The deal follows NorthEdge’s initial backing in 2018 and two years of organic growth for Orbis Protect, which has achieved year-on-year organic EBITDA growth in excess of 20% since 2016. Earlier this year the business ranked 8th in the Sunday Times’ Profit Track and following the acquisition it is expecting to achieve in excess of £8 million EBITDA in the next financial year.
Guy Other, Orbis Protect Chief Executive, said: “During lockdown we have been able to adapt quickly to support clients. This approach to spotting new opportunities for our business has been key to us continuing to report strong organic growth. NorthEdge has been supportive of our ambitions since backing the business, and their support with our first acquisition has been invaluable.
“Over the last few years we have developed a strong partnership with Optosafe on a range of client projects, the specialist insight the team can provide makes this deal a key part of our ongoing strategy and will help us to further accelerate our growth.”
Current Optosafe CTO John Robertson has joined Orbis as Managing Director of the Optosafe division and will continue to focus on delivering solutions and driving new product development opportunities.
John Robertson said: “We know our markets well and are aware of the high demand for Optosafe’s services. It makes monitoring and security for areas like construction, infrastructure and utilities safer and more reliable than traditional security systems, which is key for clients who own and operate these assets. Working with Orbis Protect will allow us to accelerate our ongoing R&D work to develop new services for our customers.”
The acquisition was funded in part by financing provided by Clydesdale Yorkshire Bank. Orbis were supported on the acquisition by Deloitte (Corporate Finance), Browne Jacobson (Legal), BDO (Financial Due Diligence), Fairgrove Partners (Commercial Due Diligence) and Better Basics (Operational Due Diligence).
Ian Mansell, Senior Director at Clydesdale Yorkshire Bank, said: “To have completed this deal against such a challenging backdrop is testament to the resilient and highly sustainable performance seen across the core business, which should be further enhanced through this acquisition.”.