Prospect Partners sells stake in Summit to CI Capital

CI Capital Partners has acquired Prospect Partners‘ stake in Summit Companies. No financial terms were disclosed. TM Capital provided financial advice to Summit on the transaction.Based in St. Paul, Minnesota, Summit is a fire safety services provider.


Chicago, Ill.— September 5, 2017: Prospect Partners, LLC, a leading private equity firm investing in smaller lower-middle-market companies, today announced that it has sold its interest in Summit Companies (“Summit”), the upper Midwest’s largest fire safety services provider, to private equity firm CI Capital Partners. Prospect Partners initially recapitalized the St. Paul, Minn.-based Summit in 2006 with management and outside executive Jeff Evrard, who became Summit’s CEO.

Summit is a diversified provider of fire life safety services founded in 1999 by its president, Quint Rubald.

Summit’s end-to-end capabilities include inspection, testing and monitoring, service and repair, installation, and consulting services. During Prospect Partners’ investment period, through a combination of new branch openings and more than 20 acquisitions, Summit successfully expanded into new geographic markets and lines of business. Summit now has 11 locations in five Midwestern states, and services more than 35,000 commercial, industrial, government, healthcare, and multi-family residential facilities annually.

“Summit has been a strong and exciting growth story for Prospect Partners,” said Lou Kenter, a Founding Principal of Prospect Partners. “In 2006, the company was primarily focused on fire sprinkler design, installation, and servicing in Minnesota and Iowa. Jeff, Quint, and their talented team had a bigger vision – to become the regional leader, a one-stop shop capable of the round-the-clock management of the entire fire life safety systems of nearly any building.”

“Management did an excellent job executing and achieving its strategic plan,” added Brad O’Dell, a Principal of Prospect Partners. “Summit’s successful completion and integration of approximately two dozen acquisitions not only built a bigger company, but created a more recurring, value-added aftermarket services platform. Throughout, Summit maintained its high standard for client service and technical excellence.”

Said Summit CEO Evrard: “Prospect Partners has been an excellent partner, personally and professionally, for the last 10 years. Their counsel, support, and steadfast commitment to our vision helped us achieve significant growth. We look forward to continuing our upward trajectory with CI Capital Partners.”

TM Capital served as Summit’s exclusive financial advisor in this transaction.

About Prospect Partners
Prospect Partners is a leading private equity firm investing in smaller lower-middle-market companies, managing $470 million across three funds. A highly experienced and active investor, Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues typically under $75 million. Since 1998, Prospect Partners has completed over 145 transactions nationwide in the building of nearly 50 platform companies in widely diverse niche manufacturing, distribution, and specialty service markets.