The Riverside Co., a global private investor, has formed a new fire/life-safety platform through the acquisitions of American Service Co. (ASC) and Advanced Fire Protection Systems (AFPS), both of which serve commercial property owners and building managers across eastern Massachusetts and the greater Baltimore/Washington D.C. area, respectively.
The combined business provides fire and life-safety services to customers in the Northeast and Mid-Atlantic, including system inspection, service, monitoring, and equipment sales as well as installations for new construction and retrofits.
The new platform marks the addition of The Riverside Co.’s third fire/life-safety platform to its Business Services portfolio, which includes CertaSite and Performance Systems Integration (PSI).
The new platform delivers its solutions and services to clients in diverse end markets, including office, industrial, healthcare, education, hospitality, government, retail and multifamily residential. As fire and security experts, the combined business has designed, installed and serviced thousands of life-safety systems that keep occupants safe and minimize the disruption of mission critical activities.
“Fire and life safety is a rapidly growing market, and the combined business is well-positioned to meet the ever-growing needs of the industry,” said Riverside Managing Partner Loren Schlachet, and leader of the firm’s Micro-Cap Fund. “During our partnership, we plan to invest in sales and marketing resources to enhance the organizations’ already-extensive customer base while extending service offerings that will address the compliance needs of new and existing customers.”
In addition to pursuing organic growth, Riverside plans to bring additional businesses under the broader company through strategic add-on acquisitions, according to an announcement. With AFPS joining ASC within just weeks of Riverside’s initial investment, the team is optimistic about the portfolio’s future.
“The ASC and AFPS teams have tirelessly worked to earn well-established reputations as leaders in providing high quality service to their loyal customer bases,” said Riverside Partner John McKernan. “The market for fire and life safety businesses is highly attractive, with numerous opportunities to execute on as the combined platform continues to establish itself as a market leader in the Northeast and Mid-Atlantic regions."
Working with Schlachet and McKernan on the deal were Assistant Vice President Sara Passani, Senior Associate Jeff Abboud, Operating Partner Cathy Skula and Finance Director Cassie McGruder. Principal of Origination Cheryl Strom sourced AFPS for Riverside.