Cennox, a portfolio company of York Capital Managment‘s private equity group, has acquired FireKing Safety and Security from Pfingsten Partners, LLC. FireKing is a U.S.-based financial safe and services business.
Cennox provides services to financial services, commercial, retail and transportation industries. This is the fifth acquisition made in the last 12 months and 17th overall by Cennox, delivering consistent organic growth and marking a nearly threefold increase in size.
Going forward, FireKing will rebrand under the Cennox name with the combined business serving 2,000 customers while managing 400,000 cash automation machines, safes, kiosks and EV charging stations. FireKings has approximately 300,000 traditional and smart safes in operations to a variety of customers.
“We believe the FireKing portfolio of safes to be the perfect fit, not only for the day-to-day support of customers seeking a traditional or smart safe, but also for customers seeking a partner able to offer a full suite of products and outsourced services for their business,” added Cennox COO, Nick Cockett.
WhiteHorse Capital provided debt financing for the transaction in support of the overall M&A strategy. Duff & Phelps, A Kroll Business, acted as the buyside investment banking advisor and Goodwin Procter LLP served as legal counsel to Cennox and York Capital in the acquisition of FireKing. TM Capital served as the sellside advisor to FireKing.