SIS Valuation Multiples

Motorola is a United States public-safety and enterprise-security technology company supplying land-mobile radio systems, command-center software, video security, analytics, and managed services to governments and businesses. The organization serves customers through a defined operating business rather than acting as an investment vehicle. Its team combines sector expertise, customer delivery, technology or physical operations, and continuing product development. Clients use its products or services to solve recurring operational needs in the markets where it is active. Revenue is generated from commercial products, recurring software, or contracted services supplied to customers. The company maintains its own management, workforce, commercial identity, and relationships with customers and suppliers. Its transaction history is tracked under this operating identity so that similarly named businesses in other countries or industries are not combined with it. The cited company and transaction sources establish the identity, location, activity, and role used in this research packet.

APi Group Corp operates in two segments: Safety Services segment includes providing safety services in North America, Asia Pacific, and Europe, focusing on end-to-end integrated occupancy systems (fire protection solutions, Heating, Ventilation, and Air Conditioning and entry systems), including design, installation, inspection, and service of these integrated systems. These services are provided in commercial, education, healthcare, high tech, industrial, and special-hazard settings. Specialty Services segment includes providing a variety of infrastructure services and specialized industrial plant services, which include maintenance and repair of critical infrastructure such as underground electric, gas, water, sewer, and telecommunications infrastructure.

SECOM Co Ltd is a provider of security services and surveillance systems. The company operates seven business segments. BPO ICT segment provides information security, disaster response, data center, and EPO services. Disaster Prevention supplies fire alarms, extinguishing systems, and other equipment for offices, plants, tunnels, cultural properties, ships, and homes. Geospatial Information Services offers mapping and related services to governments in Japan and abroad. Insurance designs products reflecting risk reduction and specialized health coverage. Medical Services covers home care, nursing, senior residences, medical records, and equipment sales. Security Services delivers centralized systems for safety and monitoring. Others include real estate leasing and construction support.

Aramark is an American food service and facilities services company headquartered in Center City, Philadelphia, Pennsylvania, and listed on the New York Stock Exchange. It runs cafeterias, catering, concessions and facility management under contract for clients in education, healthcare, business, corrections, sports and leisure, including major league sports venues and most of the food served on Amtrak trains. It operates in the United States and Canada and in 14 other countries, including the United Kingdom, Germany, Chile, Ireland and Spain, and earns contract revenue for the services it provides, buying food and supplies from manufacturers and distributors such as Sysco. Aramark reported revenue of US$18.5 billion and net income of US$326 million for its 2025 fiscal year, with 278,390 employees. It was founded in 1936 by Davre and Henry Davidson as Davidson Brothers, a vending business for aviation plant workers in Southern California, became Automatic Retailers of America in 1959 and adopted the Aramark name in 1994. A group led by long-time chief executive Joseph Neubauer with CCMP Capital, Goldman Sachs, Thomas H. Lee Partners and Warburg Pincus took it private in a deal completed in 2007. In 2023 it spun off its uniform business as the listed company Vestis; John Zillmer has been chief executive since October 2019.

Madison Air Solutions Corp is an HVAC and indoor air-quality technology company. Its segments are Commercial and Residential. It generates the majority of its revenue from the Commercial segment, which includes Commercial businesses that deliver well-engineered, custom, and semi-custom air quality systems to support process control, regulatory compliance, energy efficiency, and productivity in mission-critical environments; and the Residential segment, anchored by trusted brands like AprilAire, Broan-NuTone, Zephyr, and Others. Its geographic areas are the U.S, the Americas, Europe, and Other. The group generates the majority of its revenue from the U.S market.

Verisure PLC provides monitored security solutions for residential customers and businesses globally. It offers products like security alarms, video detectors, smoke-releasing devices, shock sensors, outdoor detectors, cameras, smart locks, etc. Additionally, the company provides monitoring services to filter false alarms and act against genuine threats; active intervention services in case of any breach by maintaining direct links to first responders, including police, fire, and ambulance services; and other related services. Verisure's operating segments are: Portfolio services, which generate maximum revenue, Customer acquisition, and Adjacencies. Geographically, it derives key revenue from Iberia and Nordics, and the rest from Other Europe, Latin America, and Central and other regions.

Rentokil Initial is a British pest-control and hygiene services group based in southern England, listed on the London Stock Exchange (RTO) and the New York Stock Exchange and a member of the FTSE 100. It was founded in 1925 by Harold Maxwell-Lefroy as a pest-control company and grew through acquisitions, including BET plc in 1996, which added laundry and washroom services under the Initial brand. The group reported revenue of £6,908 million in 2025 and employs about 58,000 people, with operations across Europe, Australasia, Southeast Asia, the Caribbean, South Africa, North America and India. Its largest transaction was the acquisition of Terminix Global Holdings, announced in December 2021 at $6.7 billion and completed on 12 October 2022, which made North America its biggest market and created a business with about 4.9 million customers. Integration of Terminix has taken longer than first planned and is now expected to finish in 2026.

