Surveillance specialist clinches £30m investment in return for minority stake
Mid-market private equity firm LDC has backed Rochdale-based Wireless CCTV (WCCTV) with a £30m investment for a minority stake.
The partnership with LDC will accelerate WCCTV’s ambitious domestic and international expansion plans and support the launch of new products and services.
WCCTV says it is the UK’s leading equipment as a service provider of wireless surveillance products including redeployable CCTV, site security solutions and body worn cameras.
Its products are utilised by the infrastructure, utilities, retail, transport and construction sectors, as well as local authorities and housing associations across the UK and the US.
In February this year WCCTV received ISO 27001 accreditation, the gold standard in security management across the industry, for all of its products, services, offices and operations in the UK.
Founded in 2001, WCCTV has three offices across the UK, with locations in Edinburgh and Luton alongside its Rochdale headquarters, with a fourth base in Texas, US.
The firm has a strong track record and has grown revenues by more than 50% in the past three years to £14.1m in the financial year end July 31, 2020.
LDC is backing the incumbent management team, led by chairman and founder Tim Williams and CEO David Gilbertson.
Under Tim and David’s leadership, WCCTV has successfully established a footprint in the US, opening its office in Texas in 2015, and invested significantly in new product development that has helped the business achieve its market leading position.
The deal will see Ian Burnett join WCCTV’s board as a non-executive director. Ian brings more than 30 years’ experience in supporting the growth strategies of multi-site businesses. He has held board positions at private equity backed businesses including compliance specialist Stroma and specialist manufacturer Sigmat.
The investment was led by LDC’s head of the North West, Dale Alderson, alongside investment director Richard Ibbett and Grant Goodwin. Dale and Richard will also join the board as non-executive directors as part of the deal.
Tim Williams said: “Over the past 20 years we have built our reputation as the go-to for rapidly deployed and redeployable, surveillance solutions.
“I would like to thank our dedicated workforce and accomplished management team who we believe will deliver the next stage of our exciting growth strategy. With LDC’s backing we have an opportunity to scale at pace, further enhance our product range and extend our footprint both in the UK and overseas.”
Dale Alderson said: “The team at WCCTV has successfully built a business in a high growth market, with a truly customer-centric product range that has supported its growth in the UK and America. With our support, the business has the perfect platform to grow even further by adding new innovations and specialisms to their range. We’re excited to partner with them at this key stage in their journey.”
Tim Williams was previously named one of the UK’s Top 50 Most Ambitious Business Leaders, as part of LDC’s Top 50 Most Ambitious Business Leaders programme.
In the past six months alone LDC’s North West team has completed three new investments and supported four successful exits.
The investment in WCCTV follows the recent investments in digital learning provider Omniplex and the Cheshire-based manufacturer of accessories for light commercial vehicles, Rhino Products.
In September last year, the team also provided LDC portfolio company MSQ Partners with £6m of follow on funding to support its £20.6m acquisition of the Be Heard Partnership.
LDC was advised by KPMG and Squire Patton Boggs. EY provided financial due diligence, CIL provided commercial due diligence and Intechnica provided technical due diligence.
WCCTV was advised by GCA Altium and Addleshaw Goddard.
Adam Sivner, director at GCA Altium, said: “WCCTV is an excellent example of a leading North West-based industrial technology company that has displayed continued international growth for a number of years. Its high-tech products are vital in protecting critical infrastructure in the UK and in the US.
“This latest backing from LDC will help the firm cement its position as a global leader in the field and we are excited to be on that journey with them.”