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.

Begin a confidential conversation
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.

Typical acquisition profile
Revenue
£3m – £10m
EBITDA
£500k – £3m
Entry multiple
3 – 5× EBITDA
Revenue type
Recurring / repeat
Sector focus

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
stian@mercianindustries.co.uk +44 20 3769 3561 Connect on LinkedIn
Get in touch

Start a confidential conversation

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

Or reach out directly contact@mercianindustries.co.uk +44 20 3769 3561 Mercian Industries on LinkedIn
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.

Request a structure overview
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.

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
stian@mercianindustries.co.uk +44 20 3769 3561 Connect on LinkedIn
Get in touch

Open a lending dialogue

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

Or reach out directly contact@mercianindustries.co.uk +44 20 3769 3561 Mercian Industries on LinkedIn
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.

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
stian@mercianindustries.co.uk +44 20 3769 3561 Connect on LinkedIn
Get in touch

Open a confidential capital partner dialogue

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

Or reach out directly contact@mercianindustries.co.uk +44 20 3769 3561 Mercian Industries on LinkedIn
Thank you — your message has been received. We will be in touch within one business day. All information you have shared remains strictly confidential.
Our People

The team building Mercian Industries

A small, focused group of experienced operators and advisers — united around a single discipline: acquiring, governing, and growing exceptional businesses in regulation-driven sectors.

Leadership

Experienced. Aligned. Committed.

We are building Mercian Industries for the long term. Everyone involved has chosen to be here — and every appointment is made because it materially strengthens the group's ability to acquire, integrate, and compound value.

Stian Birkeland
Founder & Managing Director

Stian founded Mercian Industries to build a scaled, institutionally governed group in UK Fire Safety & Compliance through a disciplined buy-and-build strategy.

His background is in relationship-driven B2B environments. He approaches transactions with a long-term mindset — focused on trust, continuity, and sustainable value creation for sellers, lenders, and co-investors alike.

Mercian's capital structure combines committed equity from strategic capital partners with a long track record in the UK lower middle market, co-investor participation, and senior debt — structured conservatively from day one.

stian@mercianindustries.co.uk LinkedIn
Jens Antonsen
Group CFO Designate

Jens brings institutional-grade financial leadership to Mercian Industries ahead of its platform acquisition. His career spans PE-backed portfolio companies and institutional M&A — with direct experience structuring and supporting transactions at group level.

As Group CFO Designate, Jens leads financial governance, lender reporting, and transaction structuring. His appointment is a deliberate signal: Mercian is building the infrastructure of a properly governed group from the outset, not after the fact.

jens@mercianindustries.co.uk LinkedIn
Naveen Shanmugam
Group COO & Director of Integration

Naveen brings over two decades of senior operational leadership across PE-backed and publicly listed businesses, spanning manufacturing, security services, facilities management, and fire testing.

Most recently MD at Data Physics Corporation (PE-owned), he previously held SVP – Operations at G4S ($21bn global security and facilities business) and Director of PE Portfolio Operations at Helios Investment Partners. His tenure at Element Materials Technology — a BridgePoint / Temasek TICC portfolio company — gave him direct operational experience across UK and European fire testing facilities.

Naveen holds an MBA from UCLA Anderson and an MEng from the College of Engineering, Guindy. Certified Lean Six Sigma Black Belt.

naveen@mercianindustries.co.uk LinkedIn
In discussions
Chairman

We are currently in active discussions with experienced candidates for the Chairman role. The individual we appoint will bring board-level experience in regulated services and a track record spanning M&A and institutional governance. An announcement will follow in due course.

Journal

News & announcements

Updates from Mercian Industries — appointments, transaction milestones, and commentary on the UK Fire Safety & Compliance market.

27 May 2026 Appointment Press Release

Mercian Industries Appoints Naveen Shanmugam as Group Chief Operations Officer

Seasoned operations executive joins ahead of the Group's first platform acquisition, bringing deep expertise across PE-backed manufacturing, security services, and fire testing environments.

London, 27 May 2026 — Mercian Industries Ltd, the UK-based fire safety and compliance platform being built through a disciplined buy-and-build acquisition strategy, today announces the appointment of Naveen Shanmugam as Group Chief Operations Officer / Director of Integration.