Securitas AB is an international security services, consulting, and investigation group based in Stockholm, Sweden. Its activities are centered on manned security, mobile security, monitoring, and risk assessment. Securitas operates in more than 50 countries and is the security firm in manned guarding. The company has three segments: Securitas North America, Securitas Europe, and Securitas Ibero-America. It generates maximum revenue from Securitas Europe.

Sodexo is one of the largest food service companies globally, operating in 45 countries with annual sales exceeding EUR 20 billion. Sodexo's model rests on operating on-premises catering facilities, rather than centralized industrial kitchens. Food services remain the largest business segment, contributing 66% of revenue in 2024. Sodexo has its own group purchasing organization, or GPO, Entegra, with annual purchasing of over EUR 37 billion. The company spun off its benefits and service business, Pluxee, and now focuses on food services and its second business, facilities-management services.

MSA Safety Inc makes safety products that are used to protect workers in the oil and gas and mining industries. The company's product offerings include breathing apparatuses, fall protection, portable gas detection systems, industrial head protection, fire and rescue helmets, and fixed gas and flame detection systems, among others. The end markets for its products include the fire service, contractor, industrial, mining, oil and gas, and utilities industries. The company has organized its business into four geographical operating segments that are aggregated into two reportable segments: Americas and International. The majority of its revenue is generated from the Americas segment, which is comprised of the company's operations in Northern North America and Latin America geographies.

ISS AS is a provider of workplace and facility service solutions with a focus on cleaning, property, catering, support, security, and facility management. It has four segments: Financial services, Professional services, Technology, and Life sciences. Its core services offered to customers consist of cleaning, food, technical, and workplace services. Revenue is mainly generated in European end markets, with the majority earned in the United Kingdom.

FirstService Corp is engaged in outsourcing property services. The company operates in two business divisions: FirstService Residential and FirstService Brands. FirstService Residential has service contracts to manage thousands of residential communities, including high and low-rise condominiums and co-operatives. FirstService Brands generates the majority of the company's revenue and provides property services to residential and commercial customers through the following brands: California Closets; Paul Davis Restoration; CertaPro Painters, Floor Coverings International, and Pillar to Post Home Inspectors. The company earns the majority of its revenue in the United States, with the remaining revenue generated in Canada.

Elis SA provides rental-maintenance and circular service solutions to customers across the hospitality, healthcare, industrial, trade and services sectors. Its offerings include flat linen, workwear, washroom hygiene equipment, floor protection, cleanroom garments, pest-control services and other workplace well-being solutions. The company operates across Europe, Latin America and Asia.

Brookfield Business Partners LP is a business services and industrials company. It focused on operating businesses that are either low-cost producers and benefit from high barriers to entry. The company's operating segment includes Business services; Infrastructure services; Industrials and Corporate and other. It generates maximum revenue from the Business Services segment. Geographically operates in USA, Europe, Australia, Brazil, Canada, UK, Mexico and Other, majority of revenue is from UK.

ADT is an American security company headquartered in Boca Raton, Florida, that sells, installs and monitors burglar alarm, fire and carbon monoxide detection, video surveillance and smart home systems for households and small businesses in the United States. It earns recurring fees for professional alarm monitoring from its central monitoring stations, alongside revenue from equipment and installation; in 2025 it reported revenue of $5.13 billion and net income of $596 million, and it employed about 12,800 people in 2024. The business traces its origins to August 1874, when 57 district telegraph delivery companies combined as American District Telegraph. Tyco International bought ADT in 1997 and spun it off as an independent NYSE-listed company in 2012. In February 2016 Apollo Global Management took ADT private for about $6.9 billion and merged it with Protection 1, then returned it to the New York Stock Exchange in January 2018; Apollo remains the largest shareholder. Google invested $450 million for a 6.6% stake in 2020 to have ADT install Nest devices, and State Farm invested $1.2 billion for 15% in 2022. ADT sold its commercial security, fire and life safety unit to GTCR for $1.6 billion in October 2023 and closed its ADT Solar division in 2024.

