Succession partner · UK Middle Market · B2B Services & Fire Safety

Your business deserves
a worthy continuation

We acquire well-run businesses from founders who want a professional, considered exit — without losing what they spent a career building.

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Our approach

We are not here to take over —
we are here to carry forward

Most acquisition processes focus entirely on price. Ours begins somewhere different — with understanding what you have built and why it matters. We believe the best outcomes happen when a founder's legacy is treated as an asset in its own right, not a complication to be managed away.

That means slow conversations before fast decisions. It means honest terms rather than aggressive structures. And it means we are only the right buyer if continuity — of brand, people, and culture — is something you genuinely care about.

Your brand is preserved

We do not acquire to merge and dissolve. Your trading name, your reputation in the market, and your identity continue unchanged. What you built carries your name forward.

Your team stays

Your key people are the asset. We protect them through retention programmes and clear communication from the moment we complete. No surprises. No quiet restructuring.

No disruptive integration

No day-one reorganisation, no imposed systems. The transition happens at your pace, with your involvement for as long as you want it. We follow your lead on timing.

What we acquire

Established, cash-generative businesses in the UK middle market

We acquire founder-owned businesses across the UK middle market, with a particular focus on the B2B Services sector — and especially Fire Safety & Compliance and adjacent regulated service businesses. We look for companies with strong recurring revenue, capable management teams, and owners who are ready for a professional succession.

The businesses we pursue are rarely in distress. They are well-run, well-regarded operations in sectors with durable regulatory demand — where the challenge is succession, not performance. Revenue between £3m and £10m, EBITDA between £500k and £3m, and a management team that knows the business as well as you do.

Revenue
£3m – £10m
EBITDA
£500k – £3m
Entry multiple
3 – 5× EBITDA
Revenue type
Recurring / repeat

Fire Safety & Compliance · Inspection, testing & certification · Maintenance & servicing · Passive & active fire protection · Regulated B2B services

How the process works

From first conversation to completion —
discreet and direct

1

Confidential first meeting

We meet to understand your situation and your goals. No obligations, no third-party involvement. The conversation is entirely on your terms — and remains entirely private.

2

Indicative terms without delay

If the business fits what we are looking for, we deliver written indicative terms quickly. We respect that you have a business to run in the meantime.

3

Funding already in place

We have committed equity from strategic partners and work with experienced lenders. You will not face uncertainty about financing after we have agreed terms.

4

No complex earn-outs

We structure transactions with price certainty. You know what you will receive — without performance-linked conditions that create uncertainty for years afterwards.

Equity rollover

The second bite of the apple

You do not have to take all your proceeds today to maximise what you receive.

For sellers who want to participate in the upside they helped create, we offer an equity rollover option. Rather than taking one hundred percent of your consideration at completion, you retain a meaningful stake in the acquiring entity — at the same valuation we pay — with the expectation of participating in a substantially higher exit multiple when the group is sold or refinanced.

The arithmetic is compelling. A business acquired at 4× EBITDA that is subsequently sold as part of a scaled, technology-enabled compliance platform at 10× delivers a materially better outcome on the retained equity than any cash alternative available at closing. This is not a deferral mechanism — it is an invitation to benefit from the growth phase you made possible. For the right sellers, it is the most valuable part of the conversation.

Stian Birkeland — Founder, Mercian Industries Ltd
The founder

Stian Birkeland

Founder · Mercian Industries Ltd

I spent fifteen years in relationship-driven B2B environments across security and safety services — at Securitas, Hafslund Security, and Falck — working with clients and teams where trust was the foundation of every meaningful transaction. I know what it takes to build something that lasts, and I know what it costs.

When I speak with founders considering succession, I am not representing a fund with a mandate and a deadline. I am a principal operator with committed capital and a long-term view. That means I can engage honestly, move at a pace that suits you, and make decisions without a committee behind me.

My approach is straightforward: every conversation is treated with the discretion and respect it deserves. If there is a fit, we will find it together. If there is not, I will tell you clearly — and the conversation stays entirely confidential either way.

Securitas Hafslund Security Falck B2B services Fire & compliance Founder succession
Get in touch

Start a confidential conversation

All enquiries are treated in strict confidence. We respond within one business day.

