Fire Safety Systems Specialist Targets Revenues Exceeding €130m in 2023
CEO Ted Wright recently shared that the fire safety systems firm, WTech Fire Group, plans to solidify its position as a significant pan-European consolidator through a series of takeovers. To achieve this goal, the company will focus on a combination of organic growth and a bolt-on strategy that may result in revenues exceeding €130m in 2023. Furthermore, Wright expressed his ambitions to reach €200m-€250m in the next two to three years, which will involve key acquisitions that align with their culture and values.
WTech Fire Group’s original business, WriTech, specializes in designing, manufacturing, installing, and servicing fire safety systems for various large buildings and complex facilities. Their systems are widely used in data centers, life sciences plants, logistics and retail parks, commercial properties, and food and beverage facilities. The company’s rapid expansion has been made possible by investment from majority shareholder Waterland, a pan-European private equity firm that acquired a stake in the second-generation family firm in 2021.
Recently, WTech Fire Group completed the acquisition of Ideal Fire, an established fire safety solutions provider based in Dublin. Ideal Fire offers planned preventative maintenance services for safety systems such as fire alarm systems, emergency lighting systems, fire extinguishers, automatic opening vents, and gas suppression systems. Their clients include pharmaceutical plants. This is the third acquisition for WTech Fire Group this year, following the purchases of Jem Pumps in the UK and Wilec Fire & Security in Co Wicklow.
Previous acquisitions include Swedish fire protection business Ce Sprinkler for €10m and UK-based Compco Fire Systems, a provider of automatic fire suppression systems, for €25m. The cumulative cost of these recent bolt-on acquisitions totals “tens of millions of euro,” according to Mr. Wright. He credited Waterland for providing the financial capacity to support these mergers and acquisitions.
In addition to acquisitions, WTech Fire Group has undergone internal reorganization, which involved the development of new group-level finance and technology operations. Mr. Wright has transitioned from his role as the day-to-day manager of the original Irish business to the position of growth-focused CEO at the group level. This strategic restructuring, along with the implementation of group-wide software and processes, has not only facilitated large-scale growth but also boosted profit margins across the combined businesses. The company’s workforce is expected to expand to over 580 employees this year.
Mr. Wright’s entrepreneurial success has been recognized as he has been nominated as a finalist in this year’s EY Entrepreneur of the Year awards.
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