Thu, 19 Dec 2024 | BUSINESS NEWS
Fifty-year-old fire protection firm Besseges has secured significant investment from BGF to potentially stoke an M&A strategy.
The company, founded in 1976 and headquartered in Dukinfield, Manchester, has a heritage in installing fire sprinkler systems.
In 2022, the business was acquired by CEO David Prendergast and Non-Executive Director Graham Norfolk – and has delivered significant growth since then, with headcount expanding from five to 60 in that period.
Besseges has also expanded its service offering to include fire protection installation; fire protection service and maintenance; and facilities maintenance across HVAC, commercial heating and plumbing equipment, and electrical systems.
Its main clients are in the retail, commercial and education sectors.
Besseges will utilise the funding to continue its organic growth and consider strategic M&A as it grows from its North West and Midlands heartlands to providing a nationwide service.
Prendergast said: “The active fire protection market is growing and Besseges is well-placed, as one of a small number of LPCB Level 4 providers of commercial fire sprinkler systems. This allows us to provide an end-to-end offering, across design, supply, installation service and maintenance, and brings additional reputational benefits which give us a competitive advantage.”
He added that its facilities management business - Besseges FM - has seen phenomenal growth since its launch 18 months ago.
“Our commitment to offering a ‘best in class service’ from both businesses has seen our market share grow month-on-month,” he said. “We have ambitious growth plans, which required an investment partner who could provide flexible capital and would allow us to remain in control of the day-to-day running of the business. BGF impressed us with their experience of supporting businesses to scale and ability to add value beyond investment, as we look to expand.”
The deal was led by Rhys Davenport, an investor in BGF’s North West team. As part of the investment, Mike Brown will join Besseges’ board as Non-Executive Chair.
“Besseges has delivered impressive growth in a resilient market and has a clear appetite to accelerate this with our backing. We look forward to working with this impressive management team, which has a proven track record of delivering growth and returns in ambitious, fast-growth businesses,” Davenport said.
Alvarez and Marsal advised Besseges’ shareholders on the transaction.
Jonathan Boyers, from Alvarez and Marsal, said: “This deal is a great example of the appetite from investors to back high-potential entrepreneurial businesses in the North West, as well as the strong levels of activity we’re seeing in the fire safety and facilities management markets. It’s an area we’re expecting to see continued activity in over the short-to-medium term.”
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