Freshstream takes majority stake in DeterTech
Context
On 29 March 2021, London-based private equity firm Freshstream completed the leveraged buyout of DeterTech (formerly SmartWater Group), marking the sponsor’s inaugural platform investment in the safety and security sector and its fifth transaction in the United Kingdom. Freshstream, which manages €600 million in assets under management and targets equity tickets between €30 million and €100 million, backed the business to accelerate its transformation into a pan-European, intelligence-led security solutions platform. The investment thesis centers on scaling DeterTech’s leadership across rapid-deployment CCTV surveillance towers, mobile cameras, and its proprietary forensic-marking technology, SmartWater. Through a programmatic buy-and-build playbook, Freshstream backed the platform’s international expansion across Northern Europe, executing targeted cross-border add-ons in the Netherlands, Belgium, Germany, and Denmark, alongside greenfield entry into Sweden. Domestically, the platform deepened commercial penetration across high-margin adjacent end-markets, including renewable infrastructure (solar and wind farms), critical utilities, and retail logistics. Operationally, the value-creation roadmap insourced the assembly and manufacturing of the flagship "Dalek" modular camera unit to secure direct margin control, supported a corporate-wide brand consolidation under DeterTech, and deployed a centralized CRM infrastructure. Governance was institutionalized via C-suite renewals across the CEO, CTO, CPO, and President roles, alongside operational ESG int
DeterTech, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.
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Target
Founded in 1993 and headquartered in Telford, United Kingdom, DeterTech operates as a specialized provider of intelligence-led, end-to-end site security solutions. Under the executive leadership of Chief Executive Officer Baba Devani, the enterprise coordinates temporary security infrastructure to deter criminal activity across the construction, rail, property management, and retail sectors. To support its threat mitigation mandates, the organization engineers a technological portfolio featuring visually verified video surveillance towers, including the PID360, PIDCompact, and SmartRecon systems. Furthermore, the company develops SmartWater, a proprietary traceable liquid forensic marking solution providing a legally irrefutable method to link criminals and stolen assets directly to specific crime scenes. Through this integrated hardware and intelligence framework, the security provider addresses the protection requirements of an established commercial client base distributed across the United Kingdom, Ireland, Germany, the Netherlands, Denmark, and Sweden. To advance its sustainability objectives, the organization ensures zero percent of waste from its British site is sent to landfill.
Ent. Value
€100–350M
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (EUR)
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REFERENCES
Valuation range: EV €100–350M
EBITDA range: €5–25M
EV/EBITDA range: 10x - 18x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of DeterTech by Freshstream are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: detertech
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