Who Is Buying Fire Protection Companies in 2026?

PE-backed platforms are the dominant buyers of fire protection companies in 2026, with platform transactions up 33% year-over-year. APi Group, Pye-Barker Fire & Safety, and Sciens Building Solutions lead the pack, backed by billions in committed capital.

Which PE Firms and Platforms Are Most Active?

The fire protection M&A market is one of the hottest in all of building services right now. APi Group has been on an acquisition tear for years and shows no signs of slowing. Pye-Barker Fire & Safety has attracted bids reportedly in the 17x to 20x EBITDA range, reflecting the premium the market places on scaled platforms with deep recurring revenue. Sciens Building Solutions continues aggressive regional expansion through bolt-on acquisitions.

On the PE side, Permira made headlines acquiring Encore Fire Protection for roughly $1.8 billion in early 2025 — Encore had grown through 55 acquisitions under its prior private equity owner. Riverside Company, Leonard Green & Partners, and Altas Partners are all actively deploying capital in fire and life safety. These newly established platforms are expected to drive even more add-on activity through 2026 as they enter the pool of sponsor-backed buyers. For independent fire protection company owners, this means more potential buyers competing for your business than at any point in the industry's history.

What Do Fire Protection Buyers Value Most?

The percentage of revenue from recurring sources — inspections, testing, maintenance contracts, and monitoring agreements — is the single most important number in fire protection valuations. Central station monitoring contracts with automatic renewals typically trade at 35x to 45x monthly recurring revenue because attrition is low and margins are high. A company doing $2M in revenue with 60% from recurring contracts is worth significantly more than one doing $3M in revenue from project work alone.

Buyers also prioritize geographic coverage, licensing in multiple jurisdictions, and a trained technician workforce. Fire protection licensing requirements create real barriers to entry, which is exactly why PE firms love this industry — once you have the licenses and relationships, they're hard to replicate. Understanding what drives value in the fire protection sector gives sellers leverage when multiple buyers come to the table.

"Fire protection is the most active M&A market I've seen in building services. When I tell owners they might get three or four competing offers, they don't believe me until the LOIs start coming in. The PE money flowing into this space is unprecedented, and it's creating real opportunities for owners who've built solid recurring revenue businesses." — John M. Salony