United Living Group has announced the acquisition of property services business, PiLON, for an undisclosed sum.
Now in its 20th year of business, PiLON specialises in planned maintenance, compliance, and refurbishment of assets owned and managed by social housing providers across London, the South East, and the Midlands.
The company is currently contracted with eight of the G15 housing associations.
PiLON will continue to operate independently, complementing United Living’s existing Property Services business.
Legal
Advisors to United Living were Cavu Corporate Finance (corporate finance), Addleshaw Goddard (legal), PwC (financial due diligence), and Deloitte (tax due diligence and structuring).
PiLON’s advisors were Cavendish Corporate Finance (sales side M&A advisor), Marriott Harrison (legal), and Claritas (tax diligence and advice).
“We are delighted to welcome PiLON into the United Living Group,” said United Living CEO, Neil Armstrong. “PiLON is a well-established and successful business with a strong brand and reputation for innovative service delivery.
“This acquisition will broaden and deepen our support to the regulated UK affordable housing community, enabling us to accelerate the provision of safe, high quality, energy efficient housing stock, in long-term partnership with our customers.
“We look forward to working alongside the PiLON team to help add value to our customers and the communities we serve.”
This deal follows recent growth by United Living Group including the acquisition of a majority stake in two businesses operating in the renewable energy market and specialist engineering firm AFECO before that.
Group revenues for the year ended 31 March 2023 increased 22 per cent to £534 million, compared to £437 million in the previous financial period.
PiLON MD, Vlad Nedelcu, said: “This partnership represents a significant milestone for us. With United Living’s support, PiLON will continue to thrive and deliver the innovative and safe solutions that clients and partners expect from us.
“Since the early days of our discussions, we have been delighted to hear about United Living’s plans to invest further in PiLON’s capability, and we are looking forward to combining our businesses’ experience to enhance the group’s offer.”
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