- In 2025, Investcorp North America’s private equity team completed 17 transactions totaling about $3.2B, including two new platforms, nine add-ons, and one exit.
- New platform investments Kanawha Scales & Systems and Guardian Fire Services deepen its focus on recurring, inspection-driven industrial and safety services, with Guardian marking its first North American fire & life safety platform.
- RESA Power, acquired in 2021, was exited to Kohlberg in April 2025 after revenue and EBITDA more than quadrupled, supported by add-on acquisitions, tech investment, and an employee ownership program.
- The year underscores Investcorp’s mid-market strategy of using platforms as bolt-on hubs in resilient service sectors and highlights fundraising momentum including a reported $965M Fund II.
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The 2025 Year in Review highlights that Investcorp North America has sharply focused on platform investments in resilient, service-oriented businesses, aligned with its mid-market private equity strategy. The two new platforms—Kanawha Scales & Systems and Guardian Fire Services—typify its preferences: industrial & safety services with potential for both organic and acquisition-driven expansion. Guardian stands out as its first North American fire & life safety platform, acquired for a transaction in the middle of its target deal size range of $200-$800 million.
The exit profile (RESA Power) reinforces its ability to grow a business substantially over a relatively short hold. From 2021 to 2025, RESA’s revenue and EBITDA grew over fourfold; expansion was supported by both add-on acquisitions (at least 14) and technology investments (machine learning, AI-enabled tools), plus an employee ownership program that reduced turnover. The exit to Kohlberg validates this value creation path.
Quantitatively, 17 deals for $3.2 billion implies an average ticket size of ~$188-190 million per transaction, though the two platform investments likely skew this upward; the rest include nine add-ons, suggesting Investcorp is using platforms as hubs for bolt-on growth. The emphasis on repeatable models—inspection, testing, maintenance, compliance—is consistent with broader sector trends: fragmented industries with regulatory oversight, recurring revenue, and high switching costs are proving attractive.
Strategic implications: first, Investcorp is doubling down on service sectors with defensive, recurring features. Second, its fund structure is accommodating higher-middle deal sizes in North America (platforms $200-$800 million). Third, the successful exit of RESA offers internal proof for LPs, strengthening fundraising credibility—helpful for its newer vehicles such as Fund II, which reportedly has $965 million.
Open questions remain: what margins and operational leverage are sustainable in these platforms as the number of add-ons increases? How well can the fire & safety industry withstand inflation and labor cost pressures? Also, as Investcorp shifts more into these service sectors, how does this affect exposure to industrial cyclicality or sector-specific regulatory risk?
Supporting Notes
- Investcorp completed 17 transactions in 2025 worth approximately US$3.2 billion.
- Two new platform investments: Kanawha Scales & Systems (industrial weighing & control services), and Guardian Fire Services (fire & life safety).
- Nine add-on acquisitions and one exit—RESA Power.
- RESA’s revenue & EBITDA more than quadrupled between 2021 and exit in April 2025.
- RESA exited to Kohlberg; was first exit from Investcorp North America Private Equity Fund I.
- Guardian Fire deal is in deal size range US$200-US$800 million; management retains significant equity.
- Investcorp North American Private Equity Fund II reportedly raised US$965 million ahead of Guardian Fire deal.
- RESA pursued both organic growth and at least 14 add-on acquisitions during Investcorp’s hold.
- An employee ownership program was implemented at RESA for all employees with ≥1 year of service; turnover reduced.