Coniston Capital has backed the management buyout of Masterfix, one of central London’s leading property maintenance companies. This investment is the first from Coniston Capital I LP which had a first close in July.
Masterfix was founded in 2008 and provides property repair, maintenance and compliance services into the residential, commercial and insurance markets. Masterfix has been led since 2016 by its co-founder and Managing Director Chris Ball and Operations Director Matt Freeman, both of whom will continue to lead the business through its next growth phase.
Coniston has introduced Richard Chappell, former CEO of TCFM, as non-executive Chairman. Chappell took TCFM through a sustained period of growth and is an experienced operator in the property maintenance sector.
Amit Hindocha, who led the transaction for Coniston and will join the board of Masterfix as a non-executive director, said: “We are delighted to be partnering with Chris and Matt. They have done an excellent job in establishing Masterfix as one of London’s leading property maintenance companies, and we look forward to working with them on the next phase of their journey.”
Chris Ball added: “This is an exciting time for Masterfix; we had several investment offers, but in Coniston we genuinely believe that we have found the right partner. We are really looking forward to working together to capitalise on our growth opportunities and at the same time, retaining our focus on the quality of service, engineers, and our staff that have been the foundation of our success to date.”
Coniston was advised in the transaction by Stephenson Harwood (Richard Coleman, Emily Davies), PMSI Strategy (David Crout, Will Durbin, Olivia Rohll) and Finerva (Adam Brodie, Rowena Wattrus). Masterfix were advised by ABG Corporate Finance (Kristian Gavan, Daniel Sydee) and DWF (Graham Tait, Alistair Hogarth).