As reported by KKR, investment funds managed by KKR have acquired Marmic Fire & Safety from HGGC.
The financial terms of the acquisition were not disclosed.
Marmic specializes in the inspection, testing, and maintenance of fire protection equipment for over 56,000 customers in various sectors across the U.S.
Marmic has been in operation since 1951, providing essential services to help clients adhere to local and national fire codes and regulations.
Greg Bochicchio, CEO of Marmic, said: “Marmic’s growth is a testament to the talent and dedication of our team.
“We are thrilled to begin working with KKR, which shares our belief in the power of our employee-centric culture and supports our ambition for building a scaled fire safety services platform that strives to provide reliable, expert service to our customers.
“I see tremendous potential for Marmic in this next phase of its journey.”
Marmic has built a reputation over the past 70 years as a trusted provider of fire safety services, helping prevent life-threatening incidents and ensuring the safety of thousands of people across the U.S.
Brandon Brahm, Partner at KKR and Co-Head of KKR’s Ascendant Strategy, expressed admiration for Marmic’s achievements, saying: “We have been extremely impressed by the Company’s ability to grow its footprint while maintaining its commitment to best-in-class service and technical expertise.
“We look forward to working with Greg, the leadership team, and all of the employees at Marmic as we embark on this new and exciting chapter in the Company’s growth.”
KKR plans to implement a broad-based employee ownership program at Marmic, aiming to allow all employees to benefit from the ownership of the company.
This strategy aligns with KKR’s belief that employee engagement drives stronger company performance.
Since 2011, KKR portfolio companies have awarded billions of dollars in equity value to over 100,000 non-senior management employees across more than 40 portfolio companies.
KKR’s investment in Marmic is part of its Ascendant Strategy, which focuses on middle market businesses in North America.
Marmic will continue to operate as an independent company with KKR’s backing.
Houlihan Lokey and Latham & Watkins LLP served as advisors to KKR for this acquisition.