3 Dec 2025
Investcorp, a leading global alternative investment firm, today announced that it has acquired Guardian Fire Services (“Guardian”), a leading provider of fire and life safety services across the United States, from Northern Lakes Capital. As part of the transaction, Guardian’s management team will remain meaningful shareholders in the company.
Headquartered in Nashville, Tenn., Guardian operates through 17 branches serving a diverse customer base across the Southeast, Northeast, and Western U.S. Guardian provides comprehensive fire protection and life safety services to commercial, industrial, healthcare, and educational end markets. These services include inspection, testing, maintenance, and installation of fire suppression systems, fire alarms, and emergency lighting systems.
Amit Gaind, Senior Managing Director of North America Private Equity at Investcorp, said: “We have been tracking the fire safety sector for several years, and Guardian has been on our radar for some time. In getting to know the team over the last two years, we have been consistently impressed by their operational excellence, above market rate of growth, and commitment to customers. This investment aligns well with our experience in technician-centric, branch-based businesses, and we look forward to supporting Guardian’s continued expansion.”
Rajiv Sheth, Managing Director at Investcorp added: “What impressed us about Guardian is how thoughtfully they’ve built scale. The strength of the business comes from its branch leadership, strong technician base and dedicated employees that are the backbone of this business. Guardian’s approach of preserving local expertise while providing expanded resources creates genuine value for both employees and customers – a rare combination that drives their market leadership.”
Guardian has established itself as a market leader with a proven track record of growth, having completed 12 acquisitions since 2022 while maintaining exceptional customer and technician retention metrics. The company serves customers in a large, fragmented, and resilient market driven by compliance mandates and the critical nature of fire safety services.
Ray Misfeldt, CEO of Guardian Fire Services, said: “When we first met the Investcorp team, we were immediately drawn to their exceptional track record of scaling and improving technical services businesses like ours. Their thoughtful playbook for growth and operational know-how aligns perfectly with our vision for Guardian’s future. We’re grateful to the Northern Lakes Capital team for their partnership in building Guardian into the company it is today, and we’re excited about our next chapter with Investcorp.”
Joel Grebenick, Partner at Northern Lakes Capital, said: “Ray and his team have built an exceptional business with a clear competitive advantage in their industry and the markets they serve. We’re proud of what Guardian has accomplished during our partnership and confident that Investcorp is the ideal partner to support the company’s next phase of growth.”
Guardian represents the first investment from Investcorp North American Private Equity Fund II, L.P. This investment fits the firm’s core strategy of helping middle market service businesses in North America accelerate growth.
Mr. Gaind added: “After successfully investing our first dedicated North America buyout fund in 11 leading service businesses, we are excited to initiate the second fund of our NAPE franchise with this investment in Guardian. The company fits well into our strategy of backing fast-growing middle market companies in resilient industries, led by motivated management teams and driven by talented employees.”
Investcorp’s North America Private Equity group has been investing in North American mid-market businesses for over 40 years and has completed more than 75 transactions, deploying more than $22 billion in transaction value since inception.
Lincoln International served as financial advisor and Fredrikson & Byron, P.A. served as legal counsel for Guardian on the transaction. Baird served as financial advisor, Gibson, Dunn, & Crutcher LLP served as legal counsel and Willkie, Farr & Gallagher LLP served as financing counsel for Investcorp.