Professional Security: Tyco acquires
Mon 07 Jan 2013
The security installer First City Care has been bought by the ADT arm of 6 billion annual revenue, US-based multinational Tyco. Established in 1986, First City Care installs access control, CCTV and intruder alarms and says that its one of the few specialist companies able to undertake installations across all three security areas.
First City points to a track record in the UK, mainly in the City of London, in Singapore and other parts of the world. The firm specialises in banking and financial services, where clients include investment banks. Other clients come from the media, lw, property, music, oil exploration and pharmaceuticals. First City, based in Welwyn Garden City, is around 100-strong. The company reports a rise it its annual revenues from 7.35m in 2009 to an expected 18m in 2012.
Cavendish Corporate Finance advised on the deal. The Cavendish Corporate Finance team was led by Raymond Fagan, Partner and Head of TMT, supported by senior executive James Ellis. Other recent TMT deals include the sale of Primal Pictures to Informa plc, the sale of Lightech to General Electric and the sale of Focus Solutions Group plc to Standard Life plc.
Cavendish completed 15 deals last year across a range of sectors, such as Media, Consumer and Retail, Financial Services and Industrials. Sales of leading brands on which Cavendish advised include: Raleigh Bikes, Robert Dyas, Hancocks and Marsh & Parsons.
Raymond Fagan, TMT Partner at Cavendish Corporate Finance, said: We are delighted to have worked with the shareholders of First City Care on this sale to global market leader Tyco. There is significant consolidation in the sector and this transaction illustrates the strong interest small and medium-sized firms in this industry can generate from big multinational players. It also demonstrates our strong technology services track record and our global reach in being able to identify potential international buyers for UK SMEs, which are often willing to pay a premium for companies that they deem to be excellent strategic fits for their business.