The Hampshire-based safety and security specialist FireCare Security and Electrical has secured a £2.25m investment from alternative lender BOOST&Co to fund its ambitious acquisition strategy.
FireCare specialises in the installation and maintenance of fire alarm systems and emergency lighting, as well as providing health and safety training and annual risk assessments for commercial clients.
Operating under managing director Darren George for more than a decade, the business was acquired by Andrew Hill in the summer of 2020 to become part of the New Path Fire and Security Group, where Hill sits as chief executive. Now, with the support of a £2.25 million growth loan from fast-growing alternative finance provider BOOST&Co, the group will be further strengthened by several strategic acquisitions, including that of B2B security firm Advance Security which completed in February.
Businesses across the group will benefit from cross-selling and shared services
Hill has already identified several similarly well-established firms that will complement FireCare’s proposition. All of these businesses have been operating for more than ten years and offer an excellent opportunity for cross-selling across the group.
A key element of Hill’s strategy is that the management teams of these businesses are incentivised and nurtured for the long-term, smoothing the transition and helping firms to retain their independence, while benefiting from shared group services such as HR, administration and marketing.
Smart use of funds to consolidate and grow
Hill and his team have spent two years building a pipeline of deals and are well underway to complete four further acquisitions in 2021 and the same again in 2022.
The majority of BOOST&Co’s £2.25m investment will be used to fund these acquisitions, but some will also be used to accelerate the group’s exciting business development initiatives, such as the implementation of new technologies.
‘We have spoken at length about the benefits of using our products for mergers and acquisitions and to refinance, so it is refreshing to see an astute business leader doing exactly that,’ says Kerry Barron, senior investment manager at BOOST&Co. ‘Andrew’s meticulous approach lends itself perfectly to the success of the New Path project and has made the funding process very smooth.’
‘Every buy-and-build strategy requires a smart, flexible finance partner and in BOOST&Co we have found just that,’ says Hill. ‘We have been extremely impressed with the BOOST team. Unlike many traditional lenders, they are responsive and commercially minded, so I am able to view them as a valued part of my team.’
About FireCare
FireCare is Hampshire’s leading fire safety and security systems provider, offering business customers peace of mind across the region. FireCare protects business assets and people through first-class servicing, installation and maintenance of alarm systems, extinguishers, lighting and security systems.
For more information, please visit www.newpathfire.co.uk or www.firecareandsecurity.co.uk
About BOOST&Co
BOOST&Co is a UK-based independent asset manager specialising in growth-lending solutions for UK SMEs. It has offices in London, Manchester, Bristol, Cambridge and Cape Town. Its funds come from large pension funds, as well as insurance companies.
For more information, please visit boostandco.com