UniFirst Corp provides uniform and workwear programs, facility management, and safety supplies and services across North America. It designs, manufactures, rents, cleans, and sells uniforms and protective clothing, including flame-resistant and high-visibility garments. It also offers industrial wiping products, floor mats, cleaning supplies, first aid cabinets, and fire protection services such as inspection and maintenance. Serving various industries, the company provides customized uniforms and specialized cleaning for nuclear and cleanroom facilities. It operates through three segments: Uniform & Facility Service Solutions, First Aid & Safety Solutions, and Other, with the majority of revenue from Uniform & Facility Service Solutions.

The Brink's Co is a provider of secure logistics and security solutions for cash and other valuables. Its segments include: North America segment includes operations in the U.S. and Canada, including the Brink’s Global Services (BGS) line of business; Latin America segment consists operations in Latin American countries where it has an ownership interest, including the BGS line of business; Europe segment includes total operations in European countries that provide services outside of the BGS line of business; and Rest of World segment consists operations in the Middle East, Africa and Asia. It also includes total operations in European countries that provides BGS services and BGS activity in Latin American countries. It derives maximum revenue from North America segment.

Alliance Laundry Holdings Inc is designer and manufacturer of commercial laundry systems, serving diverse international markets. The company offers premium, durable laundry equipment under brands like Speed Queen, UniMac, Huebsch, Primus, IPSO, and others. It serves commercial laundry needs across healthcare, hotels, laundromats, and residential markets.

Brady Corp provides identification solutions and workplace safety products. The company offers identification and healthcare products that are sold under the Brady brand to maintenance, repair, and operations as well as original equipment manufacturing customers. Products include safety signs and labeling systems, material identification systems, wire identification, patient identification, and people identification. Brady also provides workplace safety and compliance products such as safety and compliance signs, asset tracking labels, and first-aid products. The company is organized and managed on a geographic basis with two reportable segments: Americas & Asia which derives maximum revenue, and Europe & Australia.

Loomis AB is a Swedish company mainly focused on cash handling services, which include cash in transit (CIT) and cash management services (CMS). CIT entails the transportation of cash to and from stores, banks, and ATMs. CMS involves the transfer of cash from customers to Loomis's cash centers, where the company counts and packages bills and coins with a commitment to quality assurance. Additionally, CMS requires cash flow analysis, forecasting, and reporting, along with other tailored solutions. Besides CIT and CMS, Loomis also offers cross-border transportation services and general cargo services. Its operational segments include Europe, Latin America, and the USA, along with Loomis Pay. The majority of the company's revenue is derived from the USA.

Wuchan Zhongda Group Co Ltd is engaged in industrial investment, equity investment, asset management, investment management, management consulting, information consulting services. It is also engaged in car sales and leasing, e-commerce technology services, used car transactions and services.

Alsok Co Ltd is a Japanese security services provider. The services and products offered include home security systems, personal security for senior citizens, children and women, life support such as housework contracting, listening-device inspection and long-term care, online security systems for corporations, electronic security systems with monitoring capabilities, ATM management systems, damage insurance, and housing complexes security services.

The GEO Group Inc specializes in detention facilities and community reentry centers. It operates in four segments: U.S. Secure Services, which mainly encompasses U.S.-based secure services business; Electronic Monitoring and Supervision Services, which conducts its services in the United States, represents services provided to adults for monitoring services and evidence-based supervision and treatment programs for community-based parolees, probationers, and pretrial defendants; Reentry Services conducts its services in the United States represents services provided to adults for residential and non-residential treatment, educational and community-based programs, pre-release and half-way house programs; and International Services. The company operates in U.S, Australia and South Africa.

MITIE Group PLC is a U.K.-based company. The company's reportable segments include Technical services, Business services, Central Government & Defence, Communities, and Corporate Centre. The company generates the majority of its revenue from the technical services and business services segments. Geographically, the company generates a majority of its revenue from the United Kingdom.

Legence Corp is a provider of engineering, installation, and maintenance services for critical systems in buildings. It focuses on sectors that have technically demanding buildings, including technology, life sciences, healthcare, and education. Legence specializes in designing, fabricating, and installing complex heating, ventilation, and air conditioning (HVAC), process piping, and other mechanical, electrical, and plumbing (MEP) systems for new facilities and upgrading HVAC, lighting, and building controls in existing facilities to enhance building performance, reliability, and efficiency. The services are mainly provided on a fixed price basis. The company has two reportable segments: Installation and Maintenance, which generates the maximum revenue, and Engineering and Consulting.

ABM Industries Inc is a provider of integrated facility solutions. It offers its solutions through five segments: Business and Industry, Manufacturing and Distribution, Education, Aviation and Technical solutions. The company derives the majority of its revenue from the business and industry segment, which encompasses janitorial, facilities engineering, and parking services for commercial real estate properties and sports and entertainment venues, hospitals, as well as vehicle maintenance and other services to rental car providers. The company mainly operates in the United States of America.

