Investcorp takes control of Smart

Investcorp has agreed to acquire a majority stake in Smart Managed Solutions, a London-based mechanical and electrical facilities management specialist, in a deal that deepens the Bahrain-based alternative investment firm’s exposure to resilient business services in the UK.

The financial terms of the transaction were not disclosed. Smart’s co-founders, Lee Bainbridge and Alex Wilkin, will retain a meaningful minority holding, keeping the founders aligned with the company as it enters its next phase under private equity ownership. The transaction gives Investcorp control of a fast-growing platform in a fragmented market where building owners, managing agents and occupiers are increasing their reliance on outsourced technical maintenance.

Smart provides critical M&E maintenance services across heating, ventilation and air conditioning, electrical systems, fire safety, water and gas infrastructure. Its client base includes high-quality commercial office buildings and technical sites in life sciences, education, digital infrastructure and public sector assets. The company has built its position around data-led service delivery, planned maintenance and response capability for buildings where system failure can disrupt business continuity, regulatory compliance or tenant operations.

Founded in 2017 and headquartered in London, Smart has expanded rapidly as demand has grown for specialist providers able to maintain increasingly complex buildings. The business has generated more than £100 million in revenue and has recorded annual organic growth of more than 30% in the past few years. Its growth reflects a broader shift in facilities management from low-margin general services towards technical, compliance-heavy and technology-enabled maintenance.

Investcorp is expected to support Smart through a combination of organic expansion and targeted acquisitions across the UK. The strategy is likely to focus on extending Smart’s presence into new regions and end-markets while strengthening its technology platform and professional systems. The UK facilities management market remains highly fragmented, giving larger platforms with access to capital scope to consolidate smaller specialist operators.

José Pfeifer, head of European private equity buyouts at Investcorp, said Smart offered exposure to a large and resilient market, with a strong record in mission-critical services. Owen Li, managing director at Investcorp, said the firm was aligned with Smart’s founders and management on scaling the business and widening its client-focused services. Smart chief executive Lee Metcalfe said the partnership would help the company strengthen its offering, invest in technology and pursue new UK market opportunities.

The acquisition fits Investcorp’s long-running strategy of backing founder-led and specialist services businesses with scope for expansion through operational improvements and bolt-on deals. Its UK investments have included Stowe Family Law in 2024 and Outcomes First Group in 2023, while its wider commercial services activity has included RESA Power in the US and Kee Safety in the UK. The Smart deal adds another essential-services asset to a portfolio shaped by demand for businesses with recurring revenue, regulatory relevance and defensive characteristics.

The timing also reflects investor interest in “hard services” within facilities management. Mechanical and electrical maintenance has gained importance as buildings become more energy-intensive, digitally connected and subject to stricter safety and environmental standards. Offices, data centres, laboratories and education facilities increasingly require specialist technical support to manage energy performance, fire systems, water safety, air quality and uptime.

The UK market is also being reshaped by sustainability targets and workplace changes. Building owners are under pressure to reduce energy consumption, improve asset efficiency and meet compliance requirements, while occupiers want reliable, well-managed spaces as hybrid working settles into a more structured pattern. These trends have increased demand for providers that can combine engineering expertise with data, reporting and preventative maintenance.

For Smart, Investcorp’s ownership could accelerate a move from a fast-growing London-centred operator into a broader national platform. The company already serves commercial and technical end-markets where service failure carries high operational risk. Its next stage is expected to involve deeper coverage outside the capital, broader technical capabilities and greater use of data to predict failures, manage assets and improve service levels.