Security firm snapped up in multi-million-pound deal
Bradford-headquartered Cerberus Security and Monitoring Services, a provider of security systems and monitoring solutions, has been acquired by The Clearway Group.
The Clearway Group, a vacant property services business, received a £23m funding package from BGF and Santander to support its organic and acquisitive growth strategy. The Dartford-headquartered company has used the funding to make two acquisitions – Cerberus, and Protim, a void property services company, in Paris.
Clearway provides technology-led solutions including alarms and CCTV to monitor; and steel window and doors to secure vacant properties.
The group board, led by chairman Stephen Walls, CEO Ian Quinlan, CFO David Gratton and co-founder and non-executive director Gideon Israel, has seen rapid growth during the past 18 months, building on the Group’s reputation for technological leadership, service quality and responsiveness to build a national presence and brand.
As part of the funding package, BGF invested £10m of growth capital. Santander provided a £13m debt facility.
Clearway CEO Ian Quinlan said: “The vacant property services market remains largely fragmented which results in inefficiencies for management companies requiring a national framework and service. BGF’s investment will help us accelerate our acquisition strategy and expansion across the UK. We’re pleased to be working with the team as we continue to scale the business and explore opportunities for growth in the market.”
Will Gresty, Investor, BGF, said: “Clearway has an excellent reputation in the market and we are excited to be backing an experienced team to help build the company’s presence in the UK and France.”
Andrew Tully, Head of Origination – Financial Sponsors, Santander said: “We have a long association with Ian and his experienced team and are delighted to have the opportunity to assist them again in the creation of a serious challenger in the vacant property security markets in the UK and France.”
Advisors to the transaction were:
BGF: Doug Land, Michelle Kirkland (CMS Cameron McKenna Nabarro Olswang LLP).
Santander: Monica Barton (Reed Smith).
Clearway: James Kerrigan, Sonia de Kondserovsky and Chris Wilson (DLA Piper), Matthew Webster and Corey Dixon (EY-Parthenon), Jeff Harris and David Wright (BDO).
Cerberus: RSM’s Steve Hubbard, Amy Lewis and Umito Choji acted for the shareholders of Cerberus on the transaction. Progeny’s corporate director Alistair Scott-Somers, with support from Laura Clark and Carly Jackson, acted as legal advisors to the founder shareholder.
Amy Lewis of RSM’s corporate finance team, said: ‘Advances in technology have transformed the security industry and Cerberus has developed a strong offering in technology-led remote monitoring services – establishing itself as a trusted provider. The deal delivers real synergies between both businesses and will help to accelerate growth, target new markets and support future innovation.’
Alistair Scott-Somers, director at Progeny, said ‘Clearway’s buy and build strategy has provided Cerberus and founder shareholder, Steve Hardcastle, with an excellent opportunity to build upon its reputation, scale up the business and take advantage of group synergies and group-wide opportunities. It’s a great story and we are delighted to be able to assist.
