A NORTH West fire protection and security systems company with sales of \u00a321m and 270 staff natiowide, has been sold for \u00a313m.<\/p>\n
Swift, founded by managing director and sole shareholder Nigel Jackson, has been acquired by AIM company Marlowe, which counts former Conservative Party treasurer Lord Ashcroft among its backers.<\/p>\n
Swift, which was founded in 1982 and is headquartered on Broadway in Salford, designs, installs and maintains fire protection and alarm systems.\u00a0 In the year to May 31 it generated revenues of approximately \u00a321m and EBITDA of approximately \u00a31.5m.<\/p>\n
Approximately 57% of Swift’s revenues were derived from recurring service or monitoring contracts. Customers include hotel chains, local authorities, large NHS hospitals and facilities management companies.<\/p>\n
Mr Jackson, who is remaining with the business and joining the board of Marlowe, will receive \u00a38.5m in cash now, \u00a31m on May 31 and will also receive 3.5 million Marlowe shares\u00a0 – around 16.6% of the company’s stock.<\/p>\n
Marlowe said the acquisition of Swift represents the first major step for it towards building a dynamic business-to-business service group focused on critical asset maintenance services.<\/p>\n
Chief executive Alex Dacre added: “During our search for targets we came to realise that Swift, led by industry veteran Nigel Jackson, was an ideal platform for growth in our chosen markets. Swift benefits from a broad base of annuity-type recurring revenues in a market which is underpinned by stringent legislation and is displaying growing barriers to entry. <\/p>\n
“I am confident that Swift will form the foundation of a dynamic business-to-business service group as we look to enhance shareholder value and generate consistent returns.”<\/p>\n
Marlowe was advised by David Bowcock and Mark Morrell at Brabners, Cenkos Securities, Grant Thornton and Beavis Morgan.<\/p>\n
Nigel Jackson was advised by Ian Gillis and James Down of Hill Dickinson, Sean Moriarty of AWCL and Cowgills.<\/p>\n","protected":false},"excerpt":{"rendered":"
Industry veteran sells fire protection business<\/p>\n","protected":false},"author":29,"featured_media":1731834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"coauthors":[],"class_list":["post-731834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals"],"yoast_head":"\n