Thank you — your message has been received. We will be in touch within one business day. All information you have shared remains strictly confidential.
Senior debt · Government-backed facilities · SPV-isolated transactions

A platform structured for
institutional scrutiny

Mercian Industries has been designed to bring institutional-grade governance to the UK SME market — combining sector expertise with a capital structure that meets the highest lending standards.

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The institutional imperative

Governance that SMEs rarely have —
until now

Mercian Industries is not a traditional owner-operator acquisition. It is a professionally governed acquisition platform designed to introduce institutional-grade reporting, financial controls, and operational standards into founder-owned businesses in the UK lower mid-market.

Every portfolio business receives the same governance framework that institutional lenders expect: clean SPV structures, auditable EBITDA, KPI-based reporting, and a management team that is properly incentivised and stable. This is the baseline, not the aspiration.

Deal flow tracker

Active pipeline — as at April 2026

Candidates identified
AI-driven search
Adviser network firms
Active relationships
CIMs received weekly
Rolling average
Transactions declined
Post-review
0
Transactions approved
Platform deal in progress
Capital structure

Conservatively structured. Stress-tested.
Self-sustaining from day one.

Every transaction is modelled from first principles using audited or independently reviewed financial information. Leverage is sized to the quality of the cash flow, not the optimism of the projections. Stress tests are run before terms are agreed, not after.

Our advisory team — covering financial due diligence, tax, and legal — are experienced in lender-facing work and prepare documentation to an institutional standard. The information pack you receive will answer the questions your credit committee will ask.

Leverage

2–3× EBITDA. No aggressive financing. Sufficient headroom for rate movements and temporary performance softness without breaching covenants.

DSCR

Minimum 1.5× on all transactions. Cash flow models stress-tested at +200bps as the base scenario — not a sensitivity.

Transaction isolation

Separate SPVs per acquisition. Direct security over individual assets — no cross-collateralisation across portfolio companies.

Advisory coverage

Professional advisers engaged on FDD, tax, and legal for every transaction. Reports are prepared to an institutional standard and can be addressed directly to your credit team on request.

Equity buffer

Committed strategic equity from strategic & tactical partners. Clear, documented capital stack from first approach — no equity uncertainty during the process.

Management continuity

Retention arrangements and equity incentives secure stability through ownership transition. Management dependency is a decline criterion, not an assumption we paper over.

Transaction discipline

"Power of No" is not a marketing line —
it is documented practice

We have already declined transactions where EBITDA did not withstand scrutiny, where management dependency was unresolvable, or where vendor expectations were misaligned with a fundable structure. Every pass decision is documented, and the reasoning is available for lender review.

The discipline matters because it demonstrates that the deal flow presented to you has already been filtered through a substantive internal process. You are not the first line of defence on credit quality — we are.

1.5× Minimum DSCR on all transactions
2–3× Maximum leverage target
+200bps Interest rate stress — base scenario
Stian Birkeland — Founder, Mercian Industries Ltd
The principal

Stian Birkeland

Founder · Mercian Industries Ltd

My background is in the sectors I am acquiring into. Securitas, Hafslund Security, and Falck were not casual references — they were fifteen years of operational experience in recurring-revenue B2B services businesses, dealing with exactly the governance, compliance, and client-retention dynamics that determine whether a business performs as projected in a credit model.

Mercian Industries was structured from inception with lender requirements at the centre. The SPV architecture, the adviser selection, the reporting framework, the stress-test methodology — all of it was designed before the first acquisition, not retrofitted after the first problem. That is the difference between a platform and an opportunistic buyer.

The discipline I apply is demonstrated by the decisions I have already made. Transactions have been declined where EBITDA did not withstand independent scrutiny. That record is available for review and I welcome the conversation at any stage of your credit process.

Securitas Hafslund Security Falck SPV structure Lender-grade governance Professional advisers
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Open a lending dialogue

All enquiries are treated in strict confidence. We respond within one business day.

Thank you — your message has been received. We will be in touch within one business day. All information you have shared remains strictly confidential.
Strategic capital · Platform equity · CaaS transformation

Building a scaled compliance platform
alongside aligned capital

Mercian Industries works alongside a strategic capital partner to execute disciplined off-market acquisitions — combining execution speed, governance standards, and a CaaS transformation thesis to build durable, scalable value.

Request a capital partner briefing
The partnership model

A cornerstone partner that delivers execution at institutional speed

Mercian works alongside a cornerstone strategic capital partner whose participation provides three critical advantages: committed equity that enables fast off-market moves without auction timelines, an institutional validation signal that strengthens lender and seller confidence, and a shared discipline on deal quality that means every transaction has been assessed by multiple experienced principals before commitment.

