BOSTON–(BUSINESS WIRE)–Building Industry Partners (“BIP”), a leading private equity firm specializing in the U.S. building industry, has announced the successful sale of Endeavor Fire Protection (“Endeavor”). Endeavor, a rapidly expanding provider of fire protection and life safety services, including installation, maintenance, repair, and inspection, was acquired by APi Group Corporation (NYSE: APG) (“APi”). APi Group is a publicly traded, market-leading business services provider with a strong presence in safety and specialty services, operating over 500 locations globally. The financial details of the transaction remain undisclosed.
Building Industry Partners initiated the Endeavor platform in 2022 in collaboration with Robert Lane, Endeavor’s CEO. The initial strategy focused on the Greater Chicago market, marked by the strategic acquisitions of Valley Fire Protection and Allegiant Fire Protection. With the backing of building industry partners like BIP, Endeavor significantly broadened its operational scope from three to eight locations. This expansion extended their market reach to fourteen states and grew their team to nearly 300 professionals. During BIP’s two-year ownership, Endeavor achieved remarkable financial growth, with revenues more than doubling and profitability increasing by over 3.5 times. This growth was fueled by both organic initiatives and strategic acquisitions that aligned with the company’s vision.
Robert Lane, CEO of Endeavor, commented on the acquisition, stating, “We believe that APi Group shares the foundational values we have cultivated at Endeavor, including a commitment to superior customer service, fostering employee growth and opportunity, and upholding honesty and integrity in all business dealings. This new partnership will strengthen our dedication to our team and enhance our ability to serve our customers and communities more effectively. The extraordinary growth we have experienced in recent years is a testament to the dedication of our local management teams, the expertise of our frontline employees, and Endeavor’s unwavering commitment to being the preferred partner for our clients and the employer of choice for our team members.”
Pat Mascia, Partner at Building Industry Partners, also shared his perspective: “This successful sale is a significant and well-deserved achievement for the entire Endeavor team and our investors. We are proud to have supported such a dedicated and highly skilled management team. Endeavor’s success perfectly illustrates the impact of supporting talented leaders within specific industry segments where they possess passion, strategic vision, and a proven history of creating substantial value.”
Justin Gilson, also a Partner at Building Industry Partners, added, “The Endeavor team has demonstrated exceptional skill in driving organic growth by focusing on high-value projects in attractive markets. Their strategic expansion into new geographic areas in the Western U.S. through acquisitions has been equally impressive. We are confident that Endeavor is well-positioned for continued success in its next chapter with APi Group, who we believe will be excellent stewards of the business moving forward.”
A notable aspect of the transaction was the participation of Endeavor employees in a broad-based employee ownership plan. This initiative, piloted by building industry partners across all its portfolio companies since 2020, underscores BIP’s commitment to shared success.
Matt Ogden, Managing Partner of Building Industry Partners, emphasized the significance of the employee ownership program: “The successful sale of Endeavor marks our first successful exit where we implemented our broad-based employee ownership program. We have gained valuable insights from operationalizing this pilot program and see significant opportunities for refinement and expansion as we scale this initiative. We firmly believe that employee ownership fosters a stronger alignment of interests among Endeavor’s shareholders, management, and team members. This alignment has been instrumental in differentiating Endeavor in terms of recruitment, employee retention, and professional development. Ultimately, this contributed to the company becoming an employer of choice within its operating markets. It is particularly rewarding to see Endeavor team members directly benefit from the meaningful equity value they have collectively helped to create.”
FMI Capital Advisors served as the exclusive financial advisor to Endeavor Fire Protection in this transaction, while Holland & Knight provided legal counsel to Building Industry Partners.
About Building Industry Partners
Building Industry Partners (“BIP”) is the preeminent private equity firm dedicated to investing in the U.S. building industry. Founded in 2008 by Matt Ogden and led by Matt, Pat Mascia, and Justin Gilson, BIP is based in Boston and maintains a network of operating partners and advisors throughout the United States.
Over the past 15 years, building industry partners has established a strong track record of co-founding and serving as the first equity sponsor for some of the fastest-growing and most dynamic companies in the U.S. building industry’s middle market. This includes notable companies such as U.S. LBM Holdings, Kodiak Building Partners, Homewood Holdings, and U.S. Fence Solutions/Binford Supply, in addition to Endeavor Fire Protection.
In 2020, BIP refined its core mission to focus on building exceptional and enduring businesses, delivering top-tier investment returns, and contributing to the advancement of the building industry workforce through people-centric investment and business principles. Building Industry Partners actively seeks opportunities to partner with the building industry’s most talented individuals to build outstanding businesses, realize their entrepreneurial aspirations, and foster increased shared prosperity among shareholders, management teams, and the broader workforce. For further information, please visit www.buildingip.com.
Contacts
Pat Mascia Partner 99 Bedford Street Suite 500 Boston, MA 02111 617-431-8333
