Apax Global Alpha to invest EUR 12m in Altus Fire
Apax Global Alpha Limited
143.80p
16:40 13/09/24
Apax Global Alpha announced plans to invest €12m in Altus Fire & Life Safety, a provider of fire and life safety services in the northeastern United States, on Wednesday.
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The London-listed firm said the investment was being made through its participation in Apax XI, the private equity fund that finalised the acquisition of Altus in August.
Founded in 1993 and based in New York, Altus offers a range of services including fire alarm, sprinkler, and security system installation, testing, inspection, and repairs.
Apax said the company has a strong reputation in the fragmented fire and life safety market, and had expanded rapidly through both organic growth and strategic acquisitions.
The investment aimed to support Altus’ continued growth by enhancing its sales and marketing efforts, increasing recurring service revenue, and expanding geographically.
Apax Funds would leverage its experience in similar service-based business models, such as Safetykleen and SavATree, to help Altus achieve the goals.
Apax Global Alpha said the latest investment was part of its commitment to Apax XI, to which it allocated around $700m in June 2022.
At 1054 BST, shares in Apax Global Alpha were up 1.5% at 145.55p.
Reporting by Josh White for Sharecast.com.