Waterland buys fire safety business Writech

Following the investment, Writech intends to pursue organic and acquisitive growth in Ireland, the UK and Europe, according to a statement.

Waterland is investing via Waterland Private Equity Fund VIII, which held a final close in December 2020 on EUR 2.5bn. The fund deploys equity tickets of EUR 10m-200m, acquiring Europe-based mid-market businesses and employing a buy-and-build strategy to support their growth.

Bank of Ireland has provided debt to back the buyout.

Waterland opened an office in Dublin in November 2019. At the time of Waterland VIII's final close, a source close to the situation told Unquote that it expected to make more investments in Ireland from the fund as a result.

Waterland acquired elderly residential and nursing care provider Silver Stream in July 2019. Although the acquisition of Writech is the GP's second platform investment in Ireland, Waterland currently has five portfolio companies with a presence in Ireland, with its investment in Writech bringing the total to six. Former portfolio companies Dept and Ipcom previously made add-ons in Ireland.

Waterland's Ireland team is headed by Laura Dillon. The GP's strategy in the country focuses on SMEs with EBITDA of EUR 2.5m-50m.

The GP opened an office in Manchester to back its future UK investment activity in June 2020, building on the presence developed by its London office, as reported.

Recent investments in the fire protection sector include Deutsche Beteiligungs AG's acquisition of Germany-based Multimon in August 2020. Elsewhere, Rockpool invested in UK-based data centre fire protection safety systems business EA-RS in February 2021, while MML Capital acquired a majority stake in France-based Groupe GDI from Ciclad in May.

In March 2021, Ergon Capital announced the formation of a EUR 270m special-purpose vehicle for Germany-based fire protection systems business SVT, as reported, highlighting the enduring appeal of what is considered a relatively stable and anticyclical sector. The GP had acquired the business in 2017 via its 2010-vintage third fund and said in a statement at the time that it intended to extend its holding period and continue to support the company's growth.

Company
Founded in 1981, Writech assists with the design, manufacturing, installation, commissioning and servicing of fire protection systems. Its clients include the offices of global corporates, including data centres, as well as businesses in the food and beverage, life sciences and retail sectors.

Writech posted sales of more than EUR 20m in 2020, according to a statement. The company is headquartered in Mullingar.

People
Writech – Ted Wright (CEO).
Waterland Private Equity – Donal Mac Nioclais (investment director).

Advisers
Equity – Flynn O'Driscoll (legal); Grant Thornton (financial due diligence, tax).

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• Waterland Private Equity
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