HGGC Sells Marmic Fire & Safety to KKR
2024年7月25日 - 5:30AM
ビジネスワイヤ(英語)
HGGC, a leading middle-market private equity firm with over $6.9
billion of cumulative capital commitments, announced today that it
has completed the sale of its portfolio company Marmic Fire &
Safety ("Marmic" or "the Company") to investment funds managed by
KKR. Terms of the private sale were not disclosed.
Marmic specializes in the inspection and maintenance of fire
protection equipment, including sprinklers, suppression systems,
alarms, and special hazard systems. Headquartered in Joplin,
Missouri, with locations throughout the United States, the Company
serves over 56,000 customers across commercial, industrial,
education, government, multi-family, and healthcare end
markets.
“Since partnering with Marmic in 2021, we have collaborated on
strategic investments in the team, operations, and growth to expand
the Company’s capabilities and strengthen its market position,”
said HGGC. “Greg and the Marmic team have built upon the foundation
that Michael Teeter and his family established, including key
investments in centralized operations, sales, and technology to
support the Company’s expanding branch network. Organic growth
initiatives and operational investments have helped to scale Marmic
meaningfully since our original investment, while expanding margins
and maintaining the Company’s focus on recurring services
revenue.”
“We are grateful for the outstanding support and guidance that
the HGGC team provided throughout the entirety of our partnership,”
said Greg Bochicchio, Chief Executive Officer at Marmic. “Their
operational expertise and resources, combined with our 70 years of
experience in the industry, allowed us to rapidly expand our market
presence and contribute to our mission of being the fire & life
safety industry’s employer and provider of choice.”
“Marmic began as a family business, founded by my grandparents
in 1951, and HGGC understood the important role our team-oriented
culture has played in our success over many years, ensuring it
would continue to be core to our business,” said Michael Teeter,
Chairman of Marmic. “That level of respect is a great example of
the kind of partner HGGC has been to us throughout this tremendous
growth period, and today Marmic is not only bigger and better, but
also well positioned for the future.”
Baird and Lincoln International served as financial advisors to
Marmic, and Kirkland & Ellis LP acted as legal advisor.
About HGGC
HGGC is a values-driven, partnership-focused private investment
firm. The firm’s ecosystem of investors, operators, and
professionals are united by the shared mission to develop leading
enterprises and build long term value together. HGGC invests in
technology, business services, financial services and consumer
enterprises generally valued between $200M – $1.5B+. The firm is
based in Palo Alto, CA and manages over $6.9 billion in cumulative
capital commitments. Since its inception in 2007, HGGC has
completed more than 600 platform investments, add-on acquisitions,
recapitalizations, and liquidity events with an aggregate
transaction value of over $71 billion. More information, including
a complete list of current and former investments, is available at
www.hggc.com.
About Marmic
Founded in 1951, Marmic Fire & Safety Co. is a leading
provider of regulation-mandated fire protection equipment
inspection, testing, and maintenance services. Marmic services over
56,000 customers throughout the United States across a wide variety
of commercial and industrial end-markets. For more information,
please visit www.marmicfire.com.
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Media Contact Trevor Blaisdell tblaisdell@stantonprm.com
646-502-3532