Lincoln Road Global Management and Peninsula Capital Partners have sold Republic Fire Protection Inc, a provider of fire safety and protection services. The buyer was Summit Companies. No financial terms were disclosed.
MIAMI, July 7, 2021 /PRNewswire/ — Lincoln Road Global Management, LLC (“Lincoln Road”), a private equity firm focused on lower middle-market companies, and Peninsula Capital Partners, LLC (“Peninsula Capital”), a private equity firm focused on providing customized subordinated debt and equity solutions, today announced the sale of Republic Fire Protection, Inc. (“Republic Fire” or “the Company”), a full-service provider of fire safety and protection services. Financial terms of the private transaction were not disclosed.
Headquartered in Loganville, Ga., Republic Fire provides a wide range of fire extinguishers, emergency lighting, alarm, industrial fire suppression, sprinkler and exit lighting products, sales, inspection and related services throughout the Southeastern U.S. Under Peninsula Capital’s and Lincoln Road’s ownership, the Company strengthened its management team with the addition of new talent and completion of seven acquisitions that expanded the Company’s presence throughout Georgia, Florida and into neighboring states.
EBITDA Nearly Tripled and Seven Acquisitions Completed in Three Years
“The successful investment in Republic Fire reflects our ability to partner closely with management and drive growth in the vibrant and growing Southeastern U.S., where the need for best-in-class fire protection and services continues to increase,” said Jeff Magny, Founder and Managing Partner of Lincoln Road. “We’re excited about the growth prospects ahead for Republic Fire and its dedicated professionals under new ownership.”
Lincoln Road partnered with Peninsula Capital to form Republic Fire as a highly scalable platform company to acquire complementary fire protection products and services businesses in the Southeastern U.S. Following its formation, Republic acquired seven regional businesses, including Gold Coast Fire Protection, Florida Fire Systems, Aegis Fire & Integrated Services, Pro-Tec Fire Protection and Fire Equipment Company of Florida, among others.
During Lincoln Road’s and Peninsula Capital’s three-year ownership, Republic Fire generated revenue CAGR of over 55 percent, while its EBITDA nearly tripled.
Under the guidance of Lincoln Road and Peninsula Capital, the Company established a compelling business model for owners of fire protection businesses. By joining Republic Fire, owners were able to achieve liquidity while continuing to operate autonomously with their own management teams and brand identities in local markets.
“We would like to thank Peninsula Capital and Lincoln Road for being outstanding partners and providing us with the resources and operational guidance to support Republic Fire’s exceptional growth,” said Michael McLeod, CEO of Republic Fire Protection.
The transaction comes at a time when North America’s fire protection market is growing amid a rising increase in fires, with the market expected to total $34.61 billion with a CAGR of 5.7 percent through 2030 in the U.S., according to data from Next Move Strategy Consulting.
About Lincoln Road Global Management
Lincoln Road Global Management is a private equity firm that invests in leading lower middle market business services, specialty manufacturing and value-added distribution companies. Lincoln Road has deep operational experience, emphasizes collaboration and works closely with management teams. Together we are able to help companies unlock their next phase of growth. Please visit www.lincolnroadmgmt.com for more information.
About Peninsula Capital Partners
Peninsula Capital Partners is an investment company specializing in providing customized junior capital solutions, including subordinated debt, preferred stock and common stock, either as a minority or control investor, to superior middle-market companies. Please visit www.peninsulafunds.com for more information.
About Republic Fire Protection
Republic Fire Protection is a full-service company providing all fire safety and protection needs including, but not limited to, fire extinguishers, emergency and exit lighting, fire sprinkler systems, kitchen and industrial fire suppression systems, and fire alarm systems and monitoring. For more information, please visit: https://republicfireprotection.com/.