Naveen brings over two decades of senior operational leadership across PE-backed and publicly listed businesses, spanning manufacturing, security services, facilities management, and fire testing. Most recently, he served as Managing Director at Data Physics Corporation, a PE-owned business, where he delivered significant revenue growth, gross profit and EBITDA turnaround. Prior to that, he held a Group Senior Vice President – Operations role at G4S (now part of Allied Universal), a $21 billion global security and facilities business, and Director of PE Portfolio Operations at Helios Investment Partners.

His sector experience includes a significant tenure at Element Materials Technology — a BridgePoint / Temasek portfolio company — where he led operational capacity building and business improvement across UK and European fire testing facilities. This direct exposure to TICC (Testing, Inspection, Certification and Compliance) environments makes him exceptionally well-suited to lead post-acquisition integration and operational value creation within the Mercian group.

Naveen holds an MBA from UCLA Anderson School of Management and an MEng from the College of Engineering, Guindy. He is a certified Lean Six Sigma Black Belt.

"Naveen's appointment marks a significant step in our journey. His background — PE portfolio operations, fire testing, large-scale services transformation — is precisely what Mercian needs at the operational helm. We are building this group to last, and that requires exceptional people from day one."

— Stian Birkeland, Founder & Managing Director, Mercian Industries Ltd

"The fire safety and compliance sector is at an important inflection point driven by evolving regulation and a generational shift in business ownership. Mercian is building something genuinely differentiated — a professionally governed, founder-friendly group where operational excellence is a core value, not an afterthought. I look forward to helping Stian and the team execute on that vision."

— Naveen Shanmugam, Group COO & Director of Integration, Mercian Industries Ltd

In his role as Group COO / Director of Integration, Naveen will be responsible for the operational oversight of all acquired businesses, leading post-acquisition integration across people, process, systems, and culture, and driving continuous improvement in health & safety, quality, and regulatory compliance across the Mercian group.

About Mercian Industries Ltd
Mercian Industries Ltd (Company No. 17139684, registered in England & Wales) is a UK-based acquisition platform executing a disciplined buy-and-build strategy in the fire safety and compliance sector. Backed by strategic capital partners with a long track record of successful transactions in the UK lower middle market, Mercian targets established, cash-generative businesses with revenue of £3m–£10m and EBITDA of £500k–£3m. The Group's strategy is built on conservative leverage, operational rigour, and a founder-first approach to acquisition that preserves the brand, team, and culture of every business it acquires.
5 May 2026 Appointment Press Release

Mercian Industries Appoints Jens Antonsen as Group CFO Designate Ahead of Platform Acquisition

Senior financial executive joins the founding team to lead group-level financial governance, lender structuring, and transaction readiness.

London, 5 May 2026 — Mercian Industries Ltd today announces the appointment of Jens Antonsen as Group CFO Designate, effective immediately.

Jens joins the founding team ahead of Mercian's platform acquisition, bringing extensive experience from PE-backed portfolio companies and institutional M&A environments. His appointment strengthens the group's financial governance infrastructure at a critical stage — ensuring that Mercian's first acquisition is supported by lender-grade reporting, rigorous cash flow discipline, and a clearly articulated capital structure from day one.

In his role, Jens will lead financial governance and reporting, support lender engagement and structuring, and oversee post-acquisition financial integration across the group. Mercian is actively progressing towards its platform transaction, with senior debt facilities targeting up to 2.5x EBITDA.

"Appointing Jens at this stage is a deliberate choice. We are building the infrastructure of a properly governed group before the first acquisition closes — not as an afterthought. Jens brings the kind of financial rigour and institutional credibility that lenders and investors rightly expect, and his experience in PE-backed environments means he understands exactly what a buy-and-build strategy demands of its CFO function."

— Stian Birkeland, Founder & Managing Director, Mercian Industries Ltd

"Mercian's approach — disciplined target selection, conservative leverage, and a genuine focus on continuity for the businesses it acquires — is exactly the kind of platform I wanted to be part of. The opportunity to build the CFO function from the ground up, with a clear mandate and strong capital backing, is rare. I am looking forward to helping execute on what is a compelling strategy in a resilient, regulation-driven sector."

— Jens Antonsen, Group CFO Designate, Mercian Industries Ltd

Mercian Industries is currently engaged in active acquisition processes, targeting platform businesses in UK Fire Safety & Compliance with revenue of £3m–£10m and EBITDA of £500k–£3m. Mercian is backed and in discussions with a small number of strategic capital partners with a long track record of successful transactions in the UK lower middle market, alongside co-investor participation and senior debt, structured to ensure each acquisition is sustainable and well-governed from completion.

