Direct private equity investment

The team led by Edmund Buckley, Head of Direct Private Equity at Pictet, has invested in Pareto FM, an award-winning and ESG-driven provider of technical and facilities services to the built environment.

Founded in 2014 by Andrew Hulbert and headquartered in the UK, Pareto offers operational, maintenance and management services in buildings across the UK and globally.

As a result of its strong competitive position, Pictet expects Pareto to benefit from the demand for high-quality, technical services, driven by the secular trends towards sustainability and cost efficiency in the built environment. In October 2023, Pareto won the ‘Change Management’ and ‘Best SME Led Innovation’ categories at the Institute of Workplace and Facilities Management Impact Awards, highlighting its reputation as a trusted and agile platform with a core focus on customer advocacy. Pareto has been a living-wage employer since 2015 and carbon neutral since 2022, amid more than 150 ESG-centric initiatives undertaken by the business.

To support its growth trajectory, additional financial investment from Pictet will allow Pareto to expand its service offering and serve its customer base more effectively by providing a broader range of compliance and regulatory-based services directly.

Pictet will also provide operational expertise to accelerate the growth of Pareto’s relationships with new and existing customers, as well as investment in newtechnology and complementary acquisitions.

Edmund Buckley, Head of Direct Private Equity at Pictet, said: “This is an exciting time to be investing in facilities management, an industry going through dynamic change and where ESG is becoming more and more important to asset owners. Pareto is an exceptional business with a differentiated brand and high-quality service proposition. We look forward to working with the team - leveraging our financial, operational and industry expertise - to grow the business and provide customers with outstanding service.”

David Richards, CEO of Pareto, said: “Through this new investment partnership with Pictet, we are committed to expanding our portfolio of esteemed clients and creating more opportunities for our employees. We are excited to embark on the next stage of our growth journey, expanding our range of value-add services for existing and new customers.”

Andrew Hulbert, Founder and Vice Chair of Pareto, said: “Nine years ago, we had the vision to create a technically led facilities management provider that would disrupt the market and be at the forefront of diversity and inclusion. Today, I am incredibly proud of what Pareto has achieved and I am excited to welcome Pictet for our next phase.”

Pictet has acquired a controlling interest in Pareto from the current shareholders, including Andrew Hulbert. Andrew will remain a significant shareholder in, and Vice Chair of, Pareto.

Pictet was advised by Sidley Austin (legal), Deloitte (financial and tax), Strategy& (commercial), and Marlborough Partners (debt).