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Diversified Industrials M&A Trends: Fall 2020

Published April 20, 2021

Home > M&A Trends > Diversified Industrials M&A Trends: Fall 2020

Fire & Life Safety and Security Services Spotlight

  • Private equity investors for general industrial funds are continuing to prioritize opportunities in resilient sectors, such as Fire & Life Safety and Security
  • Fire & Life Safety and Security are seeing high levels of consolidation as multiple PE firms and major national strategics pursue roll-up strategies
  • Expanded IoT and 5G modernization are continuing to drive hybrid industrial technologies and building automation models. As a result, there are substantial upgrade opportunities over the coming years via commercial or DIY mode

COVID-19 has driven a high level of market uncertainty in numerous sectors of the private markets. The Fire & Life Safety and Security markets have been fairly resilient relative to the overall market attracting a high level of investor interest. At Meridian Capital, we cover the Diversified Industrials industry including Fire & Life Safety and Security.  Meridian’s Diversified Industrials practice provides deep sector expertise, comprehensive access to industry wide strategic and financial sponsor relationships, and proven transaction experience to help maximize shareholder value.

View the Report

Fire & Life Safety and Security Services Market Insights

Financial Investors Increasingly Focused on Industrial Services Sectors

  • With economic headwinds in key industrials sectors, private equity investors for general industrial funds continue to prioritize opportunities in resilient facilities services sectors.
  • Investors are focused on investing in companies where there is a high level of recurring monthly revenue (“RMR”) and near-term opportunities for expansion in services and scale.
  • With more than 60 deals in the space over the past year, two thirds have involved a financial sponsor.

COVID-19 Drives Changes in Forecasted Commercial Real Estate Occupation Levels

  • Stay-at-home orders have resulted in vacant and vulnerable commercial buildings, emphasizing the importance of ongoing fire safety inspection and maintenance services.
  • While the sector tends to be recession resilient, the evolving commercial real estate market, challenges to the hospitality sector, and forecasted suburbanization could impact installation-focused businesses.
  • Covid-19 has also driven increased demand for enhanced HVAC filtration systems at commercial properties.

Continued Emphasis on Modernization and Updating for Smart Buildings

  • Expanded internet of things and 5G modernization are continuing to drive hybrid technology and services building automation and security models.
  • The ongoing conversion of fire alarm systems to cellular will provide substantial upgrade opportunities over the next few years.
  • The significant recent investment by Google in ADT represents a major milestone in the maturity of the smart security market and is expected to accelerate the growth of DIY home security systems.
Chart of Global Smart Security Market ($B)
Chart of U.S. Fire Safety Market ($B)

Source: CB Insights, U.S. Small Business Administration, PitchBook Data, IBISWorld, Company Press Release, IHS Markit, National Fire Protection Association, Feedonia, SDM, and Meridian Research

What We’re Reading

Google invests in ADT, will integrate its Nest devices into smart home business – The Verge
Takeaway: Big Tech is making headways into the security services business as legacy security services providers look to integrate smart-home devices.

SDM: State of the Market: Fire Alarms 2020 – SDM Magazine
Takeaway: Industry continues to experience strong growth despite challenges related to COVID-19 as fire & life safety businesses continue to look for opportunities to build more RMR. 

Retrofitting homes with lower cost sprinkler technologies – U.S. Fire Administration 
Takeaway:  The U.S. Fire Administration is supporting research on the retrofitting of homes with fire-sprinkler systems, which  could help open up incremental residential fire-sprinkler system opportunities for fire & life safety businesses. 

Fire & Life Safety and Security Services M&A Activity

M&A Activity and Market Trends 

Chart of U.S. Fire & Life Safety and Security M&A Activity

Source: CB Insights, U.S. Small Business Administration, PitchBook Data, IBISWorld, Company Press Releases, IHS Markit, National Fire Protection Association, Feedonia, SDM, and Meridian Research

Recent Transaction Spotlights

Description: National Fire & Safety, a portfolio company of Highview Capital, has acquired Element Fire Protection LLC.

Rationale: The acquisition meaningfully expands National Fire & Safety’s subsidiary RCI Systems, Inc.’s scale and leadership in the Phoenix market.

Description: Certasite has merged Advanced Fire Company, Approved Fire Protection, and Advanced Fire & Security to form Advanced Fire, a CertaSite Company.

Rationale: The acquisition continues CertaSite’s regional roll-up strategy and expands the company’s presence in Pennsylvania.

Description: ADT acquired Alliant Integrators, a provider of commercial fire alarm detection, installation, inspection, and maintenance.

Rationale: The acquisition bolsters ADT’s ability to serve mid-market and national commercial accounts by deepening the Company’s geographic footprint in Kentucky and southern Indiana.

