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Investment for Dublin security firm

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Securing the future: From left, BGF’s Mark Sykes with Derek Mooney, Aaron Mooney and Pat Maloney of Action24. Photo: Chris Bellew / Fennell Photography

Securing the future: From left, BGF’s Mark Sykes with Derek Mooney, Aaron Mooney and Pat Maloney of Action24. Photo: Chris Bellew / Fennell Photography

Chris Bellew / Fennell Photograp

Securing the future: From left, BGF’s Mark Sykes with Derek Mooney, Aaron Mooney and Pat Maloney of Action24. Photo: Chris Bellew / Fennell Photography

Action24, a Dublin-based security business which provides intruder alarms, CCTV and other safety solutions, has received a €3.6m investment from growth capital investor BGF.

Based in Sandyford, Action24 has 13,000 customers nationwide and employs 75 staff.

Experienced financier Conor Sheahan is joining Action24 as chairman and will invest in the business alongside BGF.

Mr Sheahan has considerable experience in mentoring fast-growing businesses, including international technology company Learnosity and Accelerated Payments.

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: "BGF have shared our vision for the business from our first interactions, and we are very pleased to be bringing them on board.

"This investment will help support Action24 on our next exciting phase of growth."

Action24 was founded by Derek Mooney in 1981. Aaron Mooney took over as CEO in 2018 and has led the company's expansion.

The investment by BGF follows €10.5m in financing by the Irish group a week ago in Irish-based cyber-security specialists Edgescan.

The investment company only takes minority positions in businesses. It aims to provide long-term support to the investee company's existing management and shareholders in order to help them grow their businesses.

It typically makes equity investments in companies of between €1m and €10m.

In the past 17 months it has made investments in Ireland in the areas of healthcare, construction, engineering, IT and, now, security.

Fieldfisher and Mazars acted for BGF on the deal. Action24 was advised by CKS Finance and Bohan Solicitors.

Irish Independent