Alternative investment firm HIG Capital has acquired Axis Europe, a UK provider of property maintenance services, through one of its affiliate companies.
As a result of the acquisition, Axis Europe’s founder and owner John Hayes will join HIG Capital’s board as a non-executive director. Financial terms were not disclosed.
HIG will combine Axis with its existing portfolio company, CLC Group, which it acquired in June 2023, to bring together two businesses to create a leading national property maintenance specialist with deep experience across a range of end-markets and maintenance disciplines.
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Hayes said: “We are delighted to join forces with CLC to create a national contractor of scale with great geographical and operational synergies. The investment in both companies by HIG will allow the group to benefit from the huge opportunities that exist across all sectors and regions.”
According to HIG, it has $64bn of capital under management, with offices across the US and Europe. It specialises in providing both debt and equity capital to middle market companies, utilising a flexible and operationally focused/value-added approach. It claims to have invested in and managed more than 400 companies across the globe. Its current portfolio includes more than 100 companies with combined sales in excess of $53bn.
This latest news comes about a month after the firm closed its third European real estate funds, with commitments of around $1.3bn. IN 2019, it closed a similar fund with commitments of $760m.
Europe Realty Partners III, it said at the time, was backed by a wealth of partners including public and private sector pensions, endowments, foundations, asset managers, consultants, fund of funds, financial institutions, and family offices in North America, Europe, Asia, and the Middle East.
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Since then, just in the last month, the firm has made numerous acquisitions and divestments of other firms around the continent, including the sales of Acqua & Sapone to TDR Capital and a £250m London hotel development. It has also bought a majority stake of Italian firm Naturalia Tantum and the storage tank maker CGH Group.
