Apax sells SK FireSafety to API

Katharine Hidalgo
06 October 2020

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Apax Partners has sold fire protection products manufacturer SK FireSafety Group to API Group.

New York Stock Exchange-listed API Group is a provider of safety and industrial services with a presence in 200 locations, primarily in North America but with an expanding platform in Europe. API expects to use the acquisition as a platform for international organic and acquisitive growth.

During its holding period, Apax supported the management team with its growth and consolidation strategy to solidify its position in Benelux and the Nordic region, and expand and automate its service offering.

SK FireSafety's management team will stay on with the company following the transaction.

Previous funding
In February 2010, Amsterdam-based buyout firm Bencis Capital Partners led the management buyout of SK FireSafety for an undisclosed amount. The GP drew down capital from Bencis Buyout Fund III, which closed on €375m in 2007.

Apax first invested in the company in 2014. The GP completed the investment via Apax France VIII, a €700m mid-cap fund that closed in 2011. The fund is currently in its realisations phase, having already exited fixed-line communications company Numericable and business schools operator Inseec.

SK FireSafety acquired two companies in 2016 for its aviation business unit: Team Aero Services and Destini Berhad. In 2017, it acquired a stake in Smart Technologies to benefit from its rapid intervention services on fire extinguishers and emergency lighting.

Company
Established in 1924 and based in Breda, SK FireSafety is a European company offering safety products and services in the active fire safety market. It generates annual revenues of €124m and EBITDA of €16m, according to a report by Unquote sister publication Mergermarket.

People
Apax Partners – Bertrand Pivin (partner); Vincent Colomb (director); Maxim Gobbers (associate).

Advisers
Vendor – KPMG, Danny Bosker, Tijn Bastiaans (M&A); Allen & Overy, Karine Kodde (legal); KPMG (corporate finance); Bain & Company, Marc Lino, Erik Pot (commercial due diligence); Deloitte, Jos Boerland (tax).