WASHINGTON (dpa-AFX) - Private equity firm BlackRock Long Term Private Capital or LTPC, announced Monday that it has acquired a majority interest in Summit Companies, a leading fire and life safety service and installation company, from CI Capital Partners.
BlackRock LTPC will partner with Summit's management team to drive the company's next phase of growth through geographic expansion and scaling its capabilities and services.
Summit Companies is a one-stop-shop of non-discretionary fire and life safety services, offering complete end-to-end capabilities for fire detection, fire suppression, and life safety on a local, regional and national scale.
This investment capitalizes on BlackRock LTPC's need for an end-to-end solutions provider as safety continues to be a critical regulatory focus for companies across industries.
Summit Companies is BlackRock LTPC's fifth investment to date, and its third North American investment. The acquisition is highly emblematic of LTPC's strategy of investing in high-quality businesses with strong, persistent returns on capital, multiple growth paths and best-in-class management teams.
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