Clearwater International advises fire protection equipment supplier on £75m refinancing for acquisitive growth

Birmingham’s Clearwater International has advised Churches Fire & Security (Churches Fire) on a £75m refinancing deal to support the business with its acquisitive growth plans.

Churches Fire, a portfolio company of Horizon Capital, delivers a range of fire safety and compliance services to over 15,000 commercial customers, from fire risk assessments to maintenance services as well as monitoring of detection, containment, evacuation and electronic security systems.

The funds will be used to support the continued acquisitive growth in the fire safety and security market in the UK, with Hampshire-based Churches Fire having acquired 14 businesses since Horizon’s investment in 2017, including two recent acquisitions.

The refinancing was provided by HSBC UK, HSBC Asset Management, NorthLeaf Capital and Siemens Bank, who will provide further committed capital for future acquisitions.

The Clearwater International team comprised partner Chris Smith, director Lachlan Dorrity and senior associate Eleanor Pryse-Hawkins.

Adam Lewis, Churches Fire & Security non-executive and Horizon Capital Partner, said: “The refinancing with support from HSBC and its partners enables Churches Fire to continue on its journey towards becoming the largest independent fire & security compliance services group in the UK. It was a pleasure working with the Clearwater International Debt Advisory team. Their sound market knowledge and management of the refinancing process has secured the right funding package to support our continued investment in Churches Fire.”

Charlie Haynes, CEO, Churches Fire & Security said: “We have been delighted by the response to our strong growth in compliance driven markets during the refinancing process. The funding solution enables Churches Fire to continue its successful buy and build strategy. In the coming months we expect to complete a number of further acquisitions from a strong pipeline.”

Chris Smith, partner, Clearwater International, said: “We are delighted to have assisted Adam and the team on another successful refinancing for Horizon. Churches Fire is a fantastic business that has grown significantly through acquisition and now has even more firepower to continue that growth. An innovative structure led by HSBC, as well which provided both flexibility and cost effectiveness. We would like to wish Horizon and Churches Fire all the best with their plans.”

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