Road To Carry is proudly supported by Reef Pass Investors
Reef Pass is a US based investment partnership that specializes in launching serial acquisition and HoldCo platforms (most often launched by ex-PE professionals).
Reef Pass brings decades of experience building acquisition platforms and flexible mandate across incubation and growth stages with a long-term capital base.
If you've ever thought seriously about launching your own acquisition platform, I'd love to hear your thesis!
Note: this partnership does not impact editorial independence.
Hi all — we have one interesting fire-protection contractor deal to share this week.
Fire Sprinkler Installation Services
🔗 Access Deal Materials
Interested in learning more? Contact Tomos at [email protected] to receive the full deal details.
📝 Deal Overview
Why this deal: A long-established, family-owned fire protection contractor focused on new-construction fire sprinkler installation, with a growing inspection, testing, and maintenance (ITM) service offering. The business generates strong cash flow today from new construction while actively shifting its revenue mix toward recurring service work.
With more than 30 years of operating history, the company benefits from repeat relationships with developers and general contractors. Management is intentionally scaling the service division to smooth cash flows, reduce cyclicality, and improve long-term valuation—creating an attractive entry point for a financial or strategic buyer.
For financial sponsors, the opportunity lies in funding multi-branch expansion across Texas and adjacent states while accelerating the build-out of the service/ITM line toward a more balanced revenue mix. For strategics, the platform offers immediate scale in a life-safety trade with strong margins and embedded customer relationships.
Revenue: ~$13,000,000
EBITDA: ~$3,500,000
EBITDA Margin: ~25%
Deal Type: Growth capital to support geographic and service-line expansion
Headquarters: Texas, United States
🔎 What They Do
The company designs, installs, and services water-based fire sprinkler systems for commercial and industrial projects across Texas, supporting both ground-up construction and renovation work.
Core capabilities include:
Wet, dry, pre-action, and deluge fire sprinkler systems
Standpipes, fire pumps, and related life-safety infrastructure
Tenant improvements and retrofit projects
Inspection, testing & maintenance (ITM) services, including NFPA 25 inspections, deficiency repairs, and on-call service
Revenue mix: ~90% new construction / ~10% service (target 25% service mix over the next 12-24 months)
Customer concentration: Largest customer is <35% of revenue
💼 Recent Private Equity Deal Comps
Acquirer | Target | Date | Notes |
|---|---|---|---|
Investcorp | Guardian Fire Services | Dec 2025 | Multi-regional fire protection contractor with significant sprinkler installation and recurring ITM revenue |
Permira | Encore Fire Protection | Mar 2025 | Encore is one of the largest U.S. fire protection platforms, providing sprinkler installation, inspection, testing, and maintenance |
Blackford Capital | Security Fire Systems | Dec 2024 | Provider of fire sprinkler design, installation, and inspection services. Representative lower-middle-market entry point into the fire protection sector |
Roll Up Bootcamp: a 5-week online program on how serial acquisition platforms are actually backed.
The bootcamp is now 75%+ full but we have a few open spots for U.S. applicants.
Taught by institutional investors and experienced acquirers, including Reef Pass, Shore Search Partners, and Strada partners, the program covers:
Platform structures: selecting the ideal structure for your acquisition platform
Industry selection & team formation: picking the right market and the winning people
Personal branding & deal sourcing: how deals actually get found and won
Exit readiness from the start: building with an investor-grade endgame in mind
Inside the investor lens: how capital partners evaluate emerging platforms
Given continued inbound from strong U.S. candidates, we’re reopening the U.S. application for a limited window. This remains a curated, investor-facing cohort, with seats allocated on a first-come, first-served basis for accepted candidates. If you’re seriously exploring a platform-building path this year, details are below.
Brokers: got a deal you want to get in front of 7,000+ PE folks? Email me your deals at [email protected].
Brands: looking to reach a fast-growing, highly-engaged PE audience? Inquire about sponsorships.
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Disclaimer: Information presented herein is derived from publicly available sources and third-party materials believed to be reliable. It is provided solely for educational and informational purposes and does not constitute investment advice or a solicitation. Road To Carry is not affiliated with, nor does it represent, the seller, broker, or any other party to the referenced transactions.
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