PALO ALTO, Calif.--(BUSINESS WIRE)--HGGC, a leading middle-market private equity firm with over $6.9 billion of cumulative capital commitments, announced today that it has completed the sale of its portfolio company Marmic Fire & Safety ("Marmic" or "the Company") to investment funds managed by KKR. Terms of the private sale were not disclosed.
Marmic specializes in the inspection and maintenance of fire protection equipment, including sprinklers, suppression systems, alarms, and special hazard systems. Headquartered in Joplin, Missouri, with locations throughout the United States, the Company serves over 56,000 customers across commercial, industrial, education, government, multi-family, and healthcare end markets.
“Since partnering with Marmic in 2021, we have collaborated on strategic investments in the team, operations, and growth to expand the Company’s capabilities and strengthen its market position,” said HGGC. “Greg and the Marmic team have built upon the foundation that Michael Teeter and his family established, including key investments in centralized operations, sales, and technology to support the Company’s expanding branch network. Organic growth initiatives and operational investments have helped to scale Marmic meaningfully since our original investment, while expanding margins and maintaining the Company’s focus on recurring services revenue.”
“We are grateful for the outstanding support and guidance that the HGGC team provided throughout the entirety of our partnership,” said Greg Bochicchio, Chief Executive Officer at Marmic. “Their operational expertise and resources, combined with our 70 years of experience in the industry, allowed us to rapidly expand our market presence and contribute to our mission of being the fire & life safety industry’s employer and provider of choice.”
“Marmic began as a family business, founded by my grandparents in 1951, and HGGC understood the important role our team-oriented culture has played in our success over many years, ensuring it would continue to be core to our business,” said Michael Teeter, Chairman of Marmic. “That level of respect is a great example of the kind of partner HGGC has been to us throughout this tremendous growth period, and today Marmic is not only bigger and better, but also well positioned for the future.”
Baird and Lincoln International served as financial advisors to Marmic, and Kirkland & Ellis LP acted as legal advisor.
About HGGC
HGGC is a values-driven, partnership-focused private investment firm. The firm’s ecosystem of investors, operators, and professionals are united by the shared mission to develop leading enterprises and build long term value together. HGGC invests in technology, business services, financial services and consumer enterprises generally valued between $200M – $1.5B+. The firm is based in Palo Alto, CA and manages over $6.9 billion in cumulative capital commitments. Since its inception in 2007, HGGC has completed more than 600 platform investments, add-on acquisitions, recapitalizations, and liquidity events with an aggregate transaction value of over $71 billion. More information, including a complete list of current and former investments, is available at www.hggc.com.
About Marmic
Founded in 1951, Marmic Fire & Safety Co. is a leading provider of regulation-mandated fire protection equipment inspection, testing, and maintenance services. Marmic services over 56,000 customers throughout the United States across a wide variety of commercial and industrial end-markets. For more information, please visit www.marmicfire.com.
