Midlands corporate finance team fires up out-of-region deal

Dow Scofield Watts’ corporate finance team in its Midlands office have advised the shareholders of Intrinsic Fire Protection on its sale to Triangle Fire Systems.

Founded in 2016 by Cliff and Amanda Spruce and based in Harlow, Essex, Intrinsic provides a range of passive fire design, installation and maintenance services including fire stopping, structural steel protection, fire doors and asset condition surveys of existing fire protection measures.

The business works nationally with a number of prominent clients including housing associations such as Notting Hill Genesis, universities and NHS trusts.

Intrinsic is led by managing director Cliff Spruce and technical director Remy Chandler, both of whom will continue to lead the business as part of Triangle’s group.

Sussex-based Triangle is a fire protection specialist, providing a range of fire safety solutions, which includes residential and commercial fire sprinklers, wet and dry riser mains and passive fire protection.

Triangle work with leading housebuilders including Barratt, Bellway, Berkeley and Vistry, Tier 1 contractors such as Balfour Beatty, Laing O’Rourke, Mace and Wates, as well as many public sector and social housing providers.

The business was founded by brothers Colin, Steve and Nigel Chantler in 2006 and has been backed by BGF since 2022.

Following the acquisition, Intrinsic will become Triangle’s passive fire division.

Cliff Spruce, managing director of Intrinsic, said: “After many years in the passive fire protection industry and latterly working with Remy and Amanda to grow Intrinsic to what it is today, it’s very pleasing to have found an excellent home for the business to allow it and the team to continue to flourish.

“We believe working alongside the team at Triangle will provide our clients and people with even more opportunities in the future.

“On behalf of myself, Amanda and Remy, I’d like to thank everyone who has helped Intrinsic get to where it is today and we look forward to working with Colin and his team going forwards.”

Colin Chantler, CEO of Triangle, added: “Cliff, Remy and the Intrinsic team joining the Triangle family is a really exciting development for everyone involved. As a family business ourselves, we felt an immediate alignment with the team at Intrinsic and are looking forward to welcoming them into the group.

“Intrinsic has built up an exceptional reputation within the passive fire industry and combining the team with Triangle’s offers all of our clients even deeper expertise across fire protection, backed up by our mutual commitment to industry-leading levels of service.”

A corporate finance team from Dow Schofield Watt’s Midlands office led by partner Harry Walker and director Fahim Kassam, together with a legal team from Nelsons led by Rachel Bennett, advised the shareholders of Intrinsic on the sale to Triangle. Triangle were advised by a legal team from Browne Jacobson, led by Ryan Brown.

Walker said: “We couldn’t have found a better home for Intrinsic than Triangle. The complementary nature of their businesses was clear to see even from early discussions and the alignment of company culture and values is some of the best I’ve seen in my career.

“It’s great to add another built environment deal to the DSW Midlands team’s extensive credentials in the industry and we look forward with interest to seeing the future success of the combined group.”