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Lyceum Capital invests in Churchesfire

Lyceum Capital, the leading investor in UK B2B services and technology companies, is pleased to announce an investment in Churchesfire, the nationwide provider of fire safety compliance services based in Southampton, in an off-market deal valued at over £40 million.

The management team led by founder Paul Topley, will be re-investing alongside Lyceum as the company invests for expansion.

Founded in 1992 and employing over 140 people, Churchesfire provides a full range of fire safety compliance services to over 8,000 commercial customers, from fire risk assessments and safety training to the service and maintenance of fire protection systems.  Over the past three years, the firm has grown revenues at over 30% per annum and generates over £5 million EBITDA.  Customers who Churchesfire is proud to serve include Audi, B&Q, Dairy Crest, Specsavers, Royal Mail and the Post Office.

Lyceum’s investment will support continued growth through developing Churchesfire’s leading technology platform and expanding sales and marketing activities.  In addition, Lyceum has committed funding to accelerate Churchesfire’s buy and build strategy in the UK, increasing geographical coverage and adding new capabilities to its existing offering.  Churchesfire operates in a highly-fragmented market which is valued at over £1.5 billion in the UK.

Lyceum has a strong track record of investing in tech-enabled business services, recently supporting Bellrock in its acquisition of Profile Consultancy, its sixth add-on in less than twelve months and one of more than 110 completed by Lyceum’s portfolio companies.

Adam Lewis, Investment Director at Lyceum Capital said:

“In Churchesfire we identified a business with an impressive tech-driven operating platform, a strong management team and huge potential for growth in a highly fragmented market.  We are looking forward to working with Paul and his team during this exciting stage of growth for the business, and supporting the execution of an ambitious buy and build strategy.”

Paul Topley, Founder of Churchesfire said:

“I’m proud of what we have achieved over the last 25 years, and continue to see a fantastic future for the company. In an environment of increasing regulations and mandatory compliance activity there is a huge opportunity for us to build on our position as a leading national provider.  With Lyceum’s wealth of expertise and track record in backing the UK’s leading business services companies, we are on track to achieve this.”

HSBC provided debt for the transaction and further committed facilities for acquisitions, alongside Lyceum.

The Lyceum Capital team was led by Adam Lewis who joins the board alongside Development Partner Mark Rogerson; and included Ian Williams, Alistair Gray and Anne-Claire de Pompignan.

Lyceum Capital

Corporate Finance –  N M Rothschild

Legal – Travers Smith

Financial Due Diligence – PwC

Commercial Due Diligence – Credo

Lenders – HSBC and Santander