Private‑equity firm Francisco Partners has signed a definitive agreement to take Calgary‑based Blackline Safety private in a transaction valued at up to $850 million. The connected‑safety technology provider, founded in 2004 and led by CEO and chair Cody Slater, will be delisted once the deal closes in the second quarter of 2026. The agreement also includes earn‑out provisions tied to post‑closing performance milestones.

Investors have been eyeing the industrial‑IoT segment as firms scale digital monitoring solutions for hazardous workplaces. Blackline’s portfolio of wireless gas detectors and real‑time analytics positions it to benefit from tightening safety regulations across North America. By moving the company off public markets, Francisco Partners aims to inject capital and operational expertise to accelerate product rollout and global expansion, and broaden its platform internationally.

The $850 million price tag translates to roughly 12 times Blackline’s estimated 2025 EBITDA, reflecting confidence in its recurring‑revenue model. Shareholders will receive cash for their stakes, while the private structure could streamline decision‑making and fund R&D without quarterly reporting pressures. The transaction also removes Blackline from the Toronto Stock Exchange, simplifying governance. The deal underscores private equity’s willingness to pay premium multiples for niche safety tech assets.