Consolidated Fire Protection LLC in Irvine is set to trade hands.
San Francisco-based private equity firm Gryphon Investors said Wednesday it plans to buy the fire safety company from Costa Mesa-based Westar Capital LLC, Los Angeles-based Caltius Private Equity Partners and others. Terms weren’t disclosed.
Westar’s founding partner is former ambassador to Spain, George Argyros.
Gryphon said it also had the backing of Consolidated Fire management and Jerry Rose, former vice chairman of Jones Lang LaSalle.
Jim Didion, former chairman and chief executive of CB Richard Ellis Group Inc. also is investing in the deal and will take a board seat.
Consolidated Fire has two main units: Cosco Fire Protection Inc. in Gardena and Firetrol Protection Systems Inc. in Salt Lake City. Both companies install automatic sprinkler systems and provide repair and inspection services to office, industrial, government and other commercial buildings.
Cosco has annual sales of about $75 million and 350 workers, according to Hoover’s Inc.
Gryphon was interested in the company because fire safety business is growing amid “increasing regulatory focus, heightened public awareness and strengthening commercial construction activity,” said David Andrews, president and managing general partner of Gryphon.
Rose, a member of Gryphon’s executive advisory board, will become Consolidated Fire’s executive chairman when the acquisition closes. No timetable was given for when the deal might wrap up.
The company will continue to be run by President Steve Shaffer and Chief Operating Officer Keith Fielding.
Gryphon is majority shareholder of Santa Ana-based Bright Now Dental Inc. Last year Bright Now paid about $53 million to buy Castle Dental Centers Inc., a Houston-based company with 73 dental offices in Texas, Florida, Tennessee and California.
