In an area already seeing strong market growth from regulation and standards, certain businesses are capturing accelerated growth through new technology, ESG initiatives and M&A.
As global regulations tighten and companies face increasing scrutiny over worker protection, the demand for safety solutions – from protective equipment to advanced monitoring systems – is growing steadily. Businesses are required to comply with safety standards, and failure to do so can lead to serious consequences. This compliance pressure ensures a stable and expanding market for industrial safety products and services.
Technological innovation is also transforming the industrial safety landscape. Smart wearables, AI-powered monitoring systems, and IoT-connected safety devices are helping companies predict and prevent accidents in real time. This digital evolution not only improves worker safety but also offers investors exposure to high-growth tech sectors within a traditionally stable industry. Companies that provide these innovations are becoming essential partners to manufacturers, energy firms, and logistics providers worldwide.
“Industrial safety is an attractive investment area because it is mission critical to the operations across multiple end market sectors,” explains Richard Booth, Partner at Inflexion and Head of Industrials. Additionally, the diversity of these end markets makes the sub-sector resilient to sector-specific shocks. “We have seen high rates of growth through investments in technology and new product development in many of our businesses. It has enabled expansion of the market opportunity,” explains.
Industrial safety also aligns well with the rising focus on ESG investing. Firms with strong safety practices typically see better worker morale and reduced operational disruptions. As investors increasingly seek out companies that meet high ESG standards, those in the industrial safety space are well-positioned to benefit from this focus.
Parts of the industrial safety market can also be highly fragmented, creating scope to consolidate supply chain and routes to market through M&A and develop a stronger proposition for the end customer.
“This offers an exciting opportunity for well-resourced businesses to consolidate through M&A, which can help to boost market share and expand geographic footprint,” Richard adds.
Inflexion is helping a number of businesses in this area to grow.
Alcumus Since it received backing from Inflexion, Alcumus has been bringing its safety solutions to a broader geographic footprint and in new verticals.
Noventis Double-digit growth has been underpinned by a focus on technological innovation and acquisitions as the business has reshaped its leadership team, broadened its market presence, and accelerated its M&A activity.
Dss+ Safety specialist dss+ is enhancing its offering to its global blue-chip client base through new solutions development, an expanded footprint and additional talent, with M&A forming a key part of its growth and ESG a lynchpin of its success.
Kee Safety Operating in a multi-billion global market growing rapidly, Inflexion is working with management to expand further internationally underpinned by regulatory requirements and increased safety awareness.
Alcumus
Alcumus is the UK market leader in risk management solutions with a growing presence in the large, high-growth, North American market. The Cardiff-based business provides a range of health & safety accreditation and software solutions which help to manage risk across enterprise customers’ sites, employee bases and third-party contractors.
Inflexion backed Alcumus, the UK market leader in risk management solutions, and supported the management team to build a scalable platform providing a unified solution to its customers, improving the value proposition, and strengthening the company’s ESG offering. Within nine weeks of the initial 2015 buyout, Alcumus completed the £47 million transformational acquisition of Santia, which significantly broadened Alcumus’ footprint in the accreditation sector. Subsequent strategic acquisitions in Canada, New Zealand and the UK enhanced Alcumus’ offering and international presence further, including establishing a foothold in the key North American market. These acquisitions were complemented by strong organic growth and a focus on enhancing the digital offering, which together transformed the business into a global software-based risk management solutions provider.
Inflexion remains invested in the business through a minority Partnership Capital investment in 2022, when Alcumus was sold to funds advised by Apax Partners. In 2023 Alcumus acquired Planet Mark, a sustainability certification and Net Zero pioneer, and at the end of 2024, Veriforce, (including Veriforce CHAS in the UK) and Alcumus came together when Apax bought Veriforce. The strategic alignment has enabled enhanced capabilities and strengthened services of both brands, whilst providing clients and contractors with access to the largest network of any provider. Alcumus and Veriforce are operating as independent brands as the businesses are integrated.
Noventis Safety
Noventis Safety (from the new holding company for Detectortesters and other brands) is a global manufacturer of fire detector testing equipment which exports its products to over 130 countries, deriving over 80% of its revenues from outside the UK.
