FireCare secures £2.25 million investment injection from BOOST&Co
16 March 2021
HAMPSHIRE-BASED safety and security specialist FireCare Security and Electrical has secured a £2.25 million investment from alternative lender BOOST&Co to fund its ambitious acquisition strategy and the growth of multiple independent businesses.
FireCare specialises in the installation and maintenance of fire alarm systems and emergency lighting, as well as providing Health and Safety-focused training and annual risk assessments for commercial clients.
Operating under managing director Darren George for more than a decade now, the business was acquired by Andrew Hill in the summer of 2020 to become part of the New Path Fire and Security Group, for which Hill serves as CEO.
Now, with the support of the £2.25 million growth loan, the New Path Fire and Security Group will be further strengthened by several strategic acquisitions, including that of B2B security firm Advance Security which completed last month.
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 are deemed to offer an “excellent opportunity” for cross-selling within the New Path Fire and Security 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 at the same time benefiting from shared services such as HR, administration and marketing.
Smart use of funds
Hill and his team have spent two years building a pipeline of deals and are now well underway towards completing four further acquisitions in 2021, while also seeking to do the same again in 2022.
The majority of BOOST&Co’s £2.25 million investment will be used to fund these acquisitions, but some of the money will also be used to accelerate the New Path Fire and Security Group’s 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’s refreshing to see an astute business leader doing exactly that,” explained Kerry Barron, senior investment manager at BOOST&Co. “Andrew’s meticulous approach lends itself perfectly to the success of the New Path Fire and Security Group project and has made the funding process very smooth indeed.”Andrew Hill responded: “Every buy-and-build strategy requires a smart and flexible finance partner. In BOOST&Co we’ve found just that. We have been extremely impressed with the BOOST team. Unlike many traditional lenders, they’re responsive and commercially minded, so I’m able to view them as a valued part of my team.”