Security firm founders accept seven-figure sum for business
Jan 14 2009 by Peter McCusker, The Journal
TWO North East businessman have sold the successful company they built over the past 20 years to a Scottish entrepreneur for a seven-figure sum.
Killingworth-based Goldshield Electronic Security has grown into a £4m annual turnover company since it was founded by Grahame Shaw and Stan Johnston in 1986.
Over the past 22 years it has become a market leader in the supply, installation and maintenance of security devices and systems for care homes and assisted living premises.
Scottish businessman Stuart Glover has purchased 100% of the company with the backing of the Royal Bank of Scotland and venture capital fund Infinity Asset Management of Manchester. The founders will remain with the company.
Mr Shaw said: “Goldshield has a fantastic reputation for quality, reliability and service, thanks in the main to the quality of our workforce and personnel, and this deal gives the business the best possible chance to grow and evolve over the coming years.”
Mr Johnston added: “After 22 years growing a business we are very proud of, we were approached by Stuart Glover and his backers who were looking to invest in building a business in this sector, and who identified our firm as the best strategic base from which to grow.
“In many ways this will be business as usual, as both Grahame and I will remain in our roles to support Stuart as he comes into the firm.
“With the backing of RBS and Infinity, and the ambition of Stuart, we can see enormous potential for growth and opportunities for the business and everyone here, and the deal will open up a whole new chapter for the firm.”
The deal was structured by BTG McInnes Corporate Finance. Shawn Bone of BTG McInnes, said: “Goldshield has developed a strong brand within its niche markets and installs the UK’s leading security products from leading manufacturers with whom the founders have developed excellent relationships.
“The deal represents a great opportunity for a fantastic business and North East success story to take the next step forward.”
Mark Irving from BTG McInnes also advised the vendors, and Peter Robinson of Muckle law firm handled the legal work for the exiting founders.
Peter Robinson of Muckle said “Goldshield’s founders have developed a strong business over the last two decades. It’s been great to work with Grahame and Stan and help them both take the business into the next phase of its growth with Stuart. The company has a great future going forward.”
Goldshield currently employs 40 engineers and administrative staff from its base at Camperdown Industrial Estate in Killingworth.
Its core business is installing remote personal alarm systems.
