Richmond Fire Engineers acquired by Alpine Fire Engineers

FSN Capital signed an agreement on 3 November 2026 to acquire Zenitel from 3d investors, investing through its sixth fund. The business was marketed on expected 2026 adjusted EBITDA of €10–30M. Chief executive Koen Claerbout remained at the head of the company. Houlihan Lokey had been appointed earlier in the year to conduct the sale, with non-binding offers received in September. Zenitel designs and manufactures intercom, public address and voice alarm systems for environments where communication cannot be allowed to fail. Its equipment carries instructions and evacuation messages on ships and offshore platforms, in tunnels, prisons, hospitals, schools and industrial plants. It serves more than 2,000 customers across over 115 countries, and recorded revenue of €128m with an EBITDA of €10–30M for 2025, having grown by more than 10% a year over the preceding five years. Certification governs this market. Equipment installed on a vessel, in a tunnel or in a process plant must be approved against maritime, fire safety and explosion protection standards, each requiring years of testing and continuing audit. Those approvals attach to the product and to the manufacturer, which is what separates the field from general audio equipment and why the customer base has remained stable over decades. The company traces its origins back 125 years and entered the maritime sector first, before extending to onshore markets including corporate premises, public buildings, prisons, retail, healthcare and industry. It operates a division in Oslo alongside its Belgian base. 3d investors, the Belgian family investment company, had been a shareholder since 2002 and took the company off Euronext in 2021, having built its holding to 98.35%. FSN Capital intended to fund international expansion, product development and acquisitions.