Private equity firm BGF has invested €3.6m to buy a significant minority stake in Action24, a Dublin-based security business which provides monitored intruder alarms, CCTV and access control solutions.

The deal comes after a €10.5m investment last week in Irish based cybersecurity specialists Edgescan.  

Action24's electronic security businesses offers a diversified offering across the domestic and commercial markets. With 13,00 customers nationwide, the company uses software from Alarm.com to power its alarm monitoring service.

It employs 75 staff at its facility in Sandyford, Dublin.

The company was founded by Derek Mooney in 1981. Derek was joined by his business partner Pat Maloney in 1991 and together they grew the company. Aaron Mooney took over as CEO in 2018. 

Experienced financier Conor Sheahan is joining Action24 as chairman and will invest in the business alongside BGF, while Mark Sykes from BGF will join the Action24 Board with Jack O'Kelly of BGF joining as a board observer.

Aaron Mooney, CEO of Action24, said today's investment will help support Action24 on its next exciting phase of growth. 

Leo Casey, Head of BGF in Ireland, said that Action24 was another excellent Irish business which is looking well beyond Covid-19.

"We are patient, long-term investors so the key for us is having confidence that the existing shareholders and management of the businesses we are investing in have the plans and the skill set to achieve their ambitions," Mr Casey said. 

"We remain very confident about the Irish market, as evidenced by this and our other recent transactions, and we look forward to investing in more ambitious Irish companies over the course of this year," he added.