Status:

Current

Commitment:

£26m

Date of investment:

2013

Sector:

B2B Services

Buy & Build:

10 completed acquisitions

“I’m convinced we wouldn’t have gone as far and or as fast without Horizon Capital’s focus and support.”

David SmithCEO, Bellrock

Background

In 2013, Horizon Capital mapped the facilities management market and identified Bellrock as an attractive platform for transformation into a technology-enabled, white-collar provider of specialist risk focused workplace & property management services.

Today, Bellrock is recognised as a market leader, serving more than 700 public sector and commercial customers across the UK and Ireland, with nearly 90% of its revenues recurring and a contracted order book covering 3 years forward revenues.  All Bellrock’s services are underpinned by a world-leading technology platform, helping improve customer service, reduce cost and mitigate risk.

The Journey so far

At completion, Horizon Capital recruited a sector expert Chairman and over time strengthened the management team bringing in a new CEO, FD, CTO, sales and operational heads.  The new team successfully repositioned the business, helping drive above-market organic growth, M&A activity and profitability.

Horizon Capital  invested heavily in Bellrock’s technology backbone.  On exit,  the business offered a differentiated one-stop, data analytics platform, driving efficiency and providing complete transparency for its customers over costs and compliance.  The business continued to enjoy a strong presence in the public sector, managing healthcare and education settings as well as geographically spread, complex and multi-site private sector property portfolios.

At the time of acquisition, Bellrock’s sales and marketing engine had been neglected.  Horizon supported significant investment in order to take advantage of the market opportunity, helping drive saw above-average growth rates for the sector.

Buy and Build

11 add-on acquisitions were completed during the investment period. Acquisitions added technology capability, adjacent high-value compliance services that could be cross-sold and scale for the core business across both existing and new verticals.

Realisation

During the investment period revenues and profits grew more than fourfold, driven by both organic growth and add on acquisitions.  Contracts for the sale of Bellrock to Sun European Partners were exchanged in September 2021.

News & Insights

Related Infomation

July 9, 2018 in News

Horizon invests in DMC Canotec

Horizon, the leading investor in UK business services and technology companies, is pleased to announce its investment in DMC Canotec
Read More
October 25, 2018 in News

Horizon-backed Wireless Innovation acquires Rock Seven and YB Tracking

Wireless Innovation, a specialist Machine-to-Machine (M2M) and Internet of Things (IoT) connectivity and communications provider, backed by Horizon Capital, today announces the acquisition of Rock Seven Mobile Services Limited and…
Read More
October 20, 2018 in News

Horizon Capital raises £200m

Last week we closed on a new fund, Horizon 2018 - a seven-year investment vehicle which secured £200 million of commitments from a group of blue-chip institutional investors led by Pantheon…
Read More