Inside Consolidation: Why FLS M&A Keeps Accelerating | Caleb Armbrust, Ryan Fire Protection

Consolidation is the environment every fire and life safety owner now operates in. In this episode, John Mackey sits down with Caleb Armbrust, M&A Director at Ryan Fire Protection and former Director of Membership at the NFSA, for a candid, buy-side read on where the consolidation wave stands and where it's headed. It's a practical conversation for owners thinking about growth, value, and their options, whether or not they ever plan to sell.

In this episode

Where we stand: how we got here and what inning we're in

Who's buying, and why fire protection specifically

The regeneration dynamic: why the base keeps refilling

What buyers actually pay for

Service vs. install, and how the multiple is set

Labor: why people, not orders, are the ceiling

Building an enduringly great company vs. building to sell

What owners misunderstand about a sale

Key takeaways

Consolidation is the environment, and it has regenerated its own supply of targets for two decades.