Deal agreed for The Shard and O2 Arena contractor
A Liverpool fire protection specialist, which is backed by a major investor in Mowgli Street Food, has bought a North East company that has worked on The Shard, Battersea Power Station and the O2 Arena.
The Liverpool-based company was founded in 2006 by CEO Brian Murphy and has been backed since 2018 by SME investor Foresight Group.
IPCL is a provider of specialist fire protection services including structural fire protection and fire stopping.
Headquartered in North Shields, IPCL has around 45 employees and has an annual revenue of more than £3m.
Its managing director and co-founder, Chris Arnott, and his co-directors are joining the enlarged business at completion.
Feildway CEO Brian 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.”
Foresight director David Turner added: “We are delighted to support Fieldway with this important transaction as it continues to expand in the fire protection market.
“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.”
Foresight, along with additional investment from Brian Murphy and Santander, provided funding for the deal.
Fieldway’s advisers on the transaction were DWF (legal), Armstrong Watson (finance and tax), BTG Advisory (structuring), RPL Advisory (commercial), ECSC (cyber) and Marsh (insurance).
IPCL was advised by Sintons (legal) and Tait Walker (finance).
*Featured in BusinessLive on 28th February 2022