Levine Leichtman Capital Partners (LLCP) has sold Encore Fire Protection, a provider of fire protection services, to Permira at a $1.8 billion enterprise value.
Encore Fire Protection‘s services include testing and inspection, maintenance and repair, and installation of fire safety systems. The company’s services cover fire alarms, suppression systems, extinguishers, and sprinkler systems. Encore’s customers operate in industries such as healthcare, education, property management, and industrial facilities across the Northeast and Mid-Atlantic regions of the United States. Encore Fire Protection, led by CEO Jeremy O’Connor, was founded in 2009 and is headquartered in Pawtucket, Rhode Island.
LLCP acquired Encore Fire Protection through its third fund in July 2021. During its ownership, Encore invested in technology, management, sales expansion, and operational resources to support growth. The company also pursued an acquisition strategy to strengthen its market presence and, most recently, in January 2025, acquired Fireline Corporation, a Baltimore-based provider of fire and life safety services and equipment serving the Mid-Atlantic states.
Overall, according to a source familiar with Encore, during LLCP‘s ownership term, Encore completed 55 acquisitions, and EBITDA increased by 9x.
“We are very proud of what Encore has accomplished since we invested in the company,” said Micah Levin, a partner at LLCP. “We wish Encore all the best in their next chapter of growth with Permira.”
“Our entire team is grateful for LLCP’s close support and collaboration through this phase of unprecedented growth,” said Jeremy O’Connor, CEO of Encore Fire Protection. “Encore is eager to embark on an exciting new chapter in our history with the support of our new partner, Permira.”
Levine Leichtman Capital Partners invests in U.S. and Europe-based middle-market companies across industries such as franchising, business services, education and training, engineered products and manufacturing, healthcare, and light manufacturing. Since its founding in 1984 by Arthur Levine and Lauren Leichtman, LLCP has managed $16.3 billion of institutional capital across 15 investment funds and has invested in over 100 portfolio companies. The firm and its affiliates currently manage approximately $12 billion in assets, with offices in Los Angeles, New York, Chicago, Miami, London, Stockholm, The Hague, and Frankfurt.
“Route-based services has long been a core LLCP investment vertical, and the significant growth and transformation of Encore during our ownership is a prime example of our sector expertise and value-creation playbook at work,” said Ted Jeon, a managing director at LLCP.
Permira is a European private equity firm with total committed capital of approximately €60 billion. Its sectors of interest include technology, consumer, healthcare, and services. The firm was founded in 1985 and is headquartered in London.
© 2025 Private Equity Professional | March 14, 2025
J.F. Lehman & Company (JFLCO) has acquired a majority stake in W.S.S. Holding A/S (WSS) and its subsidiaries (collectively, Wrist), a marine supply and logistics provider. The acquisition of Wrist was completed in partnership with existing shareholder Altor Equity Partners and members of the company’s senior management team.
“Wrist has built a world-class reputation for simplifying the maritime supply chain through its integrated, end-to-end service offerings and efforts to lead the digitization of this sector,” said Alex Harman, a partner at J.F. Lehman & Company and a new director of Wrist. “We are thrilled to partner with the Wrist team as well as Altor and welcome the company to the J.F. Lehman & Company portfolio.”
“Wrist is an outstanding fit with our investment strategy,” said Will Hanenberg, a managing director at J.F. Lehman & Company and the new chairman of Wrist. “Its strong positioning with blue-chip customers, differentiated logistics capabilities, and innovative digital solutions are transforming the maritime supply chain. We are eager to support the company’s growth ambitions and long-term success.”
Trivest Partners has closed the sale of HighGround Restoration Group to Knox Lane.
“HighGround was an exciting investment for Trivest from day one. Over our five-year investment period, we had the opportunity to bring 14 terrific family-owned businesses into the HighGround/Trivest family,” said Forest Wester, a managing partner at Trivest Partners, who led the HighGround investment. “Each acquired company was a leader in its geographic market, and, by bringing these businesses together, we have built a unique platform in the water damage mitigation and restoration space.”
San Francisco-based 
Benford Capital Partners has held a first, final, above-target, and oversubscribed closing of its third investment fund, Benford Capital Partners III LP, with capital commitments of $365 million.
“We are extremely grateful for the consistent support of our existing limited partners and the overwhelming interest from new investors, despite a challenging fundraising environment,” said Edward Benford, a managing director at Benford Capital. “All of our Fund II institutional investors committed to Fund III, which we believe is a testament to the success of our operationally-oriented strategy, the dedication of the BCP team, and consistent results. We look forward to executing on the same, proven value-creation playbooks in Fund III and continuing to focus on scaling family and founder-owned companies into market-leading platforms.”
“Pasture Brands is a great example of BCP’s approach to scaling CPG brands,” said Ben Riefe, a managing director at Benford Capital. “Since partnering with President Ryan Miller in December 2021, the key tenets of our value creation plan included building the senior management team and growing the company’s branded sales through new customer wins. We are thrilled with this successful realization and are confident the company is well-positioned for continued success in the years ahead.”