Core invests in Alpine Fire Engineers

Kenny Wastell
15 May 2018

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Core Capital has invested in Alpine Fire Engineers, a UK-based automatic sprinkler systems business.

Financial details of the transaction remain undisclosed, though Unquote understands that the GP, which typically invests £5-15m per transaction, has acquired a minority stake in the business.

The transaction is the first to be announced by the firm since it was acquired by hybrid equity and debt fund manager ESO Capital earlier in May. Unquote understands that the Alpine deal was underwritten and structured by the whole consolidated ESO team.

Following the deal, Alpine will look to undertake bolt-on acquisitions, as well as investing in its maintenance services and IT systems.

As part of the transaction, Steven Nanda, formerly managing director of industrial services at Spie UK, will take on the role of CEO at Alpine, while Core partner David Steel will also take a seat on the board.

Core is currently investing from its second fund, which held a first and final close on £85m in September 2015.

Company
Founded in 1992 and headquartered in Littleborough, Greater Manchester, Alpine designs and installs automatic sprinkler systems, hydrants, hose reels and fire extinguishers, in addition to providing consultancy services and general fire equipment. It is understood Alpine generates a turnover of £15m and has a headcount of 30.

People
Core Capital – David Steel (partner).
Alpine Fire Engineers – Steven Nanda (CEO).

Advisers
Equity – Pinsent Masons, Andrew Masraf (legal); Grant Thornton (financial due diligence); Teneo (commercial due diligence).
Company – Hurst Corporate Finance (corporate finance).
Management – JMW Solicitors (legal); Paul Hastings (legal).