Alarm.com Holdings Inc has a cloud-based platform that offers an expansive suite of IoT solutions addressing world-wide opportunities in the residential, multi-family, small business and enterprise commercial markets. It has two reportable segments: Alarm.com & Other. The Alarm.com segment represents the cloud-based Software platforms for intelligently connected property & related solutions. The other segment is focused on researching, developing & offering residential & commercial automation solutions & energy management products & services in adjacent markets. The majority of revenue is from the Alarm.com segment. The platform allows home & business owners to secure their properties and automate & control an array of connected device.

CoreCivic Inc is an owner and operator of private prisons and detention centers in the United States. It operates in three segments: Safety, Community, and Properties. The Community segment owns and operates residential reentry centers. The Properties segment owns properties for lease to third parties and government agencies. The vast majority of the company's revenue comes from the CoreCivic Safety segment which consists of correctional and detention facilities that are owned, or controlled via a long-term lease, and managed by the company, as well as those correctional and detention facilities owned by third parties but managed by CoreCivic.

S-1 Corp is a Korea-based company provides security and safety services. The business activity of the group is divided in to various divisions which includes physical security solutions, integrated security solutions, information security, building management solution and others solutions. It offers alarm monitoring, panic button notification, fire notification, equipment malfunction/emergency notification, PC security functions and CCTV digital video security systems, among others. It serves apartments, offices, stores, hospitals, factories and others.

GPS Participacoes E Empreendimentos SA is engaged in the provision of property security services, sanitation and cleaning services, indoor logistics services, electronic security services, implementation, operation and building maintenance, maritime hotel services on oil platforms, kitchen services and meal sales, highway maintenance services, and participation in companies through the acquisition of shares or capital quotas.

Carmila SA, formerly Carmila SAS is a retail property company, which engages in marketing, leasing, shopping center management and portfolio management. It regenerates and extracts value on shopping centers anchored by Carrefour stores. The company operates through the following segments: France; Spain; and Italy. Majority of the firm's revenue gets derived from France region.

Badger Infrastructure Solutions Ltd is North America's provider of non-destructive excavating and related services, with operations in both the United States and Canada. Its key technology is the Badger Hydrovac, which is used predominantly for safe excavation around critical infrastructure and in congested underground conditions. The Badger Hydrovac uses a pressurized water stream to liquefy the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. The company manufactures and designs its truck-mounted hydrovac units into its existing and future design and manufacturing processes. It provides services to contractors and facility owners in a range of infrastructure industries, general commercial construction and industrial cleaning services.

Maxvision Technology Corp is specialized in artificial intelligence and algorithm researches and intelligent system integration. Its products include smart port, smart traffic, artificial intelligence, and smart systems.

Prosegur is a Madrid-headquartered security-services group founded in 1976 and listed on the Spanish stock market. It operates through five principal businesses: guarding and technology-led security, cash logistics, monitored alarms, cybersecurity under the Cipher brand, and outsourced process and technology services through AVOS Tech. The cash division transports, stores, processes and manages banknotes and other valuables, while the security unit combines personnel with monitoring and control systems. Prosegur Alarms installs and monitors protection systems for homes and small businesses through alarm-receiving centres. The group also sells cybersecurity and back-office services to corporate clients, giving it a broader technology footprint than a traditional guarding company. Prosegur reported operations in 36 countries, more than 180,000 employees and €4.9 billion of 2024 sales. Its investment in Weecover reflects strategic interest in embedded insurance, but security and cash-management services remain the core operating businesses.

Tasmea Ltd is a skilled services group. It provides specialist maintenance services, including essential shutdown, programmed maintenance, emergency breakdown, and sustaining capital upgrade services to asset and infrastructure owners of fixed plant operating in essential Australian industries. The company operates across the following five segments: Electrical services, Mechanical services, Civil services, Water and Fluid services, and Workforce Solutions services. The majority of the company's revenue is derived from the Workforce Solutions segment, which includes labour hire and workforce management services to blue chip essential asset owners across Australia.

HAZAMA ANDO Corp is a Japanese company which is mainly engaged in construction and construction-related business. The company has three reportable segments namely Civil Engineering, Building Construction and Consolidated Subsidiaries. The Civil Engineering services include surveys, measurements, planning, designing, execution, supervising, technical guidance commissioning, and consulting work. It also provides collection, handling, and disposal of waste, and consulting work relating to such business as well as an area development, urban development, and environmental improvements. The majority of the company's revenue comes from the domestic business in Japan.

