Northern Lakes Capital has sold Guardian Fire Service to Investcorp

Guardian Fire Services

Headquartered in Nashville, Tennessee, Guardian Fire Services (Guardian) is a leading provider of comprehensive fire protection solutions across the Southeast, Northeast and Western U.S. regions. Guardian provides end-to-end fire protection services with expertise in inspection, testing, maintenance and installation of fire suppression systems, fire alarms and emergency lighting systems. With operations through 17 branches across a wide range of end markets, Guardian has built a growing national footprint and a well-diversified customer base.

The Deal

Northern Lakes Capital formed the Guardian platform in January 2022, subsequently completing 12 strategic acquisitions that brought together longstanding local and regional market leaders in the fire and life safety industry. Over the course of the partnership, Guardian, led by CEO Ray Misfeldt, delivered strong organic growth driven by a focus on expanding recurring service revenue, adopting job execution best practices across the platform and making strategic investments in leadership, technology, sales and operations. With a broader geographic reach and strengthened operating infrastructure, Guardian accelerated growth and deepened its customer relationships.

With the company’s impressive growth and competitive differentiation, Northern Lakes Capital engaged Lincoln International as its exclusive advisor to guide the fund’s first exit and secure the next partner for Guardian. Lincoln drew upon its deep industry expertise, strong buyer relationships and process acumen to generate multiple compelling options for shareholders. Investcorp emerged as the ideal partner for management based on its sector expertise and proven experience scaling platforms.

Our Perspective

Luke Webb, Managing Director and Co-Head of Lincoln’s Business Services Group, commented, “We are pleased to have served as the exclusive financial advisor to Guardian in its sale to Investcorp. Investor appetite remains strong for fire and life safety platforms, underpinned by regulatory-driven demand and a heightened focus on life safety. Guardian is distinguished by its exceptional leadership and end-to-end service expertise, and we look forward to the company’s continued success in its new partnership with Investcorp.”

Northern Lakes Capital, LLC

Northern Lakes Capital, a private equity firm formed in 2021, targets control investments in lower middle-market companies across North America, with a focus on fragmented sectors including manufacturing, distribution, business services and specialty services. The firm invests in market-leading family-owned and private businesses, leveraging its operator-led model, regional insight and broad national network to accelerate growth and build long-term value.

Investcorp

Investcorp is a global investment manager focused on alternative assets, including private equity, real estate, credit, absolute return strategies, GP stakes, infrastructure and insurance-related investments. Since 1982, the firm has sought to deliver strong results for its investors by backing high-quality businesses and leveraging a rigorous underwriting approach, experienced teams and a global platform designed to support long-term growth and value creation.

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