Gresham backs acquisition by portfolio company

Gresham Trust's cleaning business Pall Mall Support Services has bought Compass Cleaning for £23m.

Gresham Trust will contribute £8m (E12.8m) to the £23m acquisition of Compass Cleaning by its portfolio company Pall Mall Support Services.

The UK private equity house wants to support Pall Mall's strategic aim to become the UK's fastest-growing provider of support services.

Gresham committed £4m to an £8.2m management buy-out of Pall Mall three years ago.

Ryan Robson of Gresham Trust says the Compass acquisition will help Pall Mall to remain competitive. He explains: “The contract cleaning market is becoming an increasingly professional sector favouring larger companies. The enlarged Pall Mall will be the leading business in the retail market.”

Compass is being bought from 3i, which held a 40% stake, and private shareholders.