Rockpool exits Fortus Group for 2.5x
Rockpool Investments has agreed to exit its investment in Fortus Group in an MBO transaction backed by AIB Equity Capital.
This is the third exit for Rockpool in 2022, having exited Boston MFO to Horizon Capital and Blume to Sun European Partners.
Fortus is one of the UK and Ireland’s largest providers of security equipment and monitoring services within the CCTV, fire, intruder detection and access control product verticals. Rockpool backed Fortus’ management team to consolidate the UK security market with a buy-and-build strategy in December 2019.
Rockpool and AIB provided further funding in March 2021 to support the simultaneous acquisitions of Enterprise Security and Re:Sure, resulting in Fortus revenues reaching over €100m.
Following Rockpool’s exit, the Fortus management team, led by CEO Mark Brophy, will continue the company’s consolidation of the security market with further strategic acquisitions lined up in the UK and Europe.
The exit delivers a 2.5x return and 36% IRR for Rockpool equity investors. Guy Ellis and Tom Coey led the investment and exit on behalf of Rockpool.
“Fortus is another great example of a buy and build strategy delivering consistently strong returns in a short time period for Rockpool investors. We have thoroughly enjoyed working with Brian Honan and Mark Brophy on the consolidation of the UK and Ireland security markets and wish them the best of luck on their continued journey with AIB.”
Guy Ellis, Partner at Rockpool
“Fortus’ partnership with Rockpool over the last 3 years has been an amazing journey whereby the business has doubled in size since the original investment and executed 3 accretive bolt on acquisitions. Guy Ellis and Tom Coey have been a pleasure to work with throughout and have really added value to all aspects of the business. Rockpool as a firm really ‘get’ the buy and build proposition and were instrumental in the development of Fortus over the last number of years. As a business we look forward with real excitement to our next phase of growth with the support of AIB Equity Capital as our new Investment Partner and the continued support of AIB Corporate Banking.”
Mark Brophy, Chief Executive, Fortus Group
Rockpool was advised by Taylor Wessing (legal). Fortus was advised by Eversheds Sutherland (legal) and PKF (tax). AIB was advised by PKF Corporate Finance (FDD), McCann FitzGerald (legal), Maples (legal) and Rathbone Results (CDD)
For more details about investing with Rockpool, email team@rockpoolinvestments.co.uk.
Capital at risk and you may not get back what you invest. Past performance is not a reliable guide to future performance.
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