Investment in SmartWater and PID by Freshstream

Deal typePrivate Equity & Transaction Services
IndustryBusiness Services
Client nameThemis Risk Holdings Limited (trading as Smartwater and PID)

A Group containing security technologists, SmartWater and Perimeter Intruder Detection (PID) Systems, received an investment from Freshstream, allowing it to target new sectors.

BDO provided vendor due diligence in connection with SmartWater and PID's investment from Freshstream.


“BDO has known our business since helping us to acquire PID in 2019. BDO quickly got to grips with our business and were able to provide insightful advice and analysis targeted at what potential investors would be interested in. BDO’s analysis of pro-forma underlying earnings, normalised net working capital and cash & debt like items placed us in a strong position when we were in discussions with potential buyers. The BDO team were very responsive and hardworking which allowed us to hit some challenging deadlines and we look forward to working with them again on future transactions.”  

James Larner,  CFO, Themis Risk Holdings Limited (trading as Smartwater and PID)