LONDON: Apax Global Alpha Limited (AGA), the closed-ended investment company providing access to the Apax Private Equity Funds, today announced that it expects to invest approximately €12m in Altus Fire & Life Safety on a look-through basis.
On 3rd September 2024, Apax XI, in which AGA is a limited partner, announced an investment in Altus Fire & Life Safety, a leading provider of regulation-mandated fire and life safety services in the northeastern region of the United States. The transaction closed in August 2024.
Founded in 1993 and headquartered in Nork York, Altus offers state-of-the-art fire and life safety services and solutions, such as testing and inspection, service and repair, drills and training, monitoring, upgrade, and installation services across product categories including fire alarm, sprinkler, and security systems. Altus benefits from a strong reputation in the highly fragmented fire and life safety market and has established relationships with strategic partners. In the past few years Altus has grown rapidly, both organically and via strategic M&A.
The investment in Altus draws on the Apax Funds’ experience in the services density-based business models vertical from previous investments such as Safetykleen and SavATree. The investment thesis is to support Altus’ growth by investing in sales and marketing, increasing recurring service revenue and expanding geographically. The Apax Funds will work with Apax’s Operational Excellence Practice to execute on these initiatives.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax as well as a smaller portfolio of mostly debt investments. In June 2022, AGA made a commitment of c.$700m to Apax XI.