KRG enters security space with ECFP buy
DENVER--Saying the purchase complements its other investments, KRG Capital Partners, a private equity firm based here, made its first foray into the security industry in October with the acquisition of East Coast Fire Protection Inc., of Richmond, Va.
"The construction area is a major focus of our investments and an area where we have a lot of expertise," said Chris Lane, managing director of KRG Capital. "This investment complements our construction investments."
KRG did not release terms of the deal, but Lane said KRG was attracted to ECFP because of the quality of the company. "We like the fire and life-safety area and we really like the management team at ECFP. We think it's an exceptionally well run organization."
Jim Toups, president of ECFP, did not return calls requesting comment before press time. However, according to a company website, ECFP has a $100 million bonding line and $22 million in capital backing.
The management team and operation of the company will remain in place, Lane said. Senior staff members, according to the website, include Toups, Jack Medovich, and Bob Rose, both senior vice presidents and Allen Baar, vice president.
Lane would not disclose specific plans or goals, but said KRG will help ECFP grow organically and through acquisitions. There are plans to open new offices.
ECFP now has 650 employees and nine offices in Maryland, Virginia, North Carolina, Georgia, and Florida.
Its projects extend throughout the mid-Atlantic and southeast.
Founded in 1997, ECFP is one of the largest fire and life-safety service providers in the United States.
Its services include alarm and detection control panels and smart systems, notification systems, ancillary products.