The Clearway Group completes significant financing round

LONDON—The Clearway Group, a leading commercial security services provider specializing in securing vulnerable properties or assets, announced a significant growth capital investment from a consortium of institutional investors led by Next Wave Partners.

Over the past four years, Clearway has completed five acquisitions, grown revenues at a CAGR of c.14 percent and developed a full range of security solutions across the UK and France.  Through its acquisition of Protim, the Group now provides national coverage in France and has established a leadership position across the French residential and commercial property sectors. The Group has seen an increase in demand for its services, including demand for technology-based solutions, focused on keeping customers’ vulnerable properties and assets safe and secure.

The consortium is backing CEO Ian Quinlan and his team, and as part of the transaction, incumbent lender Kartesia has agreed to increase its growth financing facilities to the Group.

This investment has provided significant expansion capital for the Group, reduced its debts and provided an exit for growth capital investor BGF, which invested £10 million in the business in 2018, followed by a further £1 million in 2019, to support Clearway’s acquisitive growth strategy. NWP has led the investment in Clearway, alongside Clearway management and institutional investors the William Pears Group, Fiera Comox and Fiduciary Co-Investment Partners.

In addition to focusing on continuing organic growth, Clearway has a strong pipeline of acquisition opportunities in the UK and European market which it plans to pursue during the next stage of its growth.

“BGF’s funding and partnership since 2018 enabled us to make important strategic acquisitions in a relatively short period and we’ve been able to more than treble the profitability of the business since BGF’s investment,” Quinlan said. “Next Wave and Kartesia’s investment will enable Clearway to accelerate its expansion in the UK, France and across Europe. We look forward to our next wave of growth.”  

Jonathan Brod, Partner at NWP, added, “We are delighted to be partnering with the team at Clearway as well as Kartesia. The business has a very strong position in the UK and French markets, delivering exceptional quality and service to its client base. We look forward to supporting Ian and the wider management team with the continued investment in people, technology and delivery of an ambitious M&A strategy.”

“We are pleased to continue the partnership between Kartesia and The Clearway Group and look forward to working with NWP to help The Clearway Group accelerate its growth strategy in the UK and France over the coming years,” noted Nick Holman, Director at Kartesia.

“Clearway, under the leadership of Ian Quinlan, Chairman Stephen Walls and the rest of the management team, has experienced impressive growth during our investment,” said William Gresty, investor at BGF. “We’re delighted to have seen our funding used to make a series of successful acquisitions internationally and also to see the development of a management team that can really scale the business with its new investor, Next Wave Partners. We believe that there is a strong opportunity for further growth and wish the team every success for the future.”   

Advisors to the deal included:

• Clearway and BGF were advised on the deal by Acuity Advisors (Corporate Finance), DLA Piper and Alternative Advocates (Legal), RSM Corporate Finance (Financial due diligence), Deloitte (Tax due diligence) and CMS Cameron McKenna Nabarro Olswang LLP (BGF Legal)
• Next Wave Partners was advised on the deal by Gateley, Macfarlanes LLP and Klein Wenner (Legal), Mazars LLP (Financial and Tax due diligence), FRP Advisory (Debt Advisory), Drystone Strategy (Commercial due diligence), Seedcloud Advisory (IT due diligence), and Cornerstone Funds Placement
• Kartesia was advised by Osborne Clarke (Legal)