The Clearway Group (“Clearway” or the “Group”) is delighted to announce a significant growth capital investment from a consortium of institutional investors led by Next Wave Partners (“NWP”).
Headquartered in London, Clearway is a leading commercial security services provider specialising in securing vulnerable properties or assets. The Group delivers solutions that are tailored to their customers’ needs, utilising an extensive range of specialist services integrated with market-leading technology. The Group’s critical technology-led security solutions include CCTV and alarms, to monitor, secure and protect properties and assets. Employing 230 people, the Group has nationwide operations across the UK and France.
Over the past four years, Clearway has completed five acquisitions, grown revenues at a CAGR of c.14% and developed a full range of security solutions across the UK and France. Through its acquisition of Protim, the Group now provides national coverage in France and has established a leadership position across the French residential and commercial property sectors. The Group has seen an increase in demand for its services, including demand for technology-based solutions, focused on keeping customers’ vulnerable properties and assets safe and secure.
The consortium is backing CEO, Ian Quinlan and his team, and as part of the transaction, incumbent lender Kartesia has agreed to increase its growth financing facilities to the Group.
This investment has provided significant expansion capital for the Group, reduced its debts and provided an exit for growth capital investor BGF, which invested £10 million in the business in 2018, followed by a further £1 million in 2019, to support Clearway’s acquisitive growth strategy. NWP has led the investment in Clearway, alongside Clearway management and institutional investors Fiera Comox, Pears Partnership Capital (PPC) and Fiduciary Co-Investment Partners.
In addition to focussing on continuing organic growth, Clearway has a strong pipeline of acquisition opportunities in the UK and European market which it plans to pursue during the next stage of its growth.
Commenting on the transaction, Ian Quinlan, CEO said: “BGF’s funding and partnership since 2018 enabled us to make important strategic acquisitions in a relatively short period and we’ve been able to more than treble the profitability of the business since BGF’s investment. Next Wave and Kartesia’s investment will enable Clearway to accelerate its expansion in the UK, France and across Europe. We look forward to our next wave of growth.”
Jonathan Brod, Partner at NWP, commented: “We are delighted to be partnering with the team at Clearway as well as Kartesia. The business has a very strong position in the UK and French markets, delivering exceptional quality and service to its client base. We look forward to supporting Ian and the wider management team with the continued investment in People, Technology and delivery of an ambitious M&A strategy.”
Nick Holman, Director at Kartesia, commented: “We are pleased to continue the partnership between Kartesia and The Clearway Group, and look forward to working with NWP to help The Clearway Group accelerate its growth strategy in the UK and France over the coming years.”
William Gresty, investor at BGF, said: “Clearway – under the leadership of Ian Quinlan, Chairman Stephen Walls and the rest of the management team – has experienced impressive growth during our investment. We’re delighted to have seen our funding used to make a series of successful acquisitions internationally and also to see the development of a management team that can really scale the business with its new investor, Next Wave Partners. We believe that there is a strong opportunity for further growth and wish the team every success for the future.”
Advisors to the deal included:
About Next Wave Partners
Next Wave Partners is a private equity investor which backs fast-growing business services and consumer companies in the UK and Europe. Its portfolio also includes The Delivery Group (logistics), Gemseek (customer experience data analytics), Molinare and PiP Studios (media services). Realised investments include Fox International (consumer products – fishing sector), Petainer (packaging), Secured Mail (postal services) and P2P Mailing (international e-commerce delivery solutions).
Kartesia is a pan-European, independent and privately-owned specialist provider of financing solutions, focused on offering customised resources across the capital structure to leading mid-market companies from a wide range of industries, with the view to accelerate their pace of growth. Kartesia manages close to €4bn in assets and is operated by a team of 60 experienced professionals across investment and operating teams, led by its four founding Managing Partners. The organisation has offices in Brussels, Frankfurt, London, Luxembourg, Madrid, Munich and Paris. For more information visit: www.kartesia.com
BGF was set up in 2011 and has invested more than £2.5bn in over 400 companies, making it the most active investor in the UK. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 16 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2020, Australia did the same, both based on BGF’s funding model.
About Pears Partnership Capital
Pears Partnership Capital (PPC) is a family-led private equity investment business backed by permanent capital Pears Partnership Capital benefits from the direct support of more than 200 employees in a variety of disciplines across the broader William Pears Group.
About Fiera Comox
Fiera Comox Partners is a global investment manager that manages private investment strategies in Private Equity, Agriculture and Private Credit. As of June 30, 2021, Fiera Comox manages over $US 1 billion in AUM.
Established in 2016, Fiera Comox is jointly owned by Fiera Capital Corporation and the employees of Fiera Comox. The firm aims to deliver attractive long-term returns to its investors while preserving capital and investing responsibly. www.fieracomox.com.
About Fiduciary Co-Investment Partners
Fiduciary Co-investment Partners LLP (“FCP”) is a London, UK-based investment advisor focused exclusively on arranging institutional-grade co-investment opportunities for its clients on a fiduciary basis. FCP team members invest in every deal the firm is involved in.