Transaction

Clearwater advises Churches Fire & Security on refinancing to support acquisitive growth

Transaction

Horizone backed Churches Fire & Security raised finance from HSBC UK Bank, HSBC Asset Management, NorthLeaf Capital and Siemens Bank

Refinancing

€88m

Role

Adviser to Horizon-backed Churches Fire & Security on raising finance from HSBC UK Bank, HSBC Asset Management, NorthLeaf Capital and Siemens Bank

Sector

Business Services

Region

United Kingdom

Clearwater has advised Churches Fire & Security Ltd (Churches Fire), a portfolio company of Horizon Capital (Horizon) and provider of fire and safety and security compliance services, on a €88m (£75m) refinancing transaction to support the business with its continued acquisitive growth plans.

Churches Fire delivers a full range of fire safety and compliance services to over 15,000 commercial customers, from fire risk assessments to maintenance services as well as monitoring of detection, containment, evacuation and electronic security systems.

The funds will be used to support the continued acquisitive growth in the fire safety and security market in the UK, with Churches Fire having acquired 14 businesses since Horizon’s investment in 2017, including two recent acquisitions.

The refinancing was provided by HSBC UK Bank, HSBC Asset Management, NorthLeaf Capital and Siemens Bank, who will provide further committed capital for future acquisitions.

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The refinancing with support from HSBC and its partners enables Churches Fire to continue on its journey towards becoming the largest independent fire & security compliance services group in the UK. It was a pleasure working with the Clearwater Debt Advisory team. Their sound market knowledge and management of the refinancing process has secured the right funding package to support our continued investment in Churches Fire.

Adam Lewis, Churches Fire & Security Non-Executive and Horizon Capital Partner
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We have been delighted by the response to our strong growth in compliance driven markets during the refinancing process. The funding solution enables Churches Fire to continue its successful buy and build strategy. In the coming months we expect to complete a number of further acquisitions from a strong pipeline.

Charlie Haynes, CEO, Churches Fire & Security

We are delighted to have assisted Adam and the team on another successful refinancing for Horizon. Churches Fire is a fantastic business that has grown significantly through acquisition and now has even more firepower to continue that growth. An innovative structure led by HSBC, as well which provided both flexibility and cost effectiveness. We would like to wish Horizon and Churches Fire all the best with their plans.

Chris Smith, Partner, Clearwater

Advisers

Chris Smith Profile Photo Chosen

Chris Smith

Managing Director +44 845 052 0308 chris.smith@clearwatercf.com Connect

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