Posted on 19 Mar 2018
YFM Equity Partners backs MBO of Checkmate Fire
19 March 2018
YFM Equity Partners (“YFM”), the specialist private equity fund manager has backed the MBO of Checkmate Fire Solutions Limited, the UK’s leading passive fire protection provider.
The investment in Checkmate Fire marks the fifth investment from the YFM managed fund, YFM Equity Partners 2016 LP.
Checkmate Fire is the UK’s leading passive fire protection company, providing fully compliant services including survey, design, specification and installation of solutions for fire stopping/air sealing, compartmentation, fire boarding and structural steel protection. Complementing this Checkmate Fire also specialises in fire door surveying, restoration and installation, and provides a fully bespoke range of fire resistant glazing solutions.
Checkmate Fire is one of a small number of fully 3rd party accredited contractors in this fast-growing market and provides a nationwide service from its three UK regional offices. The Company is a founding member of the Building Research Establishment (BRE) and the Loss Prevention Certification Board (LPCB) Passive Fire Installer Scheme.
Checkmate Fire has in recent years delivered significant revenue and profit growth, and the management team led by CEO, Mark Williams and his board colleagues Dave Woffendin and Tomasz Wisniewski, supported by FD Alan Wilson and Chairman Simon Moate, are now looking to invest further in sales and operations to accelerate growth across all areas of the business.
Checkmate Fire’s clients include the UK’s leading facilities management and construction companies, specifiers, building owners, facilities managers and landlords across a variety of sectors, including healthcare, social housing, hospitality, prisons and commercial property.
Ian Waterfield, Investment Director at YFM said: “Checkmate Fire has a strong reputation in this industry and has delivered consistent growth over the last few years. Its focus on building safety and compliance provides a positive backdrop for the Company to further develop its customer base and expand its geographic reach in the UK.
“This is the fifth investment from YFM’s latest fund, which closed in April 2017 with the aim of investing in well-established UK businesses and supporting management teams in delivering their ambitious growth plans.”
Mark Williams, CEO at Checkmate Fire said: “Checkmate is seeing unprecedented levels of demand for its services. We are delighted with both YFM’s investment and the expertise
the team will provide. We are looking forward to working closely with YFM to enable us to deliver our growth plans and reach the Company’s true potential.”
Checkmate Fire was advised by Alison Palmer of Eaton Smith and Martin Holden of Saffery Champness. Legal advice to YFM was provided by Dahren Naidoo of Freeths LLP, financial due diligence was carried out by Jeff Gardner of DSW Transaction Services and Russ Cahill of Tax Advisory Partnership, commercial due diligence by CIL, and organisational due diligence by Anna Cornwallis of Stratton HR. Santander Growth Capital team, led by Ash Chopra and Dan Houman, provided debt finance and were advised by Georgina Tripp of Gunnercooke. The exiting shareholder was advised by Gary Black of Freeman Fisher.
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About YFM Equity Partners
YFM Equity Partners are leading independently owned private equity investors. With 35 years of experience we seek to unlock value and growth potential by providing up to £10 million of equity to fuel the development of established business throughout the UK regions. We do this by helping our portfolio companies grow niche businesses, launch new initiatives, make transformative acquisitions and upgrade technologies and systems. Through our offices in Leeds, London, Manchester, Birmingham and Sheffield, we are dedicated to working alongside management teams to create long-term value for our investors, the companies we invest in and a positive economic impact for the communities in which we work. We advise and manage approaching £225 million of funds.
YFM Equity Partners conducts its investment business through its subsidiary YFM Private Equity Limited which is authorised and regulated by the Financial Conduct Authority (FRN: 122120).