Fri, 20 Sep 2024 | BUSINESS NEWS
Spy Alarms, an electronic security and fire systems services business backed by private equity firm Phoenix Equity Partners, has secured a £2 million revolving credit facility from OakNorth to support its ongoing buy-and-build strategy.
Founded in 1985, Spy Alarms installs, maintains and monitors intruder alarms, CCTV, access control and fire safety systems for more than 75,000 domestic and commercial clients across London, Kent and the Home Counties.
The firm has grown to become one of the South East’s largest privately-owned security systems installers. Combining both organic and acquisitive growth, it has completed 29 acquisitions of fire and security companies over the past decade.
In August 2020, the company secured backing from Phoenix Equity Partners and has since continued its buy-and-build strategy. With the finance secured from OakNorth and Crescent Capital, it will be able to pursue more acquisitions. The transaction is the second time that OakNorth and Crescent Capital have worked together to provide working capital facilities.
Spy Alarms CFO Richard West commented: "We believe in providing the best security system for the individual needs and budget of each customer. In order to do that, we make sure we’re familiar with your situation and then tailor our solutions accordingly.”
"This is a similar approach taken by OakNorth where the team developed a deep understanding of our business and our specific needs, before designing a bespoke finance package to meet these needs. With their support, we’ll be able to continue growing and offering the security, safety, and peace of mind to even more customers."
OakNorth Director of Debt Finance Stewart Haworth added: "Spy Alarms has completed 29 acquisitions in the last decade, which means it offers a simple and well-tested process that makes it easy for vendors who might be selling a business for the first time. There are thousands of potential acquisition targets for the business across the UK - hundreds of which are in the South East - providing significant acquisition-led growth potential for the future.”
"With the UK security system services industry expected to see strong growth over the next few years, and with the backing of an exceptional sponsor in Phoenix Equity Partners, Spy Alarms is in a prime position to capitalise on this.”
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