Cennox Acquires Leading Safe Manufacturing And Service Company, FireKing Safety And Security
Cennox a portfolio company of York Capital Management’s private equity group announced the acquisition of FireKing Safety and Security (“FireKing”), a leading U.S.-based financial safe and services business previously owned by Pfingsten Partners, L.L.C. The deal enables Cennox to enter the traditional and smart safe manufacturing business, and further expands its deployment and maintenance services across FireKing’s 1,000+ customers. Terms of the transaction were not disclosed.
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Founded in 2006, Cennox provides integrated services and solutions to the financial services, commercial, retail, and transportation industries. Following this transaction, the Company’s global operations will span 1,700 employees across the U.S., U.K., and mainland-Europe. Since its founding, Cennox has scaled through 17 acquisitions and delivered consistent organic growth. The FireKing transaction is the 5th completed acquisition in the past 12 months, a year which has seen Cennox nearly triple in size and further realize their expansion plans to support their growth and diversification strategy.
FireKing Safety and Security, which will be rebranded as Cennox effective January 1, 2022, has deployed approximately 300,000 traditional and smart safes principally across the U.S. FireKing’s customers include retail operations (such as grocery stores, gas stations, pharmacies and fast food restaurants), cash-in-transit companies, as well as financial institutions. The combined business will serve nearly 2,000 retail, financial services and other customers, and will manage 400,000+ cash automation machines, safes, kiosks and EV charging stations globally.
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“We are pleased to add FireKing to the Cennox family as we further expand our operations across the United States, execute on our strategic M&A pipeline and build on the Company’s extensive service offerings for our clients,” said Clive Nation, Founder and CEO of Cennox. “Today, Cennox is regarded as a provider of choice by many major institutions, and is valued for its deep industry expertise, consistent high-quality service, and increasing breadth of solutions. We welcome FireKing’s talented team and proven business model to Cennox as we continue to identify attractive areas for growth in the U.S.”
Nick Cockett, COO of Cennox, commented, “The Cennox acquisition of FireKing provides a compelling addition to our established reputation as a provider of integrated products and services. 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.”
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