Fire protection and life safety platforms are attracting premium valuations, with PE firms paying 18x to 20x EBITDA for scaled assets. JPMorgan’s David Sweet discusses the market’s “battleship defensibility” and resilient dealmaking amid economic uncertainty. Firms like KKR, New Mountain, Gryphon, and Riverside Company are actively consolidating the space.

In related news, KKR-backed Industrial Physics acquired an electrical testing firm from Branford Castle Partners. Sweet notes a barbell strategy in deal sizes: investors either target sub-$100 million EBITDA companies for growth via M&A or large platforms ready for public market exit. The broader professional services sector sees multiples from 9.9x to 17.7x EBITDA, per SIPA data.

Fire safety’s revenue stability and defensive qualities continue to draw interest from both private and public market investors.