Investcorp Completes Purchase of Guardian Fire Services

The acquisition includes Guardian’s existing management team retaining equity as the company transitions from Northern Lakes Capital to new ownership under Investcorp.

Dec. 3, 2025

2 min read

Nashville-based Guardian Fire Services operates 17 branches nationwide, delivering inspection, testing and installation services across multiple industries.

Global investment firm Investcorp announced that it has acquired Guardian Fire Services, a Nashville-based fire and life safety services provider, from Northern Lakes Capital.

Under the agreement Guardian’s existing management team will retain a meaningful equity stake.

Guardian operates 17 branches serving customers across the Southeast, Northeast and Western United States. The company delivers a full range of fire protection and life safety services — including inspection, testing, maintenance and installation of fire suppression systems, fire alarms and emergency lighting. Guardian serves commercial, industrial, healthcare and educational clients.

According to Investcorp, Guardian has completed 12 acquisitions since 2022 while maintaining strong customer and technician retention metrics. The deal is the first investment from Investcorp North America Private Equity Fund II, aligning with Investcorp’s strategy of backing middle-market service businesses in resilient industries.

Investcorp’s Senior Managing Director of North America Private Equity, Amit Gaind, stated the firm has been tracking the fire safety sector for several years. The firm was drawn to Guardian’s operational record, growth rate and commitment to customer service.

“In getting to know the (Guardian) team over the last two years, we have been consistently impressed by their operational excellence, above market rate of growth and commitment to customers,” Gaind said.

Ray Misfeldt, CEO of Guardian, expressed optimism about the new partnership, acknowledging the foundational work done under Northern Lakes Capital and looking forward to the company’s next chapter with Investcorp.

“When we first met the Investcorp team, we were immediately drawn to their exceptional track record of scaling and improving technical services businesses like ours,” Misfeldt stated. “Their thoughtful playbook for growth and operational know-how aligns perfectly with our vision for Guardian’s future."

Lincoln International served as financial advisor and Fredrikson & Byron, P.A. served as legal counsel for Guardian on the transaction. Baird served as financial advisor, Gibson, Dunn & Crutcher LLP served as legal counsel and Willkie, Farr & Gallagher LLP served as financing counsel for Investcorp.