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Irish Independent
12-06-2025
- Business
- Irish Independent
Private equity interest turns up the heat on Ireland's fire-safety sector
Industry consolidation and recurring revenues make safety service providers an appealing target Private equity firms are stepping up their interest in Ireland's fire safety sector, as the lure of consolidating the fragmented industry attracts more international investors. The latest sign of M&A activity heating up came last week when Ranger Fire and Security, backed by London-based investment firm Hyperion Equity Partners, bought Aqua Fire Prevention. The deal was Ranger's second acquisition in Ireland, building on last year's purchase of KSS Fire Suppression and its 10th deal overall since launching in early 2024. Mark Bridges, CEO of Ranger, said the seven-figure deal to buy Aqua was the first of many for the private equity-backed group. 'It wouldn't surprise me if we did another three or four this year in Ireland alone,' he said. 'We are a broad church. We cover all services with a real focus on the active fire and security elements, especially the maintenance side.' Bridges said Ranger would invest 'multiple millions' in the Irish market as it hopes to consolidate the 'very fragmented' fire-safety sector. He added that Ireland was attracting more attention from buyers. If the right deal comes up, I'll take it. A good business is always hard to get 'We all want to be early adopters,' he said. 'We weren't first, but we're seeing more interest in the space.' Looking at the Irish industry, Bridges said the fire-safety sector in Ireland had many appealing characteristics. 'It is in life safety, which is clearly very important to people and something that is unlikely to be reduced by any government. It's more likely to be enhanced, because of the importance of keeping people safe. 'But the market is incredibly fragmented. There are 4,000 businesses in the UK and Ireland. It's regulated, and the regulations in Ireland are very similar to those in the UK. 'Finally, because of the maintenance-led approach that we focus on, there are recurring revenues – and that is appealing. All those characteristics make it an exciting sector,' Bridges added. ADVERTISEMENT 'We think, therefore, we can do some really good things in the market as well.' The acquisition of Aqua, founded by Brendan Mooney in 1986 and with 3,000 customers, including RTÉ and Boyle Sports, will see the brand retained, with cross-selling opportunities into the group's other fire-safety entities. Ranger hopes to become the go-to provider in the UK and Ireland sector, with revenue now hitting £40m. Aqua's core services include fire extinguisher supply and installation, equipment service and maintenance, fire prevention compliance and fire safety training. Hyperion is not the only private equity player that has acquired Irish fire-safety firms. Dutch private equity firm Waterland acquired fire protection system provider Writech in 2021. Ted Wright, CEO of Writech, said the Mullingar-based group now owns six businesses in Ireland, with three more in the UK and another three in Europe. It is in the process of acquiring a 13th business in the UK. 'If the right deal comes up, I'll take it,' he says. 'Ireland is difficult to do a deal in any way. A lot of founders have really looked after their business. A good business is always hard to get. There will always be competition for good businesses. 'It is more private equity than trade,' he added on the competition. Wright said Writech was not actively looking in Ireland, but its 'ears were always open' for deals.
RTÉ News
30-05-2025
- Business
- RTÉ News
Waterland Ireland to invest €150m in Irish businesses
Private equity firm Waterland Ireland plans to invest up to €150m in Irish firms over the next 12 to 18 months. Since launching its Irish arm in 2019, the firm has invested in 30 businesses here. That includes Co Westmeath-based Writech, Co Louth wholesaler Bellew Electrical and care home group Silver Stream. It says the Irish firms it has invested in now have combined revenues of €600m - up 71% over the past 18 months. Meanwhile they employ 3,500 people - up 75% over the past year and a half. "We plan to invest this in new Irish companies; family-run businesses, where they're looking to ambitiously scale across Europe, and we'll support them in that," said Laura Dillon, partner at Waterland Ireland. Waterland takes what it calls a 'buy and build' strategy, where it seeks out further investments and acquisitions can compliment the companies it has partnered with. Ms Dillon said this is the strategy it would continue to deploy in the coming months. "We look for great Irish businesses that have the ambition to grow further - and normally grow throughout Europe, and potentially even further beyond," she said. "What we call a platform business, making more than €5m of profit in a growing market where it's in a fragmented market, and there's consolidation to be done - and we'll really support that through a buy and build." She said there is a significant amount of positivity within the Irish market at the moment, and huge potential for growth. That is evidenced by the rise in revenues some of its companies have enjoyed. "Irish companies continue to grow," Ms Dillon said. "MTM Engineering - a great example of Irish engineering companies - has grown from €37m in revenue two and a half years ago to, this year, we'll probably do €200m of revenue. "Equally Writech, when we partnered with them three and a half years ago, they were doing €20m of revenue - this year they'll do about €140m of revenue. "There really is a lot of growth out there and it's about finding those companies that have that ambition to grow throughout Europe." The uncertainty created by the threat of a tariff war, as well as the impact that may have on growth, has clouded the investment scene in Europe recently. Ms Dillon said this is representing a challenge for Waterland - but it may also help to create new opportunities. "There's definitely uncertainty out there and businesses like pharma or food and beverage exporting to the US, it's a pretty uncertain time at the moment," she said. "But times of uncertainty create opportunity and we see that a lot of Irish entrepreneurs can find those opportunities. "There are now companies looking to expand... we're supporting some of our companies to expand into Benelux, Germany and France where there are good opportunities."
