Vancouver, BC, October 31, 2017— Charleswood Capital (“Charleswood”) is pleased to announce that it has recently closed the acquisition of Knightsbridge Enterprises Inc. (“Knightsbridge” or the “Company”).
Based in Port Coquitlam, British Columbia, Knightsbridge is a property services and maintenance company specializing in commercial, industrial, and multi-residential strata in the Vancouver Lower Mainland area. Since 1982, the Company has built up a regular client base of over six hundred, including some of the largest property management firms in British Columbia. The Company employs a dedicated workforce of well-trained professionals, who provide high quality full-service property solutions in an environmentally-conscious manner.
The acquisition of Knightsbridge is the inaugural move for Charleswood as a new player in Western Canada’s private equity industry.
"Knightsbridge represents our ideal acquisition opportunity," commented Ken Wu, principal of Charleswood Capital. “It has been growing by 30% each year from regular recurring operations, while generating annual positive cash flow. We’ve also been impressed with the staff we've met, some of whom will take on a more significant leadership role under our ownership. We aim to leverage the employment base by continuing to hire, train, and retain new staff who can build our cleaning capacity.”
“We see a significant roll-up opportunity in the property service sector,” added Andrew Blazenko, Partner at Charleswood Capital. “Before deciding on Knightsbridge, Charleswood assessed numerous other property services acquisition targets. Knightsbridge was the ideal base, but we see a valuable opportunity in bolting on new acquisitions and integrating the sales, accounting, admin, and logistics functions to a central head office. This allows our investors to experience growth in their investment, higher margin through realized synergies, and a larger company that is better able to mitigate risk.”
About Knightsbridge Property Services
Knightsbridge Property Services is a leading strata and commercial property cleaning and maintenance company with over 25 years' experience serving Vancouver and the Lower Mainland. The Company provides exterior cleaning, handyman and janitorial services, and full-service building maintenance to over 600 regular clients. Knightsbridge is headquartered in Port Coquitlam, British Columbia. www.knightsbridgeps.com
About Charleswood Capital
Charleswood Capital is a Vancouver-based private equity firm in Western Canada with a mandate to strengthen established local small to medium-sized private businesses with a system to facilitate founder transition, optimize operation, and foster sustained growth. www.charleswoodcapital.com/