Joplin-based Marmic Fire & Safety has been acquired by HGGC, a private equity firm, from Thompson Street Capital Partners, the companies announced in a statement last week.
Terms of the deal, which is expected to close early this year, were not released.
Marmic, 1014 S. Wall Ave., has more than 20 branches in 10 states, employing about 40 people in Joplin and 400 companywide. It is a third-generation family business and one of the largest fire protection service companies in the country.
Marmic provides recurring inspection, test and maintenance services conforming to Occupational Safety and Health Administration mandates, government codes and National Fire Protection Association standards for retail, medical, commercial and industrial operations.
"We are very excited to partner with HGGC to build on the consistent growth we have achieved over the past decade," Michael Teeter, CEO of Marmic, said in a statement. "This company was founded by my grandparents, and it was very important to me to work with a firm that understands and appreciates what a family business really means. HGGC's partnership approach made them a perfect fit to help us continue to identify and acquire other great fire protection companies to join the Marmic family. We thank TSCP for their supportive and collaborative partnership over the past two and a half years as we transformed the business through operational improvements and strategic mergers and acquisitions."
Marmic has completed 18 acquisitions since 2012 and now serves more than 30,000 customers.
"Our focus is going to be on more growth at a faster rate," Teeter said. He will continue to lead the business and will retain a substantial ownership stake in Marmic, according to the statement. He also said the deal will lead to more growth and provide more opportunities for employees to advance.
"Michael and the senior leadership team at Marmic have built something very special, and we are excited to partner with them to accelerate their organic and acquisition-driven growth strategies," said Steve Young, president of HGGC and a former NFL quarterback, in a statement. "With Marmic's great culture, and Michael's deep knowledge from growing up in the business, we're confident Marmic will be the fire safety platform of choice for employees, customers and potential sellers."