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The founder of a Warwickshire-based support services provider to the industrial sector has bought the business for the second time. Mark Dixon remains chief executive of Promanex Group after leading a secondary buy-out with the backing of NVM Private Equity.

The deal was agreed for £9 million with NVM taking a majority shareholding in the group following its £5 million investment. This was supported by debt authorised by Mark Bearcroft at Barclays.

Under the terms of the agreement, NVM has taken a seat on Promanex’s board. Its investment was managed by James Arrowsmith, who was supported by Richard Gibson and Martin Green.

The group, which was established by Dixon 10 years ago, was sold by Sovereign Capital. The firm held shares in Promanex for almost eight years since it invested £1.25 million in the original buy-out.

Dixon’s team was advised by James Trevis and Cath Eley at Eversheds with NVM supported on its investment by Hammonds and Baker Tilly.

Promanex provides services ranging from maintenance and engineering to catering and cleaning for organisations and companies in the power generation, petrochemical and general industrial sectors.

The group comprises three divisions - Promanex, which serves the power generation and general industrial sectors; Jefco, a specialist cleaning and civil engineering business; and Thermal Energy Construction, a builder and maintainer of industrial plant systems.

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