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05/2018MinorityLBO

Soho Square Capital invests in Alpine Fire Engineers

UNITED KINGDOM Facility Management / Maintenance / Security & Guarding EV £10–30M

Context

The investment fund Soho Square Capital (ex Core Capital Partners) signed a stake acquisition in Alpine Fire Engineers in 2018, taking control of the Manchester‑based fire‑safety services specialist. The transaction was executed on a private, off‑market basis as part of a succession plan that transferred ownership from the founding Smith family to the newly appointed management team led by CEO Steven Nanda. Soho Square provided growth‑capital financing that enabled the management team to pursue a bolt‑on acquisition, accelerate recruitment, and invest in enterprise‑resource tools such as a CRM and CAFM system. The capital injection was structured to preserve majority ownership for the incumbent management and the exiting director, thereby aligning incentives and supporting an orderly hand‑over. The investment coincided with a regulatory climate characterised by stricter fire‑safety and insurance requirements, which expanded the addressable market for contracted service and maintenance contracts. By backing Alpine Fire’s expansion plan, Soho Square aimed to reinforce the company’s technical differentiation (LPCB Level 4 accreditation) and to capture the underserved segment of the industrial services market. The partnership also sought to enhance earnings quality through the scaling of the service division and the integration of additional revenue streams from new service sites. Within four years, the combined efforts of the management team and the investor yielded a multiple‑fold increase in both revenue and EBITDA, underscoring the effectiveness of the growth‑capital model. The deal exemplifies a strategic allocation of institutional capital to a niche, high‑margin provider, positioning Alpine Fire for continued consolidation in the UK fire‑safety sector.

Alpine Fire Engineers, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

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Target

The service portfolio of Alpine Fire Engineers relies on mechanical fire suppression systems designed and managed across the United Kingdom. Headquartered in Greater Manchester, the business was officially founded in 1992. The corporate infrastructure focuses strictly on deploying complex fixed fire suppression systems for a diversified industrial client base. Field technicians project manage and maintain these critical safety installations for operators active within the logistics, food and beverage, automotive, aerospace, manufacturing, pharmaceuticals, and retail sectors. At the operational level, the executive committee driving these technical services includes Chief Executive Officer Steve Nanda, Chief Financial Officer Mark Jones, Service and Business Development Director Louise Plant, Proposals Director Rob Brennan, and Operations Director Mark Thewlis.

Ent. Value

£10–30M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (GBP)

Year
Rev
EBITDA
EBIT
2018
£5–25M
£0–5M
[members only]
2017
£5–25M
£0–5M
[members only]

Other operations with Alpine Fire Engineers

Other operations with Alpine Fire Engineers
DateAcquirerTargetCountrySector
12/2022WESTBRIDGE CAPITALALPINE FIRE ENGINEERSUNITED KINGDOMSecurity & Guarding

Other operations with Soho Square Capital

Other operations with Soho Square Capital
DateAcquirerTargetCountrySector
01/2026SOHO SQUARE CAPITALSTRATHBERRYUNITED KINGDOMFashion & Leather Goods

Similar deals in Facility Management

Similar deals in Facility Management
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01/2019PREMIER TECHNICAL SERVICES GROUP (PTSG)TRINITY FIRE & SECURITY SYSTEMSUNITED KINGDOMSecurity & Guarding
11/2017K-BRO LINENFISHERSUNITED KINGDOMIndustrial Cleaning
05/2017L SQUARED CAPITAL PARTNERS / LONGVIEW ASSET MANAGEMENTELEVATED FACILITY SERVICESUNITED STATESMaintenance
04/2017AMPLEXORSAJANUNITED STATESDocument Management
04/2017DAVIESCYNERGIE UKUNITED KINGDOMBPO & Outsourcing
06/2016EQT PARTNERSAPLEONAGERMANYHVAC
06/2016DENTRESSANGLETESSIFRANCEDocument Management
02/2016RHONE CAPITALGARDAWORLD SECURITYCANADASecurity & Guarding
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REFERENCES

Valuation range: EV £10–30M

Revenue range: £5–25M

EBITDA range: £0–5M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Alpine Fire Engineers by Soho Square Capital 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: alpine fire engineers

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Alpine Fire Engineers, a British company specialised in Maintenance, by Soho Square Capital in 2018, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Westbridge Capital in December 2022 (see the dedicated deal page for details).

How was the acquisition of Alpine Fire Engineers by Soho Square Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the £10–30M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Alpine Fire Engineers’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Alpine Fire Engineers generated annual revenue estimated in the £5–25M range and EBITDA in the £0–5M bracket (FY 2018). Detailed financial figures are available to members.

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

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