Electronic security firm raises £25m from debt fund
A FAST-growing and acquisitive Manchester-based business has raised a £25m flexible senior debt facility from Muzinich & Co in the first transaction for its recently launched UK Private Debt Fund.
Securus Group is a national provider of electronic security and life safety systems specialising in the installation, maintenance and monitoring of open protocol products.
It was launched in 2008 by managing director Stuart Glover, supported by funding from Infinity Asset Management.
Since then it has grown rapidly through a combination of organic growth and 10 acquisitions combining to create a full national service platform under the Securus Group brand.
The £25m six-year senior secured financing package from Muzinich will refinance the group’s existing borrowings and provide significant follow on acquisition facilities to accelerate its buy and build strategy.
The Royal Bank of Scotland Structured Financed team led by Andy Killingback, provided a revolving working capital facility alongside Muzinich.
Muzinich, which recently launched an office in Manchester, announced the first closing of its UK Private Debt fund in January and is targeting £350m in assets.
The fund will lend to UK companies with an EBITDA of between £3m to £20m across a range of senior debt, unitranche, mezzanine and equity products.
Marc Shirman and James Adams led the transaction for Muzinich.
Marc Shirman, co-head of the UK Private Debt team said “Muzinich are delighted to complete our first investment to support Securus Group. This fast growing and ambitious group led by an outstanding management team now have the flexibility and follow on capital to enable management to deliver the next phase of growth.”
Stuart Glover, managing director of Securus Group added “With Muzinich & Co as a long-term financing partner, aligned to our strategy, we will be able to accelerate our growth plans and capitalise upon the opportunity in our market, creating the leading independent national provider of electronic security and life safety systems.”
Daniel Finestein, partner at Infinity Asset Managemen said: “We are delighted with the approach taken by Muzinich & Co as a finance partner. Their involvement has already added value and we look forward to working together with them in the future.”
RSM (Stephen Green) provided financial due diligence to Muzinich and RBS.
Legal advice was provided to Muzinich & Co by DLA Piper (Matt Christmas and Chris Lister), RBS by Addleshaw Goddard (Martin O’Shea) and management by Nexus (Jamie Lloyd).