BDO advises Profile Consultancy on its disposal to Bellrock
Consultancy firm BDO advised Profile Consultancy, as the Yorkshire-based real estate professional services group was acquired by Bellrock.
Based in North England, accounting and building consultancy Profile was founded in 1987, since growing to manage around £250 million in annual service charges for the retail and leisure sector. The company employs around 33 staff across its offices in Bradford and York.
Plans to acquire Profile Consultancy were initially announced by facilities management firm Bellrock, with financial backing from Lyceum Capital, after which advisory services for Profile Consultancy were provided by accounting and advisory service BDO. Shakespeare Martineau meanwhile provided legal counsel for the deal to the company as they weighed up their disposal to Bellrock. The value of the deal has not been disclosed.
Commenting on the transaction, Satvir Bungar, BDO’s M&A Managing Director and Head of Facilities Management, said, “The management team at Profile has developed a unique proposition in a competitive service charge marketplace. There is real commercial synergy between the two organisations and Profile’s activities significantly complements the other, with Profile’s clients benefiting from Bellrock’s technical innovations, geographical reach of its new colleagues and access to additional resources. Bellrock is moving at a fast pace, expanding organically and through targeted acquisitions, and this significant investment is yet another great deal for Bellrock.”
According to BDO, the deal reflects a strategic importance of technology in the facilities management space. For Bellrock itself, the deal is the latest in a long series, having picked up five other acquisitions recently including Concerto, who operated in a similar space in the national market. The addition of Profile Consultancy is the largest deal in Bellrock’s recent spree, and firmly consolidates the firm’s presence within the market of tenant service charge needs.
David Smith, Bellrock’s Chief Executive Officer, said of the acquisition, “Profile is a highly skilled professionally led property advisory business that will add to our capabilities in supporting all our client's estate ambitions.”
