Lyceum invests in Churchesfire

Lyceum has acquired a majority stake in Churchesfire via the transaction, a spokesperson for the GP told unquote".

Following the transaction, the business will continue with its existing acquisitive growth strategy. It will also invest in its sales and marketing activities and the development of its technology products.

The aforementioned spokesperson confirmed that capital for the transaction was drawn from Lyceum's third fund, which held a final close in May 2013 on its £330m hard-cap.

According to a statement issued by Lyceum, the deal was sourced via an off-market process. The firm's investment director Adam Lewis and development partner Mark Rogerson will take seats on the Churchesfire board.

Debt
HSBC provided a debt package to support the transaction in addition to an acquisition finance facility.

Company
Founded in 1992 and headquartered in Southampton, Churchesfire installs and maintains fire safety equipment and systems, as well as providing fire training. The company has a headcount of 140 and has 8,000 commercial customers including Audi, B&Q, Dairy Crest, Specsavers, Royal Mail and the Post Office.

According to a statement issued by Lyceum, Churchesfire generated EBITDA of £5m and has grown its revenues by 30% year-on-year over the past three years.

People
Lyceum Capital - Adam Lewis (investment director); Mark Rogerson (development partner); Ian Williams (partner); Alistair Gray (investment executive); Anne-Claire de Pompignan (banking and investor relations director).
Churchesfire - Paul Topley (founder).

Advisers
Equity - Rothschild (corporate finance); Travers Smith (legal); PwC (financial due diligence); Credo (commercial due diligence).

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• Horizon Capital (formerly Lyceum Capital)