Taiwan Secom Co Ltd is involved in security and protection services. The company has four operating segments; the Electronic system segment engages in security system-related services, the Security guard service segment engages in security guarding-related services, the Cash delivery service segment engages in cash delivery services, and the Logistics service segment engages in logistics services. It generates maximum revenue from the Electronic System segment. Geographically, it derives a majority of its revenue from Taiwan.

Target Hospitality Corp is a vertically integrated specialty rental and hospitality services company in the United States. The company provides vertically integrated specialty rental and comprehensive hospitality services including catering food services, maintenance, housekeeping, grounds-keeping, on-site security, overall workforce lodge management, and laundry service. Its operating segment includes HFS-South and HFS-Midwest; Government; TCPL Keystone and others. It generates a majority of its revenue from the Government segment which consists of specialty rental and vertically integrated hospitality services revenue from customers with Government contracts located in Texas.

International Gemological Institute grades and certifies diamonds, coloured stones and jewellery through laboratories in many countries. Customers are jewellery makers, retailers and consumers. It is one of the largest gem grading firms worldwide, with its Indian listed arm based in Mumbai.

Wintech Nano (Suzhou) Co Ltd is engaged in semiconductor third-party testing and analysis services.

SDIC Intelligence Information Technology Co Ltd provides information system integration services, software development, and information technology consulting. Its business includes wholesale and retail of computer hardware and software, data processing and storage support, 5G communication technology services, and leasing of computer and communication equipment. The company also develops and sells commercial cryptographic products, security equipment, metal chains and other metal products.

NAPCO Security Technologies Inc manufactures security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems and video surveillance products. Its products are used for various applications which includes alarm systems like automatic communicators, combination control panels/digital communicators and digital keypad systems, fire alarm control panel and area detectors mainly used for commercial, residential, institutional, industrial and governmental uses. Geographically, the company derives a majority of its revenue from the United States.

Shoucheng Holdings Ltd is engaged in the operation and management of car parking assets; and the management of private funds oriented towards urban development. The principal activity of the Company is investment holding. The Group’s revenue comes from asset operations and FIME. Asset operations include industry-based services, technology, consulting, research, innovation, value-adding, and other services generated around core infrastructure assets. FIME includes income from consultancy services for public offering REITs and management and investment of public offering REITs development funds and strategic placement funds.

Open Up Group Inc provides human resource services and outsourcing or contracting services for manufacturing companies in Japan and overseas. The business segments of the company include: Mechatronics/IT field: it includes workers dispatching, contracting, consignment business such as development design engineers. Construction area segment includes construction management engineer business / CAD operator dispatch business for customers in construction industry. Manufacturing Area segment includes manufacturing site contracting and dispatch business for customers in manufacturing industry Temporary staffing, outsourcing and referral business for technology and manufacturing fields.

RIKEN KEIKI Co Ltd is a Japan-based company engaged in the business of manufacturing and selling of gas alarms. It offers fixed and portable flammable gas detectors, toxic gas detectors and oxygen deficiency prevention detectors, portable multi-gas monitors and environmental monitors.

Beijing Global Safety Technology Co Ltd engages in the research, development, manufacture, and sales of public safety and security technologies, software and equipment and emergency management solutions. The company's products include public safety comprehensive emergency equipment, monitoring, and control system, prevention and forewarning system, as well as rescue and command system, among others.

BrightView Holdings Inc is a provider of commercial landscaping services in the United States. The company provides commercial landscaping services, landscape maintenance, and enhancements to tree care and landscape development. It operates through two segments namely Maintenance Services, and Development Services. The Maintenance Services are self-performed through a national branch network and are route-based in nature. It includes mowing, gardening, mulching and snow removal, water management etc. And Development Services are comprised of sophisticated design, coordination, and installation of landscapes at recognizable corporate, athletic, and university complexes. The company generates a majority of its revenue from Maintenance Services.

Perella Weinberg Partners is a global independent advisory firm founded in 2006 by Joseph Perella, Peter Weinberg and a group of senior finance professionals. The firm advises companies, boards, investors and governments on mergers and acquisitions, capital structure, restructuring, shareholder matters and strategic decisions. It launched with offices in New York and London and later expanded across major financial centres. Its revenue is derived primarily from advisory fees rather than lending, underwriting balance sheet or managing a large commercial bank. Istithmar supplied USD 100 million at launch as one of the firm’s strategic founding investors and represented roughly ten percent of the more than USD 1 billion of initial backing. The investment supported establishment of the advisory platform and its investment-management activities. Perella Weinberg later became publicly traded while retaining its independent advisory positioning.