All Employees to Become Owners in the Company
JOPLIN, Mo. & NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that investment funds managed by KKR have acquired Marmic Fire & Safety (“Marmic” or the “Company”), a leading provider of regulation-mandated fire equipment inspection, testing and maintenance services, from HGGC. Financial terms were not disclosed.
Marmic specializes in the inspection, testing, and maintenance of fire protection equipment for more than 56,000 customers across the commercial, industrial, multi-family, education, government, and healthcare end markets in the U.S. Since its founding in 1951, Marmic has provided services that are critical to keeping its customers safe and helping them adhere to local and national fire codes and regulations.
“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,” said Greg Bochicchio, Chief Executive Officer of Marmic.
“For over 70 years, Marmic has been a trusted provider to its customers, helping them prevent life-threatening incidents and ensuring the safety of thousands of people across the U.S. 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,” said Brandon Brahm, Partner at KKR and Co-Head of KKR’s Ascendant strategy. “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 will support Marmic in implementing a broad-based employee ownership program to allow all of its employees to have the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of equity value to over 100,000 non-senior management employees across more than 40 portfolio companies.
KKR is making its investment in Marmic through its Ascendant Strategy, which invests in middle market businesses in North America as part of KKR’s Americas Private Equity platform. Marmic will be maintained as an independent company backed by KKR.
Houlihan Lokey and Latham & Watkins LLP served as advisors to KKR.
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.
About KKR:
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724347019/en/
Media
For Marmic:
Carrie Gerbitz
(417) 627-5640
communications@marmicfire.com
For KKR:
Julia Kosygina or Emily Cummings
(212) 750-8300
media@kkr.com
Source: KKR