The partnership began with the acquisition of SDI, a part-owned US distributor, giving the Hertfordshire-based business direct access to the US market. The company has since completed three further US acquisitions most recently Hose Monster in 2024, and Global Vision in 2025, enabling Noventis to diversify into adjacent markets, notably wet testing for fire sprinkler systems.
Technology has been central to Noventis’s M&A strategy. “Inflexion encouraged us to build a robust in-house technological capability, hiring experts in R&D, engineering, and product management, all with software backgrounds. This skillset gives us credibility when speaking to acquisition targets," says Robert. "They see our technological experience and it helps get deals over the line."
The company’s flagship connected product, Testifire XTR2, launched in late 2023, reflects its shift to an Internet of Things model. It creates digital compliance records for building owners and service providers, improving traceability, productivity, and assurance. Inflexion’s digital and commercial teams helped shape the technology and its pricing, supporting a shift to more subscription-focused revenues.
This technological focus has enabled Noventis to effectively digitise acquired businesses, improving their offerings and scaling their reach. For example, when the company acquired Hose Monster, it rapidly rolled out a ‘version 2” of the company’s extant SaaS model within just a few months, enhancing its service proposition.
“A requirement for more data and records, along with inflationary pressure, means we need to drive productivity. The connected product creates a permanent digital record which is uploaded to service providers and building owners portals providing assurance of compliance,” explains Robert Campbell, CEO of the business.
There is also significant scope for international growth in India as well, with Inflexion’s on-the-ground expert there helping drive an increase in revenue and its commercial team has helped on revenue optimisation through enhancing sales effectiveness.
Dss+
dss+ is a global business headquartered in Switzerland which operates in 40 countries and reaches 80. It supports clients to reduce risk, transform culture, maximise impact and improve sustainability by operating more responsibly. The business is primarily focused on consulting to high-risk industries where safety, culture transformation, operations and sustainability services are mission critical.
The firm was founded in 1968 as the consulting arm of DuPont de Nemours and was carved out in 2019 as DuPont Sustainable Solutions in a management buy-out supported by Gyrus Capital, remains a minority shareholder following Inflexion’s buyout in 2023.
Since its independence, dss+ has completed seven acquisitions, three of which occurred under Inflexion’s ownership. Its latest acquisition, Infrata, has operations in the UK, US, Colombia, Spain, Ireland, and Canada. These acquisitions were not merely financial transactions but strategic moves to enhance capabilities and align people with the organisation’s purpose. “We acquire for strategic value, not just EBITDA. It’s about creating something together that neither party could achieve alone,” stresses Davide Vassallo, CEO of dss+.
Kee Safety
Kee Safety has been separating people from hazards for nearly 100 years. The business specialises in the design, installation, and certification of safety systems, offering innovative solutions for fall protection, safe access and ground safety.
Its client base is diversified, with an impressively international geographic reach into 60 countries including the US, the UK, Europe and beyond. The company operates in the $14 billion global fall protection and safe access market, a sector growing over 6% annually and underpinned by strong regulatory tailwinds including regulatory requirements and increased safety awareness.
Kee Safety’s vertically integrated model helps it present a compelling value proposition to customers, while increasing regulatory focus on workplace safety, makes the business well placed to grow its market share. NHS, Ikea, Amazon and Jaguar are among its blue-chip client list, supporting its strong sales.
Earlier this year Inflexion Partnership Capital made a minority investment into Kee Safety to support its future growth alongside management and 65 Equity.
The investment will support its ongoing growth, continuing its impressive organic and acquisitive track record, having acquired 54 businesses to date. M&A will continue to play a big part of Kee’s development, with synergies maximised as it introduces its own product range and supply chain model to acquisitions.
The Inflexion team has significant experience in supporting the growth of business services companies, including a number in the industrial safety space including Alcumus, dss+, Noventis and Kee Safety. All have access to Inflexion’s value acceleration strategies of digital enhancement, international expansion, M&A, commercial effectiveness, sustainability and talent management.
