Convergint Technologies Acquired by Ares Management
The transaction for undisclosed terms is said to enable Convergint to further its growth initiatives as a leading global independent systems integrator.
Ares posted an announcement on its website that a fund managed by its private equity group purchased Convergint for undisclosed terms from investment funds affiliated with KRG.
Convergint, based here, provides comprehensive security integration and fire/life-safety services in more than 80 locations across four continents. With 14 acquisitions since 2016, Convergint has strategically grown its service footprint in the United States, Canada and Europe by acquiring regional market leaders. Founded in 2002, the integrator has grown to employ more than 3,400 colleagues as the business continues to expand its security offerings and geographic footprint.
Central to this growth is Convergint’s strong corporate culture, which focuses on providing best-in-class service to meet its customers’ unique security needs, according to the announcement.
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“Convergint is a leader in its industry, with a unique culture and a longstanding track record of fostering the development of its colleagues and delivering outstanding service to its customers. We are excited to partner with the Convergint management team and look forward to supporting the company in its next phase of growth,” says Matt Cwiertnia, partner and co-head of Los Angeles-based Ares Management.
The transaction will enable Convergint to further its growth initiatives as a leading global independent systems integrator, comments Convergint CEO Ken Lochiatto. “We look forward to partnering with Ares to realize our vision for long-term growth as we continue to offer world-class solutions to our customers across the globe, consistent with our longstanding values and beliefs,” he says.
Dan Moceri, executive chairman and co-founder of Convergint, adds: “The additional resources available to Convergint through Ares will enable us to continue toward our goal of being our customers’ best service provider. We know our customers will benefit greatly from the way this partnership will allow us to grow globally and further adapt to their needs.”
Imperial Capital acted as a financial advisor, and Proskauer Rose acted as legal advisor to Ares Management. William Blair acted as a financial advisor, and Hogan Lovells acted as legal advisor to Convergint Technologies.
To check out Convergint’s recent acquisitions, including the more than half dozen it made just last year, go here.
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