New private equity owner for fire protection specialist
Tue, 05 Mar 2024 | BUSINESS SALE
Checkmate Fire, a fire protection specialist headquartered in West Yorkshire, is set to be acquired from YFM Equity Partners by European private equity firm IK Partners. The new investment will help the company to develop its offering, staff and technology and undertake a targeted M&A strategy.
Checkmate Fire was founded in 1989 and is based in Elland. It provides an array of passive fire protection services to organisations in the education, government, social housing, healthcare and commercial sectors.
Its services include inspection, installation, remediation and maintenance of passive fire systems, as well as installation and maintenance of active fire systems. It operates across the UK with a team of more than 200 staff and is responsible for the maintenance of passive fire systems in approximately 2,000 buildings nationally.
Its services ensure compliance with increasingly stringent fire safety regulations and the company carries out more than 30,000 fire door remediations or replacements each year.
A management buyout (MBO) was backed by YFM in 2018 and, since then, the company has scaled rapidly, growing its service offering and supporting an increasing customer base in managing passive fire systems.
Following the sale to IK, the company will seek to develop its passive fire safety offering further still, especially its inspections division. It will also continue to invest in its technology and staff as it seeks to enhance its operational efficiency and will look to grow through acquisitions.
Checkmate Chief Executive John Lewthwaite said: "IK's track record of supporting businesses in the fire protection market, combined with our position as UK's leading passive fire specialist, means that we are best placed to drive future growth in a market with attractive dynamics.”
The agreement will see IK Partners' IK Small Cap III (IK SC III) Fund acquire Checkmate Fire. IK Partner and adviser to the IK SC III Fund Simon May said: "This is an exciting first investment for the IK Development Capital strategy in the UK. Under the stewardship of John and his team, Checkmate has established itself as a high-quality provider in a rapidly growing and increasingly regulated market.”
"We have been impressed with the company's journey to date and see plenty of opportunities for continued growth. We look forward to working with the team at Checkmate and leveraging the resources and expertise of the wider IK platform to deliver an ambitious strategy."
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