Rockpool delivers 7x return and 120% IRR on the sale of Mecsia to Synova
Rockpool Investments LLP (“Rockpool”) has exited its investment in Mecsia to Synova LLP (“Synova”). Completion of the transaction is subject to regulatory approval.
The exit delivers a blended 7x equity return and 120% IRR for Rockpool across four rounds of investment.
Mecsia provides compliance-led technical inspection and maintenance services to the commercial property, education and healthcare sectors. Mecsia is one of the fastest growing technical services businesses in the UK and has increased revenues from £15m to over £100m under Rockpool’s ownership, driven by fast organic growth and four strategic acquisitions.
Rockpool originally backed the management buy-out of Mecsia in December 2020, followed by the acquisitions of Acorn Engineering (2021), SK Heating & Cooling (2022) and Artic Building Services (2023). Rockpool equity investors that supported the original MBO of Mecsia in December 2020 generated an 11x return on capital invested.
Synova is backing the secondary buy-out of Mecsia led by Jon Coiley (CEO), Paula Miller (CFO) and Chris Kindon (COO). Management will continue to pursue further acquisitions, supported by new growth capital from Synova.
Tom Coey (Investment Director), Simon Collins (Investment Manager) and Toby Hurdle (Investment Executive) led the investment and exit on behalf of Rockpool.
Our highly successful exit of Mecsia is another landmark transaction for Rockpool investors. Having identified an attractive buy-and-build opportunity in the technical inspection and maintenance industry in depths of Covid lockdowns, we have been privileged to work with Jon, Paula, Chris, Andrew and the wider Mecsia team to materially exceed the original business plan. We have thoroughly enjoyed our three-year partnership with Mecsia and congratulate the management team on building a market-leading technical services platform.
Tom Coey, Investment Director at Rockpool
Three years ago we created this unique technical services group. Our vision was to deliver high quality, tailored services for every one of our customers and to be able to self-deliver these services right across the UK. Through careful acquisition, the range of our services continues to expand as does our UK coverage. Every subsequent acquisition enables better value for our clients and greater opportunities for our employees. Synova is a fantastic partner for Mecsia and we are all looking forward to the next stage of our growth. Synova, like Rockpool, shares our passion for the very best in customer and employee experiences. I’d like to thank Rockpool for their incredible support over the last 3 years and for their continued confidence in our future
Jon Coiley, Chief Executive at Mecsia
Mecsia and Rockpool were advised by DC Advisory (Corporate Finance), Taylor Wessing (Legals), MDW Capital Partners (Debt Advisory), PwC (Commercial DD), KPMG (Financial and Tax DD) and Claritas (Tax).
Synova were advised by Deloitte (Corporate Finance), 8Advisory (Financial and Tax DD), LEK (Commercial DD) and Osborne Clarke (Legals).
Management were advised by Liberty Corporate Finance (M&A), Foot Anstey (Legals) and Claritas (Tax).
ABOUT ROCKPOOL
Rockpool Investments is a private equity firm dedicated to creating opportunities for high-net-worth individuals and family offices to invest in private companies. Rockpool provides equity and loan capital of between £5m to £15m to profitable UK-based companies and has invested over £675m since inception.
