stiles, Director at The Quinn Partnership also comments:

“We positively endorsed Lee McCarren’s appointment to the role of CEO, when he joined Forrest in 2009. Since then Lee has re-energised the business and the management team and now has an excellent platform for accelerated growth, supported by the additional expertise of Palatine Private Equity.”

The Quinn Partnership, the UK’s leading Management Due Diligence specialist. Contact us on 0161 924 2280 for advice and guidance.