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Sat December 09 2023

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Extentia gets backing for acquisitions

4 Jun 19 Extentia Group, the property services business formed through the acquisitions of Styles & Wood Group and Southerns, has new financial backing and is on the acquisitions trail.

Extentia chief executive Tony Lenehan
Extentia chief executive Tony Lenehan

BGF, formerly the Business Growth Fund, has invested £10m of equity to support Extentia’s growth plans, including acquisitions. 

BGF previously invested in fit-out contractor Styles & Wood in 2015 when it was listed on the AIM market.

Office furniture supplier Southerns was taken over by Yorkshire trucking tycoon Steve Parkin in 2016. Styles & Wood was then acquired in March 2018. Together they were rebranded as Extentia in November 2018 and today the group comprises 11 specialist property-related businesses, from design, project management and delivery, to fit-out and facilities management.

For the year to 30th June 2019, Extentia expects to report EBITDA of more than £16m on revenue of more than £230m.  The plan is to grow revenue to £280m next year and to £300m the year after, even without any acquisitions.

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Chief executive Tony Lenehan said: “We are excited about the growth opportunities that we are pursuing, not only in existing markets, but in further sector diversification. We are delighted to be working with BGF as one of our investors again. We’ve always worked well together, and they were a natural choice to be a long-term investment partner for Extentia Group.”

Matt Widdall, who led the investment for BGF, said: “We believe in the power of brilliant businesses to drive innovation, generate progress and deliver prosperity. We are excited by the growth ambition and opportunities for Extentia Group and our investment will support this exciting growth trajectory.”

BGF was set up in 2011 and has invested more than £1.9bn in some 270 companies.

Steve Parkin, majority shareholder in Extentia Group and founder of Clipper Logistics, said: “Extentia Group is on an exciting growth journey as a newly formed group and attracting an investor like BGF reaffirms the strength and appeal of its ambitious growth strategy”.

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