The private equity owners of Pye-Barker Fire & Safety are anticipated to initiate a marketing campaign later this year to assess buyout interest in the platform company, according to PE Hub.
Altas Partners, based in Toronto, joined Los Angeles-based Leonard Green & Partners (LGP) in 2021 to acquire a majority stake in Pye-Barker for undisclosed terms. LGP had initially acquired a majority interest in the company from Carousel Partners in 2019.
It is expected that Pye-Barker will attract interest from large-cap private equity firms or other controlled investors. The joint PE sponsors could receive bids valuing the company at 17x to 20x its $350 million EBITDA, resulting in a potential deal value exceeding $6 billion, according to PE Hub, citing unnamed sources.
Harris Williams and Bank of America Securities have recently been engaged as co-sellside advisors by the PE sponsors, sources told PE Hub.
When contacted by SDM, a Pye-Barker spokesperson declined to comment on the report.
Founded in 1946 and headquartered in Alpharetta, Ga., Pye-Barker offers a comprehensive range of fire protection and security services throughout much of the United States. The company’s portfolio of services include fire alarms, fire sprinklers, portable extinguishers, restaurant fire suppression, special hazard systems, video surveillance, access control and intrusion alarms.
Under LGP and Altas ownership, Pye-Barker has grown from 1,000 employees at 80 branches in 19 states to more than 6,000 employees currently at 211 branches in 39 states. Pye-Barker has strategically acquired numerous well-established, community-rooted businesses, enabling the company to integrate a wealth of industry experience and local expertise, strengthening its market position and service offerings. Just some of the more prominent acquisitions have included Bates Security, Amherst Alarm, Briscoe Protective, Complete Security Systems, B Safe Security, Matson Alarm and Mountain Alarm.
The company — billing itself as the largest fully integrated and full-service fire protection, life safety and security services provider in the U.S.— placed No. 8 on the 2024 SDM 100 and No. 9 on the 2024 SDM Top Systems Integrators rankings. The company reported RMR in 2023 of more than $15.3 million, and more than $114.2 million in North American systems integration revenue in 2023.
