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Orbis Protect

Status

Current

Situation

Carve out

Sector

Facilities management

Headquarters

Greater London, UK

Investment Date

March 2013 – August 2018

Leading provider of specialist security services to the UK vacant property sector

 

About Orbis Protect

Orbis Protect (Formerly the UK operations of SitexOrbis Street acquired it) is a nationwide, leading provider of vacant property services in the UK. The business provides services such as personnel security, CCTV towers, alarm, and barrier rental to protect dilapidated properties owned by the public and private sectors.

 

Sullivan Street helped Orbis Protect:
  • Significantly improve operator productivity to enhance gross margins.
  • Enhance cost base and quadruple EBITDA over investment life
  • Grow and diversify its revenue streams through launch of technical products and services

 

The Opportunity

Sullivan Street acquired Orbis Protect in 2013 in a Competition Commission-mandated disposal. The complexity which deterred others enabled an acquisition at an attractive valuation. The acquisition was made more complex due to zero access to management or sites, a recalcitrant team unaware of the process, loss of a significant revenue steam and the duopolistic competitor, insisting on retaining the critical brand (Sitex), sitting as the ultimate vendor.

 

The Investment

Upon acquisition both Sullivan Street partners took executive positions in the Business to stabilise and transition to independent ownership, During this period a new management team was established and the overhead cost base was optimised for the new business. Over the course of the 5 year investment wholesale improvements were made to systems, operator incentivisation and controls resulting in a significant uplift in productivity and, consequently, profit margins. Alongside this despite a contracting core market, strong revenue growth was achieved through restructure of the sales team and diversification of the service offering. In August 2018 Sullivan Street exited its investment via an MBO backed by NorthEdge Capital.