Fire protection safety business is snapped up

Castleford-based PTSG, a niche specialist services provider, has completed the acquisition of passive fire protection safety businesses, Neo Property Solutions.

The deal complements PTSG’s Fire Safety Solutions division and expands the group’s overall fire capabilities.

Based in Leeds but with a national reach, Neo has established itself as a key player in the rapidly growing area of passive fire safety solutions.

Passive fire has increased in prominence following recent high profile events and an increasing awareness of responsibility amongst building owners.

Increasing regulation, with the introduction of the Fire Safety Act 2021, is expected to be a further catalyst for Neo’s services and ongoing advice.

Neo offers a range of passive fire protection solutions including fire compartmentation surveys, fire door surveys, fire stopping, fire door replacement and fire door upgrade works, which are delivered through its in-house accredited team.

It is the first acquisition after PTSG received new investment from Warburg Pincus and Macquarie earlier this year, as the group continues to expand, supporting its customers with niche services across its five divisions.

Alistair Hodgson, managing director at Neo, who will remain in post, said: “We are delighted to be joining the PTSG group, an organisation with whom we look forward to building on past successes and developing a market leading status in the provision of essential fire safety solutions.”

Paul Teasdale, PTSG’s group CEO, who was shortlisted in the Transformational Leader category of the TheBusinessDesk.com’s 2021 Northern Leadership Awards, added: “We are delighted to welcome Neo as our latest addition to the Group.

“This acquisition extends our service offering within PTSG Fire Solutions Ltd and is highly complementary to the Group’s other specialist services.

“We are fully committed to the continuation of a successful strategy of achieving market leadership across the sectors in which we operate.

“This acquisition strengthens our capability within our fire solutions division and ensures our clients can now receive all three of the most important fire services in one place – electrical, mechanical and passive.

“The business will retain the Neo management team, which will continue to grow and expand the businesses as they are integrated into PTSG’s successful delivery model across our Fire Solutions division.

“We are delighted that Alistair Hodgson, Andrew Young and Steven Doherty will continue to lead the business and their vast experience and technical ability will be a great addition to our highly skilled PTSG team.”

The shareholders of Neo were advised by Ben Peacock and Richard Firth of Park Place Corporate Finance and Alistair Scott-Somers and Laura Clark of Progeny.

Peacock, partner at Park Place, said: “We are delighted to have helped Neo find a new owner and in PTSG one that will assist on its journey towards national leadership.

“We have worked with Neo over a number of years as the shareholders considered their options in a rapidly growing business with a backdrop of positive regulatory change.”