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SPI, which provides building services such as installation and repair to the social housing sector, has received funding from private equity firm Lyceum Capital. Lloyds TSB supplied debt.

The company is looking to diversify and, through acquisitions, to expand beyond its base in the West Midlands. Managing director Paul Dillon says that Lyceum’s funding will broaden the range and scope of SPI’s services and enables the company to invest in new technology.

SPI’s management will remain shareholders in the company. Steve Huxley, former managing director of Cleanaway UK, is joining SPI as chief executive.

Lyceum was led by Dan Adler, Grant Davidson, David Harland and Mark Hall. Adler and Harland are joining SPI’s board. Since 2000, Lyceum has acquired 34 companies in sectors such as healthcare, education, technology and industrial services.

Burntwood, Staffordshire-based SPI is a family-run business that was founded in 1966 as a small plumbing and heating company. It now runs seven offices, employs 500 people and generates a turnover of more than £38 million.

For year-end December 2005, SPI made a profit after tax of £2.3 million. It has formed partnerships with eight local authorities and housing associations.

Livingstone Guarantee, KPMG and Olswang acted for Lyceum. Deloittes advised SPI.

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