Specialist Industrials
Cardinal Fire Systems
Fire safety installation and maintenance, exited 2023
Investment thesis
Regulatory change following building safety reform created durable demand for competent inspection and maintenance. Cardinal grew its recurring maintenance base and invested in engineer training, before a realisation in 2024.
Partnership highlights
- Recurring maintenance revenue grew to 62% of turnover
- In-house engineer training academy established
- Accreditation extended to new building safety standards
- Exited to a listed acquirer in 2024
“They funded the training academy when the payback looked slow. It defined the business.”