Technology and business services investor Horizon Capital has exited portfolio company Bellrock to buyout major Sun European Partners.
Bellrock provides risk focused workplace and property management services to public and private sector customers in the UK. The company has quadrupled in revenues to £160m under Horizon’s eight-year ownership and had carried out 11 acquisitions which broadened delivery capability and geographic reach, the firm said.
Jeremy Hand, chairman of Horizon Capital said: “It’s been an absolute pleasure working alongside David, Gerry, and the wider Bellrock team over the past few years. We’re delighted to have helped guide the business through a complete transformation into a leading market disrupter – and congratulate the team on securing backing from Sun European. We wish everyone well on the next leg of their journey.”
Paul Daccus, managing director at Sun European Partners, said, “We are very excited to be partnering with Bellrock and continue its excellent track record of organic growth as well as its buy and build strategy. They have a highly experienced management team with a proven track record of integrating acquisitions and gaining market share through their proprietary software offering. We look forward to partnering with the team as they transition to their next phase of growth.”
Sun European exited UK bed and mattress retailer Dreams to trade buyer Tempur-Sealy in a $475m deal in May. It also agreed to buy UK environmental risk reduction specialist Adler & Allan from fellow private equity investor LDC last year.
Horizon Capital closed its $200m Emerging Europe Growth Fund III vehicle in 2018.
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