The Riverside Company has acquired Performance Systems Integration (PSI), a provider of fire and life safety services, from Peterson Partners.
PSI’s services include system inspection, service and monitoring, equipment sales, and cylinder repairs as well as installations for new construction and retrofits. The company’s customers include hospitals, assisted living facilities, commercial and industrial buildings, schools, and hotels.
PSI operates in partnership with Fire King, a provider of fire extinguisher sales and services, cylinder requalification and maintenance services. The company, founded in 2002 and led by CEO Travis Everton, is headquartered in Portland, OR with an additional office near Seattle in Bothell, WA (www.psintegrated.com).
“Fire and life safety services are critical to any region, and we are thrilled to partner with the PSI team to help extend their geographic reach,” said Loren Schlachet, a managing partner at Riverside. “During our partnership, we plan to round out the platform with strategic add-ons, create a technician training academy and expand upon PSI’s sales and marketing efforts.”
The buy of PSI is the second fire and life safety platform Riverside has acquired in the past three months. In June 2019 the firm purchased CertaSite, an Indianapolis-based provider of fire and life safety services (www.certasiteprotected.com).
“The market for fire and life safety businesses continues to be attractive, and we’re looking for interested sellers,” said John McKernan, a principal at Riverside. “We are specifically looking for full-service fire protection companies with strong technicians, specializing in the inspection, repair and monitoring of fire and life safety equipment.”
Working with Mr. Schlachet and Mr. McKernan on the transaction were Operating Partner Ervin Cash, Finance Director Bart Thielen, and Senior Associate Liz Burke. Partner Joe Lee sourced the transaction for Riverside.
The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 600 transactions and its portfolio includes more than 90 companies. The firm is headquartered in New York (www.riversidecompany.com).
Peterson Partners invests from $5 million to $25 million in companies with revenues from $5 million to $100 million and EBITDA from $2 million to $20 million. Sectors of interest include business services, consumer products, software, healthcare, retail, and financial services. The firm is currently investing through its eighth fund and is based in Salt Lake City, UT (www.petersonpartners.com).
© 2019 Private Equity Professional | August 20, 2019