ESO invests in Pyroguard

The deal marks the first transaction completed by hybrid equity-and-debt fund manager ESO Capital since acquiring lower-mid-market growth capital investor Core Capital in May 2018.

Clearwater International was engaged to sell the business, and ESO started looking at the company more closely around three to four months prior to the deal closing, ESO director David Steel told Unquote.

The financing is structured as a senior-secured loan note with additional equity participation. Fresh funding will enable the management team of Pyroguard to accelerate expansion plans in the UK and Europe, particularly Spain, Germany and Italy. The company is planning to open a UK-based manufacturing site in the next few months which will shorten lead times for UK customers. It currently operates a facility in France. The company's prior backers were Dunedin and NVM.

Pyroguard's existing management team will become majority equity shareholders, led by CEO Neil Tilsley with Nick Brayshaw continuing in his role as chair. David Steel, director at ESO, joins the Pyroguard board.

Previous funding
NVM and Dunedin first backed Pyroguard (then CGI International) in 1999, acquiring the business for an enterprise value of £10m. The business was recapped twice before bolting on French competitor Interver with NVM's support in 2012. It was subsequently rebranded to Pyroguard.

Company 
Founded in 1999 and headquartered in St Helens, Merseyside, Pyroguard manufactures fire-resistant glass for the construction industry.

People
ESO Capital Partners – David Steel (director); Walid Fakhry (founding partner).
Pyroguard – Neil Tilsley (CEO).

Advisers
Equity – K&L Gates (legal).
Company – Clearwater International, Michael Reeves, Constantine Biller, Michael Loudon, Zack Goddard, Tom Barnwell (corporate finance); Pinsent Masons, Kieran Toal, Andrew Senior, Katie Porter (legal); Addleshaw Goddard, Peter Wood, George Danczak, Andrew Fordham (legal); PwC (financial due diligence); Sentio Insight (financial due diligence); BDO (tax); PMSI (commercial due diligence).

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• Secondary buyout