About Mercian Industries Ltd
Mercian Industries Ltd (Company No. 17139684, registered in England & Wales) is a UK HoldCo executing a platform-first buy-and-build acquisition strategy focused on Fire Safety & Compliance services. The group targets established, cash-generative businesses in regulation-driven B2B sectors where recurring service demand, operational stability, and strong management teams create durable long-term value. Mercian is backed and in discussions with a small number of strategic capital partners with a long track record of successful transactions in the UK lower middle market, and operates with a conservative, lender-grade capital structure across all transactions.
21 April 2026 Insights & Strategy

The Future of ETA: Combining Proprietary AI with Human Networks

As the UK fire safety and compliance sector enters a period of increased regulatory scrutiny and technological integration, the traditional search fund or ETA model must evolve. At Mercian Industries, we believe the competitive advantage in the mid-market lies at the intersection of data-driven technology and deep-rooted professional relationships.

Our proprietary AI deal origination tool allows us to scan the market for signals of intent, financial health, and operational synergy at a scale previously impossible. However, M&A remains a human-centric endeavour. By combining our internal AI capabilities with the institutional reach of specialist origination partners and the strategic backing of our capital partners, we are building an acquisition engine designed for the long term.

Our focus remains narrow and disciplined: identifying the best-run firms in the fire safety space and providing them with the capital and leadership to grow within the Mercian family.

17 April 2026 Financial News

Mercian Industries Appoints Langdon Capital as Primary Debt Arranger

Mercian Industries is pleased to announce that Langdon Capital will serve as our primary debt arranger as we continue our mission to acquire a high-calibre group of companies within the UK mid-market fire safety and compliance sector.

Langdon Capital, led by Managing Director Sabbir Rahman, is a specialist corporate finance firm that raises non-dilutive debt and growth equity for lower mid-market businesses. With a team that has executed over £60 billion in notional value of transactions across financing, M&A, and derivatives, their pedigree is well-established. They leverage a vast network of private credit funds, banks, and institutional investors to secure debt facilities typically ranging from £1 million to £50 million, making them an ideal partner for our UK mid-market focus.

The partnership was formed after extensive research into transactions within the fire safety and compliance market, where Langdon Capital has demonstrated a clear and successful track record. Following an initial outreach, both teams found an immediate cultural and strategic alignment.

"Langdon Capital's track record and pedigree are, of course, highly attractive to us. We quickly found a mutual understanding and a shared tone in how we approach mid-market transactions. We are very much looking forward to working with Sabbir Rahman and the entire Langdon Capital team for a long time going forward."

— Stian Birkeland, Founder & Managing Director, Mercian Industries Ltd
16 April 2026 Partnerships

Mercian Industries Engages Langcliffe Global for Buy-Side Deal Origination

In a significant expansion of our deal sourcing capabilities, Mercian Industries has formally engaged Langcliffe Global for buy-side deal origination. This partnership serves as a high-touch complement to Mercian Industries' proprietary AI deal origination tool, ensuring comprehensive coverage of the UK market.

Langcliffe Global is a market leader in deal origination, acting as a bridge between corporate acquirers and the vendor advisory community. With a network of over 2,500 active deal-making firms — including mid-market boutique investment banks and M&A advisers — they provide unparalleled access to off-market and grey-market opportunities.

Langcliffe Global came highly recommended and, after an initial consultation, it became clear that they are a strong fit for Mercian Industries' goal to acquire companies in the UK fire safety and compliance sector. Their professional rigour and vast intermediary network will be instrumental in identifying high-quality businesses that fit our investment criteria.

27 March 2026 Corporate News

Mercian Industries Secures Strategic Capital Partner

Mercian Industries is pleased to announce that the company has secured a strategic capital partner that will join us at the HoldCo level in our endeavour to acquire companies in the fire safety and compliance sector in the UK mid-market.

The strategic capital partner — who will be named at a later stage — has both the capital, know-how, and a proven track record of acquiring several companies in the UK middle market. This partnership provides Mercian Industries with a robust balance sheet and the operational depth required to execute our ambitious buy-and-build strategy.

"Mercian Industries is very much looking forward to playing long-term games with long-term partners."

— Stian Birkeland, Founder & Managing Director, Mercian Industries Ltd