Boyne Capital Announces the Sale of Rapid Fire Protection Group to Pye-Barker Fire & Safety

MIAMI, July 20, 2021 /PRNewswire/ -- Boyne Capital ("Boyne"), a Miami, FL based private equity firm focused on small and mid-sized companies, announced today the sale of their portfolio company, Rapid Fire Protection Group, Inc. ("RFPG" or the "Company") to Pye-Barker Fire & Safety ("Pye-Barker"). Boyne acquired RFPG in June of 2019.

RFPG, headquartered in Rapid City, South Dakota, is a leading provider of comprehensive fire protection solutions across the Western U.S. Since its founding in 1992, RFPG has delivered a broad range of services including specialized design and installation of fire sprinkler and suppression systems as well as ongoing inspection, testing and maintenance. RFPG has been family operated since inception and has developed a long-term track record for quality and reliability across a wide variety of customers, end markets, and asset types. Since Boyne's investment two years ago, RFPG's revenue and EBITDA have grown 250% and 350%, respectively, and the Company completed three strategic acquisitions to expand its service offerings and footprint in the Mountain West and West Coast.

Matt Hammon, CEO of RFPG, said, "Boyne has been a valuable partner in helping us grow RFPG into a leading full-service fire protection platform, building upon on our strong team and long-term track record in the industry. With Boyne's support, we dramatically accelerated organic growth and developed the business through key strategic acquisitions and significant investments in talent and infrastructure. We thank Boyne for their collaboration and partnership over the past two years, and we are very excited to join the Pye-Barker platform as the next chapter in RFPG's development."

Derek McDowell, Boyne's Managing Partner and CEO, said, "From our first meeting, we saw in Matt Hammon and the RFPG team the ideal partners to invest in and pursue an accelerated growth strategy. Through organic initiatives and a strategic M&A effort focused on leading founder-operated fire protection businesses in the Western U.S., RFPG's scale and reach have expanded considerably since Boyne's investment, and the Company's strong leadership and culture ensured successful acquisition integration without sacrificing quality. This transaction has been a tremendous outcome for RFPG's shareholders, and we wish the team continued success."

Adam Herman, Boyne's COO, added, "In every Boyne investment, we look for opportunities to bring value that will go beyond added capital. With RFPG, we identified several areas in which additional investment in talent, systems, and procedures would help keep pace with rapid growth and provide a foundation for a much larger business. Matt Hammon, COO Rod DiBona, and the whole RFPG team bought into this approach from day one and showed outstanding commitment to executing on these initiatives while overseeing an aggressive expansion strategy and integration of multiple acquisitions. Because of these investments and the dedication of the management team, RFPG is extremely well-positioned for continued success and industry leadership. We thank the team for their partnership and wish them the best going forward."

Raymond James & Associates served as financial advisor and Freeland Partners served as legal advisor to RFPG.

About Boyne
Boyne Capital is a Florida-based private equity firm focused on investments in lower middle market companies. Founded in 2006, Boyne has successfully invested in a broad range of industries, including healthcare services, consumer products, niche manufacturing, and business and financial services among others. Beyond financial resources, Boyne provides industry and operational expertise to its portfolio companies and partners with management to drive both company performance and growth. Boyne specializes in providing the capital necessary to fund corporate growth and facilitate owners and shareholders' partial or full exit. Contact Scott Bartnick at [email protected] or 786.539.2247 with inquiries related to the sale.

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SOURCE Boyne Capital