Connaught buys Igrox and UK Fire

Integrated services group Connaught Plc has acquired two companies, UK Fire and Igrox, for a combined consideration of £15.9 million.

Norwich-based UK Fire specialises in fire detection and advice and operates from seven depots across England and Wales. The company generated a turnover of £10.1 million in 2008.

Igrox provides pest control and fumigation services to over 4,500 private and public sector customers. In 2008, Ipswich-based Igrox reported revenue of £7 million and EBITDA of £650,000.

Connaught chairman Mark Tincknell said: ‘The acquisitions of UK Fire and Igrox are in line with our stated strategy of enhancing the service range and geographic coverage provided by our market-leading integrated compliance services business.’

The Manchester office of European investment bank Altium acted as broker and financial adviser to Connaught. Altium raised £28 million from institutional investors, comprising a £15.9 million placing for the vendors of both businesses and an additional £12.1 million to finance additional bolt-on acquisitions.

The team was led by Phil Adams and managing director Mike Fletcher, with Adrian Reed and Nakul Mohandas. Fletcher said: ‘Connaught’s acquisitions show the market that good deals can be done, and also that there is appetite from investors to back the growth of strong and successful companies.’

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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