T&M Group 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Dexterra Group Inc offers support services for the creation, management, and operation of infrastructure across Canada. Dexterra Group brings right expertise to every challenge and delivers solutions, giving clients confidence in their day-to-day operations. The company has two segments: Support Services and Asset Based Services. Activities include a comprehensive range of facilities management services, industry workforce accommodation solutions, modular building capabilities, and other support services for diverse clients in the public and private sectors.

Rosenbauer International AG develops, produces, and sells integrated system solutions for preventive firefighting and disaster protection. Its products and services include vehicles, equipment, extinguishing systems and body components, customer service, digital solutions, and preventive fire protection. It also offers stationary equipment for preventive fire protection. Manufacturing takes place in Austria, Germany, Italy, Slovenia, Spain, Singapore, and the USA, with further final assembly sites in Switzerland, the UK, Australia, Saudi Arabia, and South Africa. Geographically, the company operates in the Europe Area, Middle East Area, Asia Pacific Area, and America Area, with the Europe Area generating maximum revenue.

London Security PLC is an investment holding company that provides fire protection services and products. The business activity of the group functions through the United Kingdom, Belgium, the Netherlands, Austria, France, Germany, Denmark, and Luxembourg. It derives revenue from the Outright sale of equipment, Maintenance, service, installation, and Equipment rental activity. The company's products are marketed under the Nu-Swift, Ansul, Total, and Master brands. The group operates in a single segment, which is the provision and maintenance of fire protection and security equipment in Europe.

Quess Corp Ltd is engaged in the business of providing services in General Staffing, Professional Staffing, Overseas business, and Digital platform business based in India. The company's operating segment includes General Staffing; Professional Staffing. Overseas Staffing and Digital Platforms. It generates maximum revenue from the General Staffing segment that provides end-to-end workforce solutions for industries such as BFSI, retail, manufacturing, telecom, logistics, and construction. Geographically, it derives a majority of its revenue from India.

Zedcor Inc is engaged in providing security & surveillance services, and rental of surface equipment & accommodations in Western Canada. The firm offers three main services to customers across all market segments such as surveillance and live monitoring through its proprietary MobileyeZ security towers; surveillance and live monitoring of fixed site locations; and security personnel. The company's segment are Canada and the United States. It derives maximum revenue from Canada.

K-Bro Linen Inc is a healthcare and hospitality laundry and linen processor in Canada. It operates in cities across Canada, and has two distribution centers, providing management services and laundry processing of hospitality, healthcare, and specialty linens. The company provides vital products and services that help people heal, travel, live, and play. It helps hospitals and extended care centers care for the young, old, and vulnerable in environmentally responsible ways. It operates through two divisions, which are the Canadian division and the United Kingdom division.

Big Technologies PLC is engaged in the development and delivery of remote monitoring technologies and services to a range of domestic and international customers. The company's mission is to deliver high-quality electronic monitoring solutions that combine hardware and software to support the monitoring of individuals in the core criminal justice business. It's a market leader in the electronic monitoring industry, operating under the trusted Buddi brand. Through its integrated technology platform, Buddi offers state of the art Electronic Monitoring solutions on a subscription-based, SaaS-like model. This platform is flexible and scalable, enabling tailored deployments across diverse use cases and geographies. The Group operates across three regions: Europe, Asia-Pacific, and the Americas.

G1 Secure Solutions Ltd provides security and safety services. The company offers solutions such as physical security services, electronic security, low voltage systems, structure control, and security technologies among others. It provides its services to financial institutions, residential and office buildings, industry and defense industries, infrastructure and energy, tourism, and public space, among others.

Hermes Transportes Blindados SA is engaged in providing services of transfer, custody & processing of money & securities, and service of transfer of documents and others.

Valid Solucoes SA Formerly Valid Solucoes eServicos de Seguranca em Meios de Pagamento e Identificacao is engaged in the printing industry, which includes systems that include electronic, plastic, and magnetic cards, card encoding, and development, implementation, and execution of electronic document management projects. The reporting segment is Means Of Payment, which consists of cards for purposes like payments, identification, and customization. The identification segment provides physical and electronic solutions. The mobile segment offers solutions like instant lottery tickets, digital certification that offers products, services, consulting, and technology for the issue, and the use of private and Brazilian government-certified digital certificates.

Azkoyen SA designs manufactures and sells technological solutions for payment systems, vending machines, security systems, and access control. The company operates through time and security, payment technologies, and coffee and vending systems segments. The company generates maximum revenue from the coffee and vending systems segment. The coffee and vending systems segment offers the consumption of raw materials for product packaging, the generation of non-hazardous waste, and the consumption of water and energy for the operation of the facilities. Geographically, the company derives a majority of its revenue from Germany and also has a presence in Spain; Italy; the United Kingdom; the Rest EU; the Rest of the OECD, and the Rest of the World.

Lassila & Tikanoja PLC is a Nordic circular economy company providing waste management and recycling services. Its services also include hazardous waste handling, remediation services, industrial services, and water treatment. Geographically, the company operates in Finland and Sweden, with the majority of revenue generated from Finland.

Kudelski SA is a Switzerland-based company. It provides digital security and access control solutions. The company's service offering is split into three segments: Digital TV; Cybersecurity, Internet of Things (IoT). The Digital TV segment generates majority of the revenue and provides integrated solutions, which allows digital TV operators and content providers to operate TV services on a secure platform. The company provides its services world-wide and its income is in the form of recurring service revenues predominantly from the United States.

Intelligent Monitoring Group Ltd is engaged in the provision of security, monitoring and risk management services in Australia. The company provides security services such as security alarm monitoring and installations and security guarding services across Australia. The segments of the company include Monitoring, Protective Services, and Services. The company derives majority of revenue from Monitoring services. Geographically, it generates revenue from Australia.

RGA Services & Cleaning Israel 1987 Ltd is focused and specialized in providing various types of services to the Sanitation, Sanitation and Environmental Protection Departments in municipal authorities. The company's expertise is street cleaning services, mechanical sweeping, public institutions, educational institutions, public transportation, government institutions, and garbage and pruning removal services for local authorities.

Xtract One Technologies Inc is a technology-driven company focused on AI-powered physical security solutions. The principal business of the company is the development and commercialization of an integrated, layered, AI powered threat detection gateway solutions to enhance public health and safety. The main revenue streams of the company are the upfront commercial sales and subscription sales. Its Geographic segments include the United States, Japan, Canada, France, and the United Kingdom, with the majority of the revenue being generated from the United States.

Elevate Service Group Inc is a platform company focused on consolidating and modernizing the facilities management and commercial services industry across North America. It offers a single point of contact to deliver a comprehensive suite of essential facility services including electrical, plumbing, equipment repair, recurring preventative maintenance, store renovations, and capital asset management. The company also provide warehousing and inventory storage in proximity to client needs.

Luotea PLC is a facility services company that provides solutions for the management and maintenance of real estate assets throughout their lifecycle. Its services include property maintenance, technical support, cleaning, and other building support services. The company incorporates energy efficiency, smart technology, and sustainability considerations in its offerings to support property operations and occupant needs.

Careium AB is a player in technology-enabled care in Sweden which provides solutions to improve the safety, quality of life, and independence of seniors both inside and outside the home. It offers a complete digital alarm chain. Its product catalog includes security alarms, fall sensors, smoke detectors motion detectors, accessories such as cameras, electronic locks, robotic medication assistive devices, and secure communication with alarm response. Geographically it has a presence in Nordics, the United Kingdom and Ireland, Central Europe, and Other markets, Its majority of the revenue comes from Nordics.