Pfingsten Partners, a Chicago-based private equity firm, has bought FKI Security Group, a manufacturer or fire security products based in New Albany, India Indiana, through its $525 million Fund IV. Pfingsten Partners was founded in 1989 and has over $1.2 billion of capital under management.
Private equity firm, Pfingsten Partners, L.L.C. announces the acquisition of FKI Security Group, LLC (“Fire King”), a New Albany, Indiana based manufacturer and service provider of security, safety and asset protection products. Founded in 1951, Fire King operates three distinct business segments serving a variety of end markets: Fire King International, Fire King Security Products, and Image Vault.
* Fire King International designs and manufactures fire and impact-resistant file cabinets and document storage safes for sales to distributors and retailers.
* Fire King Security Products designs, manufactures, and services intelligent and traditional safes for retail end-users, commercial end-users, and mass merchandisers.
* Image Vault designs and manufactures digital recording devices for sales to distributors, retail end-users, and commercial end-users.
Van Carlisle, current President and CEO, will remain as an investor and board advisor and transition the role of President and CEO to Philip Bradney. Mr. Bradney currently serves as Executive VP and COO for Fire King and has been instrumental to the business since joining the firm in January 2009. “I am excited to partner with Pfingsten Partners,” stated Mr. Bradney. “Our focus and commitment has always been, and will continue to be to deliver outstanding products and services. This approach, combined with Pfingsten Partners’ financial and operational support, sets the stage for an exciting growth trajectory.”
“We considered many options before selecting Pfingsten Partners as our new majority owner,” said Van Carlisle, outgoing President and CEO of Fire King. “Pfingsten will be a great steward for continuing our over half century of growth and our commitment to customers; and also will
provide expanded opportunities for our team.”
“We are excited about the opportunities in the security products and services industry and are thrilled to be partnering with an industry leader,” said Scott Finegan, Managing Director at Pfingsten Partners.
“With Fire King’s reputation for high quality products, service and support, we are eager to build upon its business relationships and outstanding growth prospects.”
Pfingsten Partners acquired the business on September 29, 2010, marking the third platform investment for Pfingsten Partners’ $525 million Fund IV. Terms were not disclosed.
About Pfingsten Partners
Pfingsten Partners is an operationally focused private equity firm founded in 1989. From its headquarters in Chicago and offices in Hong Kong and Shenzhen, China, the firm builds better businesses through operational improvements, professional management practices, global
capabilities and profitable business growth rather than financial engineering. Since completing its first investment in 1991, Pfingsten Partners has acquired 70 manufacturing, distribution and business service companies and has over $1.2 billion of capital under management. For more information, visit www.pfingstenpartners.com.
About Fire King
Fire King is a manufacturer and service provider of security, safety and asset protection products founded in 1951. Fire King’s customized products include: fire and impact-resistant file cabinets and safes, traditional and intelligent safes, and digital video security systems. Fire King also provides best-in-class nationwide 24/7 service coverage for the safe industry. For more information, visit www.fireking.com. Fire King was advised on the transaction by Duff & Phelps Securities, LLC. For more information, visit www.duffandphelps.com.