European mid-market private equity firm IK Partners’s IK Small Cap III Fund is to acquire UK passive fire protection specialist Checkmate Fire from Leeds-based private equity firm YFM Equity Partners in the first investment from the fund’s dedicated pool of development capital.
Checkmate was established in 1989 and is headquartered in West Yorkshire, with operations across the UK. The company employs over 200 people and provides a range of passive fire protection services to organisations across the healthcare, education, government, social housing and commercial sectors. Checkmate inspects, installs, remediates and maintains passive fire systems and also provides installation and maintenance of active fire systems. According to a press release, Checkmate carries out over 30,000 fire door remediations or replacements per year.
Since YFM’s investment and under the existing management team, Checkmate has expanded its service offering and supports more customers in managing their passive fire systems through multi-year contracts. With IK’s acquisition, the company intends to further develop its passive fire offering, particularly its inspections division. Checkmate will also continue to invest in its people and technology to enhance operational efficiency while also executing a targeted M&A strategy.
Financial terms of the transaction, which sees the company’s existing management team reinvesting alongside IK, have not been disclosed. Completion of the transaction is subject to regulatory approvals.
