Date of investment / realisation:

2013 / 2021


B2B Services

Buy & Build:

12 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


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

Twelve 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.


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

March 8, 2021 in Bellrock, News

Horizon backed Bellrock acquires B38 Group

Horizon Capital backed Bellrock, the technology enabled provider of risk and compliance-centred estate management solutions, today announces the acquisition of B38 Group Holdings Ltd. B38 provides a diversified mix of…
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October 28, 2021 in Bellrock, News

Horizon Capital announces exit from portfolio company Bellrock

Horizon Capital, the private equity investor specialising in technology and business services, today announces the successful sale of its portfolio company Bellrock to Sun European Partners.  Bellrock, one of Horizon’s…
Read More
May 3, 2019 in Bellrock, News

Bellrock Group acquires Fasset Holdings

The Horizon-backed technology-enabled compliance and risk management company, Bellrock, announced the acquisition of Fasset Holdings Ltd.  Fasset provides a diversified offering through a mix of property and facilities management consultancy…
Read More