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  "documentTitle": "Resideo Technologies, Inc. (REZI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2026-01-27 00:00:00",
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  "nDataPoints": 20,
  "notes": "Includes a logo grid of industry players.",
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      "text": "According to Lincoln International there are ~15 private equity (“PE”) platforms in the Security & Access Control Systems industry which completed 42 add-on deals in 2024 and 176 since 2019. Spruce Point believes there is some overlap with the Fire & Life Safety industry given many of those companies offer security solutions alongside fire safety. There are ~ 25 PE platforms in that space with ~130 completed add-on deals in 2024 alone.",
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      "text": "According to Lincoln International there are ~15 private equity (“PE”) platforms in the Security & Access Control Systems industry which completed 42 add-on deals in 2024 and 176 since 2019.",
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      "text": "Security & Access Controls Platforms",
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      "text": "M&A transactions: 42",
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      "text": "Source: Spruce Point research and Lincoln International.",
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      "kind": "title",
      "text": "Private Equity Platforms In Security & Access Control Have Proliferated And Consolidation Continues",
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