Serent Capital, a growth equity firm focused on investing in rapidly expanding businesses, has backed Safety Services, a provider of safety and compliance products and services to small and mid-sized businesses in the US and Canada. Safety Services sells safety materials, training kits, and compliance solutions tailored to meet the safety and compliance requirements in industries such as construction, oil and gas, and healthcare.
PRESS RELEASE
Serent Capital, a growth equity firm focused on investing in rapidly expanding businesses, recently completed an investment in Safety Services, a leading provider of safety and compliance products and services to small and mid-sized businesses in the US and Canada. The company has helped over 200,000 businesses maintain a safe work environment and comply with federal and state safety regulations. Safety Services sells customizable safety materials, training kits, and compliance solutions tailored to meet the safety and compliance requirements in industries such as construction, oil & gas, and healthcare.
The company’s founder, Devon Dickinson, was looking to move to an advisory role and to find a capital partner who could help the company take advantage of multiple growth opportunities. “I am very excited about Serent’s investment in Safety Services,” said Dickinson. “Serent clearly has the operating experience to help the company navigate the challenges of rapid growth. I also recognize the need to build out our organization, and I am pleased to say that Serent has already helped us add significantly to our executive team.”
Serent acquired a majority equity position from Dickinson, who retains a significant shareholding of the business and is continuing to support the company as an active board member. With Serent’s support, the new Board of Directors has hired an experienced new CEO, Peter Schrady, and the company has recently added several additional executives to help scale the business. Serent is working closely with the new management team as it accelerates the company’s growth.
“Safety Services has a strong leadership position in industries such as construction and oil & gas,” said Schrady. “Contractors in heavy industries are facing a proliferation of safety and compliance regulations, and Safety Services is in an ideal position to expand its products and services to address these needs. Furthermore, we see tremendous opportunity to continue the company’s expansion to other markets.” David Kennedy, co-founder and General Partner of Serent Capital, added: “The company’s extraordinary growth is a testament to the founder’s vision and execution to date. We see an opportunity to dramatically grow this business, and we are excited to support the company as it continues to innovate.”
Safety Services represents a platform investment for Serent in the compliance industry. Serent is actively looking for add-on acquisitions for Safety Services. Possible acquisition targets include providers of human resources compliance services or compliance services targeting specific markets such as healthcare or heavy industries. Ideal targets will have at least $5 million in revenues, a large installed base of small and mid-sized customers, strong recurring revenues, and 40+% gross margins.
About Safety Services
Headquartered in Tempe, Arizona, Safety Services is a leading provider of safety and compliance products and services to small and mid-sized businesses in the US and Canada. The company has helped over 200,000 businesses maintain a safe work environment and comply with federal and state safety regulations. Safety Services sells customizable safety materials, training kits, and compliance solutions tailored to meet the safety and compliance requirements in industries such as construction, oil & gas, and healthcare.
About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face evolve with it. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating the challenges through their experiences as CEOs, strategic advisors, and board members to successful, growing businesses. By bringing our experience and capital to bear, Serent helps growing businesses thrive.
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