All Employees to Become Owners in the Company
ST LOUIS, Mo. & NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that investment funds managed by KKR have acquired Potter Global Technologies (“Potter” or the “Company”), a leading manufacturer of fire and life safety equipment, from Gryphon Investors. KKR plans to support the Company in its continued growth organically and through add-on acquisitions. Financial terms were not disclosed.
Headquartered in St. Louis, Missouri, Potter is a trusted global provider of fire safety and emergency communication equipment used by thousands of customers across diverse end markets including education, multi-family, industrial, and healthcare. Potter’s leading products are used for monitoring fire safety systems, detecting fires and other life-threatening events, and notifying and communicating with building occupants and first responders to ensure safe and efficient evacuations and responses.
“For over 125 years, the Potter brand has stood for safety and reliability in the face of potentially life-threatening risks to the thousands of people and institutions around the world who entrust their fire and life safety to Potter. We have been impressed by the Company’s history of innovation and commitment to provide its customers with high-quality, easy-to-use systems supported by incredible customer service,” said Brandon Brahm, Partner at KKR and Co-Head of KKR’s Ascendant strategy. “We look forward to collaborating with Gerry Connolly, the leadership team, and all of the employees at Potter as we embark on this new era in the Company’s growth and develop new ways to serve our customers and protect lives.”
“Potter’s growth is a testament to the performance of our talented team and to our reputation as a leader in the fire and life safety industry. Our mission to protect people, buildings, and critical infrastructure across the globe underpins everything we do, and we are excited to continue furthering this mission with KKR. We are aligned on Potter’s potential and look forward to continue serving our customers through accelerated new product innovation, superior customer service, and an expanded reach domestically and internationally. Implementing KKR’s equity ownership philosophy, which will make every employee an owner, will be instrumental in achieving our potential and we are looking forward to the exciting growth that all employees together will drive as co-owners in Potter,” said Gerry Connolly, CEO of Potter.
KKR will support Potter in implementing a broad-based employee ownership program to allow all of its employees to have the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-management employees across more than 35 portfolio companies.
Potter is the latest investment for KKR’s Ascendant Strategy, which invests in middle market businesses in North America as part of KKR’s Americas Private Equity platform. Other investments in the Ascendant strategy include Alchemer, 123Dentist, Industrial Physics and a commitment to fund a new executive-led platform designed to acquire and build businesses in the Testing, Inspection, and Certification industry.
Baird and Baker McKenzie served as advisors to KKR.
Potter Global Technologies is the leading independent designer and manufacturer of life safety and emergency communication solutions. Through its various business brands, Potter provides fire suppression, alarm and communications systems, mass notification systems, first responder RF radio communications, and advanced power products. The company motto is “We Save Lives” and their employees appreciate the role they play and value working for a company that is making a difference through protecting people, property and critical infrastructure. Their mission is to make buildings and people safer from fire, natural disasters, and acts of violence. Throughout their longstanding 125-year history of developing industry leading technology, Potter has earned a reputation for best-in-class product quality and customer service. The company is headquartered in St. Louis, Missouri, with sales, engineering, and manufacturing centers in the Americas, Europe, and Asia. Discover more about Potter Global Technologies at www.potterglobaltech.com.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
Julia Kosygina or Emily Cummings