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Southampton-based Churches Fire secured significant £75m refinancing package

By Karolina Skinner
20 May 2021

Churches Fire, a Southampton-based provider of fire safety and security compliance services, has secured a significant, £75 million refinancing package from HSBC UK and HSBC Asset Management, Northleaf Capital Partners and Siemens Bank.

Churches Fire is a Southampton-based provider of fire safety and security compliance services

The senior debt package will provide Churches, which is backed by private-equity sponsor Horizon Capital, with significant firepower for future acquisitions. In the past four years the business has successfully acquired 14 companies and now serves over 15,000 customers across the UK.

The company will continue to implement its proven ‘Buy and Build’ strategy with further acquisitions in the pipeline for 2021 and beyond. HSBC UK coordinated and led the £75m debt package with the support of its partners: HSBC Asset Management’s new Senior Direct Lending Fund, Northleaf Capital Partners and Siemens Bank.

Churches Fire delivers a full range of fire safety and compliance services from fire-risk assessments and maintenance services, to monitoring detection, containment, evacuation and electronic security systems.

Adam Lewis, Churches Fire non-executive and Horizon Capital partner, commented: “The refinancing with support from HSBC UK and its partners enables Churches Fire to continue on its journey towards becoming the largest independent fire safety and security compliance services group in the UK.”

Scott McClurg, UK head of middle market financial sponsors, said: “HSBC UK was delighted to lead the refinancing to support long-standing customer Churches Fire and Horizon Capital. It was a great opportunity to deliver for our customer and Horizon through our new Senior Direct Lending Fund, with partner lenders Northleaf and Siemens, which will enable Churches to continue its impressive growth story. We look forward to working with them closely in the future.”

Churches Fire appointed Clearwater International as advisers on the transaction.

Chris Smith, Clearwater International debt advisory partner, said: “We are delighted to have advised another Horizon Capital portfolio company on a successful refinancing. HSBC UK and their lending partners moved efficiently through our process, putting in place a very flexible and competitively priced structure. Churches now have significant firepower to continue their growth strategy with the backing of both a strong private equity house and highly-supportive debt partners.”