From its Liverpool city region base Fieldway Group installs fire protection systems across the UK and it is targeting turnover of £20m after announcing a new acquisition. Tony McDonough reports
Merseyside-based fire protection installation specialist Fieldway Group has acquired a £3m-turnover business in the North East of England.
From its headquarters in Huyton Fieldway installs fire alarm systems, smoke and hear detectors, sprinkler systems and emergency lighting for companies across the UK. Clients have included Transport for Greater Manchester and Onward Homes.
Now it has bought Intumescent Protective Coatings (IPCL) for an undisclosed sum. Based in North Shields, IPCL is a leading provider of specialist fire protection services including structural fire protection and fire stopping. Its installations can be found in London landmarks including The Shard, Battersea Power Station and the O2 Arena.
READ MORE: North West business confidence holds steady
It employs 45 people and annual revenues in excess of £3m. Its managing director and co-founder, Chris Arnott, and his co-directors, are joining the enlarged business at completion of the takeover.
The two business were introduced by private equity investor Foresight Group. In 2018, foresight invested £2m into Fieldway. It has provided funding for the deal along with additional investment from Fieldway chief executive Brian Murphy and Santander.
Mr Murphy said: “There is a near perfect synergy between the two businesses, and I am delighted that Foresight introduced me to Chris and the IPCL team. While we are specialists in active fire protection, IPCL is a leader in passive protection and has worked on some of the UK’s most iconic buildings.
“Alongside the strong organic growth we are seeing, we are open to further earnings-enhancing and complementary acquisitions – such as IPCL – as we look to grow to over £20m in revenues over the next two years.”
David Turner, director at Foresight, added: “The acquisition of IPCL both strengthens Fieldway’s service offering and opens up the North East and London markets to the wider group. Since our investment in 2018, the Fieldway team has nearly doubled from 35 to more than 60, and we expect this number to continue to grow throughout this year.”