Honeywell Sells Monitoring Business for $315.5 Million

MORRIS TOWNSHIP, N.J. – Honeywell Int’l has sold Honeywell Security Monitoring to Chicago-based GTCR Golder Rauner LLC for $315.5 million. The deal, announced May 3, is expected to be completed this month. While the business will become an independent entity, it will retain the Honeywell name for the time being as it transitions under new ownership.

Don’t expect any downsizing of Honeywell Monitoring, which includes the ProtectionNet Monitoring Center. Collin Roche, a senior principal of GTCR, says the monitoring company’s new owner has its eyes on expansion.

“Our plan is to build on the current business. We think this business is a fantastic company. We’re going to grow the business,” Roche says. “Management’s done a great job but in the context of being in a larger company, they haven’t had the freedom to grow.”

GTCR is no stranger to the electronic security industry. With industry leader James Covert, GTCR formed Cambridge Protection Industries LLC and purchased SecurityLink from Ameritech in January 2001. Seven months later, Covert and GTCR sold Cambridge to Tyco for $1 billion in one of the largest-ever industry transactions. Covert is not involved in the Honeywell transaction.

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