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.’
