Spyglass Investment Strategy Overview
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New Position: API Group Corp. (APG)
API
Precedent Transactions
.
GROUP
Fire safety is a popular industry with private equity because of resilient revenue and margins
→ Private company takeout multiples in the mid-teens to low twenties even in a higher interest rate
environment
Average & median EBITDA multiple of 16x
-
→ Pye-Barker: 23x for majority investment → Pure-play fire protection, life safety, and security services provider
Date
January-2022
December-2021
December-2021
Acquirer
Target
EV/EBITDA
Summit Companies
Pye-Barker Fire & Safety
Fire & Life Safety America
Mountain Alarm Fire & Security
~13.0x
~14.0x
December-2021
Harvest Partners/Leonard Green & Partners Convergint
Securitas
~22.0x
STANLEY Security
~16.0x
November-2021 Carlyle
Sciens Building Solutions
*19.0x
September-2021 BlackRock
Summit Companies
~17.0x
July-2021
June-2021
Levine Leichtman Capital Partners
Altas
Encore Fire Protection
~17.0x
Pye-Barker Fire & Safety
~23.0x
March-2021
March-2021
TruArc Partners
HGGC
November-2019 Leonard Green & Partners
December-2018 ADT
Al Fire
*14.0x
Marmic Fire & Safety
~15.0x
Pye-Barker Fire & Safety
~17.0x
Red Hawk Fire & Security
~11.0x
June-2018
Securitas
Kratos Defense & Security Solutions
~17.0x
February-2018
Source: Bloomberg.
Ares Management Corporation
Convergint
~15.0x
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