HGGC, a leading middle market private equity firm, today announced that it has completed the acquisition of Marmic Fire & Safety, a leading full-service fire protection company, from Thompson Street Capital Partners ("TSCP"). CEO and founding family member Michael Teeter will continue to lead the business and will retain a substantial ownership stake in Marmic. Terms of the private transaction were not disclosed.
Headquartered in Joplin, Missouri with locations across the United States, Marmic is a third-generation family business and one of the largest self-perform fire protection service companies in the country. Marmic provides recurring inspection, test and maintenance services conforming to OSHA mandates, government codes, and NFPA standards across retail, medical, commercial, and industrial end-markets.
"We are very excited to partner with HGGC to build on the consistent growth we have achieved over the past decade," said Michael Teeter, CEO of Marmic. "This company was founded by my grandparents, and it was very important to me to work with a firm that understands and appreciates what a family business really means. HGGC's partnership approach made them a perfect fit to help us continue to identify and acquire other great fire protection companies to join the Marmic family. We thank TSCP for their supportive and collaborative partnership over the past two and a half years as we transformed the business through operational improvements and strategic M&A. "
Acquisitions have always been an important part of the Marmic growth story, with the Company completing 18 add-ons since 2012, which expanded the business to serve more than 30,000 customers.
"Michael and the senior leadership team at Marmic have built something very special and we are excited to partner with them to accelerate their organic and acquisition-driven growth strategies," said Steve Young, Co-Founder and President of HGGC. "With Marmic's great culture, and Michael's deep knowledge from growing up in the business, we're confident Marmic will be the fire safety platform of choice for employees, customers and potential sellers."
Marmic has a unique customer- and employee-centric culture that allows the Company to attract and retain both talent and customers. As a result, Marmic has well exceeded the industry average for topline growth over the past decade.
"Fire protection is an attractive market due to its steady growth and recession resistance. The challenge is ensuring consistent world class service while becoming a market-leader," added Bill Conrad, Principal at HGGC. "Marmic's culture and strong operations ensure that new acquisitions can be integrated seamlessly into its platform without disruption to service quality."
"Throughout our partnership with Marmic, we executed on a number of strategic initiatives to accelerate revenue growth, expand our geographic footprint across the United States, and increase the company's operational efficiency," said Jeff Aiello, TSCP Managing Director. "We are confident that the Marmic management team will continue to thrive and grow the company in their future partnership with HGGC."