Wisbech-based property services company Foster Property Maintenance has been acquired by another company.
Award-winning construction support services provider Lakehouse has acquired FPM in a deal which will see them target new opportunities as part of a growing organisation.
The acquisition will see FPM’s £50 million business integrated into Lakehouse’s existing operations and will boost the company’s staff numbers to more than 900.
FPM’s managing director Steven Foster will remain with the company when ownership formally transfers to Lakehouse, underlining the importance of the family’s involvement in the business they founded in 1976.
Steven said: “We are delighted to have become part of Lakehouse. We’ve experienced great success to date, thanks to our loyal customers and dedicated staff, but we know we can achieve much more as part of a larger organisation. We have similar clients and a strong mutual desire to deliver a best in class service for our customers. We are very excited about all the opportunities that working with Lakehouse will bring.”
Stuart Black, Executive Chairman at Lakehouse comments: “We’re thrilled to be able to incorporate a highly-respected business like Foster Property Maintenance into Lakehouse. FPM extends our geographic reach and strengthens our maintenance capability. We believe this is a further step to creating a larger more sustainable business and we’re very excited by the opportunity it creates.”