Heightened threats such as civil unrest and geopolitical tensions highlight the need for good security systems. Cybersecurity deals are a common occurrence here at PE Hub, but this morning we kick off with a deal that converges physical security and software, as Keensight Capital acquires a minority stake in a physical security information management software business.
We then switch to a different type of security, insurance. RedBird Capital Partners portfolio company Bishop Street Underwriters is set to acquire a London-based specialty-focused managing general agent.
We’ll finish with a traffic management deal, with Equistone-backed Buko adding on Hooke Holdings.
Safe and secure
Private equity is showing widespread interest in the security space with fire and life safety as the favored subsector among consolidators, according to Capstone Partners’ Security Solutions report, published in September.
Following a bounce-back year for M&A activity in the sector last year, transaction volume through year-to-date 2024 has softened marginally, while maintaining “solid” dealflow, the report said.
We kick off with a deal in the segment this morning, as Keensight Capital has acquired a minority stake in Advancis Software & Services, a global physical security information management software provider, alongside founders Hartmut Noell and Jan Meiswinkel.
Founded in 1994 and based in Langen, Germany, Advancis’ main product, WinGuard, integrates various security systems and devices, such as access control, video surveillance and fire detection, enabling centralized control and monitoring across these disparate systems. It employs nearly 160 people, and its products are used by a range of mid-market and enterprise customers.
Keensight will support the acceleration of Advancis’ international development, notably in North America and Asia, both organically and via acquisitions, according to a press release. The firm will also support Advancis’ product development and strengthen its commercial and marketing function.
Multi-jurisdictional
Switching over to insurance next. RedBird Capital Partners portfolio company Bishop Street Underwriters will acquire Landmark Underwriting, a specialty-focused managing general agent in the London insurance market.
Founded in 2017, Landmark provides multi-disciplined product offerings globally to brokers and clients, with a focus on complex and specialty reinsurance across multiple classes. These include professional indemnity, property, directors and officers, general liability and marine. It has a foothold in the UK and Australia with growing presence in Canada and Europe.
“Having a multi-jurisdictional footprint is a core strategy for us and we’re looking forward to leveraging Bishop Street’s existing platform and distribution relationships to drive organic and inorganic growth in the UK and other global markets with the Landmark team,” said Mike Zabik, partner at RedBird, in a statement.
The acquisition follows a series of previous add-on deals, including the acquisitions of Ethos Specialty’s Transactional Liability unit, Conifer Insurance Services, Ahoy!, an investment in Verve Services, and the establishment of partnerships with Skyward Specialty Insurance and Topsail Re.
Road safety
As the temperatures drop here in the UK and the roads get icy, what better way to finish than a traffic management deal. Equistone Partners Europe portfolio company Buko Traffic & Safety has acquired Hooke Holdings, the parent of the operating subsidiary and brand Hooke Highways, a traffic management provider.
The sellers are Hooke’s managing director and major shareholder Michael Montague, who will continue to lead the company’s operations post transaction, and Panoramic Growth Equity (PGE), an equity and debt investor. PGE invested in Hooke Highways in 2020.
Hooke Highways is based in Somerset, England.
Equistone acquired a majority stake in Buko in February 2023. Since then, the company has pursued a growth strategy focused on building its presence in its home market and targeted expansion into neighboring countries supported by strong market dynamics, according to a release. It entered the UK market by acquiring RTS in March and expanded into Germany with the acquisition of BVT Bremer Verkehrstechnik in October.
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