Security Juggernaut SFG Acquired by Victor Capital in High-Stakes Deal

CHATTANOOGA, TN – February 24, 2026 – In a move that underscores the booming market for physical security, private equity firm River Associates Investments has completed the sale of its portfolio company, Specialty Fenestration Group (SFG), to Victor Capital Partners. The transaction marks the culmination of a highly successful partnership that saw SFG's sales and earnings more than quadruple, transforming it into a powerhouse in the specialized security products sector.

While financial terms were not disclosed, the sale represents a significant exit for Chattanooga-based River Associates and launches a new chapter for SFG, a Houston-headquartered platform known for its high-security windows, doors, and transaction systems. The deal shines a spotlight on the escalating demand for advanced security infrastructure across commercial, government, and institutional sectors.

The Anatomy of a Private Equity Success

River Associates’ journey with SFG began in March 2018 with a partnership with Jason Epps, the founder of Quikserv, a leading brand in transaction systems for quick-service restaurants and pharmacies. The collaboration was founded on a shared vision to build upon Quikserv's strong market position and expand into higher-security applications.

This strategy crystalized with the strategic acquisition of United States Bullet Proofing (USBP) in May 2021. The move united two industry leaders under the newly formed Specialty Fenestration Group umbrella, creating a comprehensive platform for high-security fenestration. The integration was designed to streamline customer access, enhance operational efficiencies, and deepen collaboration in product development.

Beyond facilitating acquisitions, River Associates played an active role in scaling the business. The firm was instrumental in professionalizing the organization by building out SFG's management team, investing in new operational capabilities, and strengthening the company's foundational structures to support its rapid growth.

"River Associates was our first institutional partner, and they have been a true partner to our team and our brands in every aspect," said Jason Epps, Chief Executive Officer of SFG. "From day one, they brought strategic perspective, deal execution experience, and the resources to help us pursue our vision, while respecting the culture and customer-first mindset that have always defined Quikserv and USBP. We are forever grateful for River Associates' collaboration and partnership approach, and we are excited to build on this foundation with Victor Capital."

The results of this partnership speak for themselves. "We are incredibly proud of our partnership with Jason and the entire SFG team. They did an outstanding job driving organic growth, securing new customers and integrating two strategic acquisitions," commented Stuart Vyule, Principal at River Associates. "During our hold period, SFG more than quadrupled sales and EBITDA and is exceptionally well positioned for its next phase of growth."

Riding a Wave of Global Insecurity

The successful growth and sale of SFG is not happening in a vacuum. It is a direct reflection of a powerful global trend: the increasing demand for robust physical security solutions. The global security door market, valued at over $5 billion in 2024, is projected to nearly double by 2034, driven by a compound annual growth rate of nearly 7%. North America remains the largest market, fueled by a strong construction industry and heightened security awareness.

This demand is propelled by a confluence of factors, including rising threats against commercial and public facilities, evolving government regulations, and an increased focus on risk management. The market for high-security fenestration—products designed to resist ballistic, blast, and forced entry threats—is expanding beyond traditional military and government applications into schools, hospitals, financial institutions, and even retail environments.

SFG's two core brands are perfectly positioned to meet this need. Quikserv provides the essential transaction windows and pass-through systems for industries where speed and security are paramount. Meanwhile, United States Bullet Proofing offers one of the industry’s most extensive product lines of high-threat security solutions.

A key differentiator for USBP is its elite status as one of only three vendors approved by the U.S. Department of State to supply blast-rated and ballistic-resistant window and door systems for use in U.S. embassies and other critical government buildings worldwide. This prestigious certification serves as an undeniable validation of the company’s engineering and manufacturing excellence, opening doors to high-stakes projects globally.

A Strategic New Chapter with Victor Capital

SFG's new owner, Victor Capital Partners, is a New York-based firm known for its focus on mission-driven, branded businesses in resilient industries. The acquisition of SFG aligns perfectly with Victor Capital's investment thesis and its recent strategic pivot toward the security sector. In late 2025, the firm announced the creation of a national security services platform, signaling a clear intent to build a significant presence in the broader security market.

Victor Capital's approach typically emphasizes value creation through operational growth and strategic expansion rather than pure financial leverage. For SFG, this likely means a continued focus on innovation, market expansion, and potentially further strategic acquisitions to bolster its product portfolio or enter new geographic regions.

The synergies are clear. Victor Capital brings deep domain expertise in industrial manufacturing and a track record of scaling middle-market companies. This partnership will provide SFG with the capital and strategic resources needed to build on its momentum, enhance its product offerings with emerging technologies like smart glass and integrated access controls, and further solidify its leadership position.

This transaction was advised by BlackArch Partners, which served as the financial advisor to River Associates and SFG, with Holland & Knight providing legal counsel. The move to Victor Capital's portfolio positions SFG not just for continued growth, but for a more integrated role within a larger security ecosystem, promising a future where its specialized products are part of a more holistic approach to protecting people and infrastructure.