Consolidation in Fire & Life Safety and Security Market

Fire and Life Safety Services

Highly fragmented market in early stages of aggressive consolidation with multiple PE firms pursuing roll up strategies

Security Services

Market further along consolidation curve with major national consolidators and a handful of regional consolidators continuing to be active

Chart of Fire, Safety, Security Notable M&A Acquisitions in 2020
Source: PitchBook Data, Inc, Company Press Releases, Meridian Research

Select Fire & Life Safety and Security M&A Transactions

DateTargetBuyerTarget DescriptionEV ($M)
Sep-20American Fire and SafetyPye Barker Fire & Safety, Leonard Green & PartnersProvider of fire and life safety services in Laurel, Mississippi.
Jul-20Kennebec Fire Equipment, Inc.AI Fire, Audax GroupProvider of fire protection equipment.
Apr-20Basic Fire & Safety, LLCPerformance Systems Integration, The Riverside CompanyProvider of fire and life safety services in Washington, United States.
Mar-20Alpine Fire & Safety Pye Barker Fire & Safety, Leonard Green & PartnersOperator of a fire protection company based in Burlington, Washington.
Mar-20Advance Fire Extinguisher CompanyCertaSite, The Riverside CompanyProvider of fire and life safety services in the Puget Sound area of Washington State.
Feb-20Florida Fire SafetyPye Barker Fire & Safety, Leonard Green & PartnersOperator of fire extinguisher service company based in Miami, Florida.
Feb-20Certified Fire Protection, Inc.Leonard Green & PartnersOperator of a fire protection company based in Las Vegas, Nevada.
Feb-20Florida Fire SafetyCertified Fire Protection Operator of a fire protection company based in Las Vegas, Nevada.
Feb-20LRC Fire Safety, LLCAi Fire, Audax GroupOperator of a full-service fire and safety company.
Jan-20Defenders Inc.ADT Security ServicesOperator of a home automation company intended to provide home security and automation option services to users fitting their needs.$289 
Jan-20Strauss Security SolutionsSecurity EquipmentProvider of full-service home security systems based in Urbandale, Lowa.
Dec-19Bay Line Fire Protection, Inc.The Summit Companies, CI Capital PartnersProvider of fire protection system installation and inspection services.
Dec-19Allied UniversalWarburg PincusProvider of security and facility management services in the United States.$7,000 
Dec-19Byrd’s Fire ProtectionThe Summit Companies, CI Capital PartnersProvider of fire equipment sales and services based in Murray, Utah.
Nov-19Florida Fire Service, Inc.Align Capital PartnersProvider of fire protection services.
Nov-19Pye Barker Fire & SafetyLeonard Green & PartnersProvider of route-based fire protection and commercial cleaning services to restaurants and food service companies.
Sep-19Southern Supply IncThe Summit Companies, CI Capital PartnersManufacturer and supplier of fire protection, first aid safety and emergency products & services.
Sep-19PAW Security, LLCThe Summit Companies, CI Capital PartnersProvider of fire safety products and services.
Sep-19Hoodco systems IncAI Fire, Audax GroupProvider of fire protection systems for the restaurant industry.
Aug-19Performance Systems Integration, Corp.The Riverside CompanyProvider fire and life safety services.
Jul-19County Fire Protection, Inc.CertaSite, The Riverside CompanyProvider of fire protection services based in Kent, Ohio.
Jul-19Field’s Fire Protection Inc.CertaSite, The Riverside CompanyProvider of fire protection services.
Jun-19Security Corp.Red Hawk Fire & SecurityProvider of integrated security systems and services.
Jan-19Red Beetle Fire and Safety, LLCCintasProvider of fire and safety products and services to multi-unit family complexes, industrial buildings, retail buildings and stores, restaurants, office buildings and more.
Oct-18Flametamer Fire Protection, LLCCI Capital PartnersProvider of fire protection products and services.
Oct-18Clark Fire and SafetyCI Capital PartnersProvider of fire protection products and services.
Oct-18Dunbar Security SolutionsControlScan, Thomson Street Capital PartnersProvider of managed security solutions for businesses.
Oct-18LJR Security Services, LLCNuLife SciencesProvider of security systems services.
Aug-18ABCO Fire Protection, Inc.Align Capital PartnersManufacturer of commercial fire alarm systems and technology.
Jul-18Systems By Design Inc.ADS SecurityManufacturer of security and fire alarms in Alabama.
Jun-18YPS Integrated Systems, Inc.Select SecurityProvider of security and life safety solutions intended to protect customers, neighbors, and families.
Feb-18Convergint Technologies LLCAres Private Equity GroupProvider of electronic security, fire alarm, healthcare technologies, physical security, communications and building automation systems.$1,620 
Source: PitchBook Data, Inc, Company Press Releases, Meridian Research

 

Meridian Capital's Diversified Industrials Transaction Experience

*Note: Includes transactions completed by Meridian bankers while at previous firms

Meridian Capital’s Diversified Industrials Team

Brian Murphy Photo
Brian Murphy
CEO, Managing Director
Aaron Franzheim Photo
Aaron Franzheim
Director

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