Barclays Ventures and management have sold SFS Fire Services Limited to UTC Fire & Security, a business unit of US-based United Technologies Corporation. Although the enterprise value of the company was not disclosed, the exit enabled Barclays Ventures to realise a 3.5x return on its original equity investment in less than 18 months and an IRR of over 140%.
Shares have been sold to institutional investors for €15.8 a share
Add-on is the first since LDC and Ares provided financing of £100m to the telecoms company in 2019
Acquisition of the fire safety systems provider is the first from the GP's €1.1bn eighth fund
Fresh capital will go towards increasing delivery speed and geographic footprint