Huron Capital Completes Sale of Sciens Building Solutions
Sciens specializes in the fire/life-safety sector, including the design, installation and provision of maintenance services.
DETROIT — Huron Capital, a middle-market private equity firm, announces it has sold a majority interest in Sciens Building Solutions, a full-service commercial fire/life-safety company, to funds managed by global investment firm Carlyle Group (Nasdaq: CG).
The sale of Sciens is Huron Capital’s eighth exit this year. Terms of the transaction were not disclosed. Sciens Building Solutions’ senior management team, as well as Huron, will retain minority equity stakes in the business and Huron will maintain a seat on Sciens’ board of directors.
Headquartered in San Francisco, Sciens is focused on the fire detection and security services sector, including the design, installation and provision of maintenance services for fire detection and protection systems in a variety of commercial, institutional and government facilities.
Recognizing notable secular tailwinds including increasingly stringent regulatory requirements, the growing importance of smart buildings and systems, and demographic shifts tied to urbanization, Huron, under its proprietary ExecFactor program, partnered with industry executive, Terry Heath to form Sciens in 2016 to pursue a buy-and-build investment strategy in the fire/life-safety space.
Over the past several years, Sciens made significant investments in people, technology and corporate infrastructure, including the development of a strategic M&A program. Since its formation, Sciens experienced strong organic growth and completed 13 acquisitions becoming a scaled national provider of mission critical fire/life-safety services, according to the announcement.
Huron says these efforts resulted in a greater than 35-fold increase in revenue and EBITDA, transforming Sciens from a business vision into a diversified, market-leading fire/life-safety platform poised to continue its growth trajectory under Carlyle’s ownership.
“We have a clear focus to become the largest independent FLS integrator in North America by building a scalable platform with a world-class management team,” says Terry Heath, founder and CEO of Sciens. “As a result of the investments we made, we grew rapidly and successfully integrated numerous acquisitions. We are extremely grateful for Huron’s partnership, and I am pleased that [Huron Managing Partner Jim Mahoney] and I will be able to continue our work together as board members under Carlyle’s ownership.”
Baird served as financial advisor and Honigman LLP served as legal advisor to Huron and Sciens.
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