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Snow Phipps acquires AI Fire from Audax

Audax Private Equity has sold Long Beach, California-based AI Fire, a fire and life safety provider, to Snow Phipps.

Audax Private Equity has sold Long Beach, California-based AI Fire, a fire and life safety provider, to Snow Phipps. No financial terms were disclosed. Lincoln International LLC served as financial advisor to AI Fire.

PRESS RELEASE

BOSTON–(BUSINESS WIRE)–Audax Private Equity (“Audax”) has completed the sale of AI Fire, LLC (“AI Fire” or the “Company”) to Snow Phipps Group (“Snow Phipps”).

Headquartered in Long Beach, CA, AI Fire is a leading fire and life safety provider to both national account customers via a vendor partner network and regional customers through its self-perform district operations. The Company offers a broad range of services including routine inspections, repair services, customized work orders, and system installations. AI Fire serves over 10,000 unique customers across national chains and healthcare, financial, industrial, and other commercial end-markets. The Company operates a network of 20 district offices and two national call centers. Since Audax’ investment in AI Fire in April 2017, the Company has completed 11 acquisitions, adding broader service capabilities, and expanding the self-perform footprint in the Northeast, Texas, and Rocky Mountains.

Mike Lloyd, CEO of AI Fire, said, “Audax has been a valuable partner in helping us grow AI Fire into a leading national provider of fire and life safety services. With Audax’ support, we were able to grow the Company organically and via acquisitions while investing in key talent and systems to support and sustain growth. We look forward to partnering with the Snow Phipps team to continue executing on our growth strategy.”

Jay Mitchell, Managing Director at Audax, said, “We are proud to have partnered with Mike Lloyd and the AI Fire team in creating a leading platform in the national fire and life safety market. The Company expanded its service offering and geographic footprint through organic initiatives and strategic acquisitions while investing in talent and corporate infrastructure. We wish continued success for Mike and the entire team as they embark on their next chapter of growth.”

Terms of the transaction were not disclosed. Kirkland & Ellis LLP and Goulston & Storrs PC served as legal advisors and Lincoln International LLC served as financial advisor to AI Fire.

ABOUT AUDAX PRIVATE EQUITY
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $27 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $6 billion in more than 135 platforms and over 925 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 250 employees and over 100 investment professionals, Audax is a leading capital partner for North American middle market companies. For more information, visit the Audax Group website www.audaxgroup.com.

ABOUT AI FIRE
AI Fire is a leading fire and life safety provider to both national account customers via a vendor partner network and regional customers through its self-perform district operations. The company offers routine inspections, repair services, customized work orders, and system installations. AI Fire serves national chains and healthcare, financial, industrial, and other commercial end markets. Founded in 2009, AI Fire operates a network of 20 district offices and two national call centers. Additional information about AI Fire is available at www.aifire.com.