Leading global investment firm KKR announced that its investment funds have acquired Marmic Fire & Safety, a leading provider of regulation-mandated fire equipment inspection, testing, and maintenance services from HGGC. The financial terms were not disclosed.
Marmic specializes in the inspection, testing, and maintenance of fire protection equipment for over 56,000 customers across the commercial, industrial, multi-family, education, government, and healthcare end markets in the U.S. And since its founding in 1951, Marmic has provided services that are critical to keeping its customers safe and helping them adhere to local and national fire codes and regulations.
KKR will be supporting Marmic in implementing a broad-based employee ownership program to allow all of its employees to have the opportunity to participate in the benefits of ownership in the company. And this strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of equity value to over 100,000 non-senior management employees across over 40 portfolio companies.
KKR is making its investment in Marmic through its Ascendant Strategy – which invests in middle market businesses in North America as part of KKR’s Americas Private Equity platform. Marmic will be maintained as an independent company backed by KKR.
Houlihan Lokey and Latham & Watkins LLP served as advisors to KKR.
KEY QUOTES:
“Marmic’s growth is a testament to the talent and dedication of our team. We are thrilled to begin working with KKR, which shares our belief in the power of our employee-centric culture and supports our ambition for building a scaled fire safety services platform that strives to provide reliable, expert service to our customers. I see tremendous potential for Marmic in this next phase of its journey.”
- Greg Bochicchio, Chief Executive Officer of Marmic
“For over 70 years, Marmic has been a trusted provider to its customers, helping them prevent life-threatening incidents and ensuring the safety of thousands of people across the U.S. We have been extremely impressed by the Company’s ability to grow its footprint while maintaining its commitment to best-in-class service and technical expertise. We look forward to working with Greg, the leadership team, and all of the employees at Marmic as we embark on this new and exciting chapter in the Company’s growth.”
Brandon Brahm, Partner at KKR and Co-Head of KKR’s Ascendant strategy.