Co-investors participate on identical pari-passu terms — share pledge, asset security, and pro-rata rights on all future bolt-on acquisitions in the group. There is no preferred equity, no management override, and no information asymmetry. What the cornerstone partner holds, co-investors hold on equivalent terms.

Deal flow tracker

Active pipeline — as at April 2026

Candidates identified
AI-driven search
Adviser network firms
Active relationships
CIMs received weekly
Rolling average
Transactions declined
Post-review
0
Transactions approved
Platform deal in progress
The CaaS thesis

From transactional revenue to
recurring compliance platform

The core value creation thesis is straightforward: acquire cash-generative businesses with strong market positions, then systematically convert their revenue model from transactional to subscription — increasing predictability, retention, and exit multiple simultaneously.

Compliance-as-a-Service

Portfolio businesses are systematically converted from transactional inspection and maintenance contracts to structured CaaS subscription models — improving revenue predictability, customer retention, and exit multiple. The recurring revenue uplift is measurable within twelve months of acquisition.

Platform synergies

As the group scales, shared digital infrastructure, compliance management software, and centralised back-office functions reduce per-unit cost and increase margin across the portfolio. Each acquisition improves the economics of those that preceded it.

Multiple arbitrage

We acquire at 3–5× EBITDA and build toward an institutional exit at 8–12×. The CaaS transformation is the primary driver of this uplift — turning founder-owned service businesses into scalable technology-enabled compliance platforms.

The investment case

Regulation-driven demand. Off-market access.
Institutional exit horizon.

"We do not buy for volume. We buy the right businesses at the right price — and have already walked away from deals that did not meet the standard."

The Building Safety Act 2022 permanently expanded the regulatory compliance burden on commercial and residential property owners across the United Kingdom. Fire safety inspection, testing, and certification services are no longer discretionary — they are legally mandated, with escalating enforcement and personal liability for duty holders. This structural demand driver is independent of economic cycles and strengthens as enforcement matures.

The lower mid-market segment of this sector remains highly fragmented — dominated by founder-owned businesses without the scale, governance, or capital structure to attract institutional buyers. That fragmentation represents the off-market pricing window: 3–5× EBITDA for businesses that will be valued at 8–12× inside a scaled, CaaS-transformed group. That window is closing as private equity consolidates the category from the top down. The advantage belongs to those who move first with discipline.

Capital structure at a glance

Pari-passu participation, SPV isolation,
and institutional protections

Each acquisition is executed through a dedicated SPV beneath the HoldCo — providing clean asset isolation, direct lender security, and a transparent ownership register. Co-investor participation is structured at the SPV level, with share pledge and security documentation prepared at the time of each transaction.

Access to co-investment is selective. We work with a limited number of aligned principals whose participation adds more than capital — including sector relationships, lending network coverage, and strategic value at board level. If you are considering participation, the appropriate starting point is a confidential briefing on the current pipeline.

3–5× Target entry multiple (EBITDA)
8–12× Institutional exit multiple target
£25m+ Group revenue horizon
Stian Birkeland — Founder, Mercian Industries Ltd
The operator

Stian Birkeland

Founder · Mercian Industries Ltd

I am an operator-led acquirer. My background spans Securitas, Hafslund Security, and Falck — multi-sector B2B services environments where managing recurring revenue, compliance obligations, and distributed field teams was the daily reality. I know the businesses I am acquiring from the inside, which changes what I see in due diligence and how I manage the post-acquisition transition.

Committed cornerstone equity is already in place at HoldCo level. The deal flow infrastructure — direct outreach, intermediary relationships, and proprietary target research — is active and producing qualified opportunities. The advisory network covering legal, FDD, tax, and debt is engaged and working on current transactions.

The platform is not a concept. It is an operating business in motion. For capital partners who want to deploy alongside a disciplined, operator-led principal in a structurally growing sector, the timing is right and the pipeline is moving.

Securitas Hafslund Falck Multi-sector founder Committed cornerstone equity Active adviser network Off-market deal flow
Get in touch

Open a confidential capital partner dialogue

All enquiries are treated in strict confidence. We respond within one business day.

Thank you — your message has been received. We will be in touch within one business day. All information you have shared remains strictly confidential.