GTCR Completes Acquisition Of Protection One

The total purchase price of the transaction was about $828 million, including the refinancing of Protection One’s debt.

GTCR Completes Acquisition Of Protection One

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Private equity firm GTCR has successfully completed the acquisition of Protection One Inc., a national provider of electronic security alarm monitoring services.

On April 26, Protection One signed a definitive deal to be acquired by affiliates of Chicago-based GTCR through a tender offer of $15.50 per share in cash. The total purchase price of the transaction was about $828 million, including the refinancing of Protection One’s debt.

The deal for the nation’s second largest alarm/monitoring company marks the third collaboration for GTCR, Jim Covert and Tim Whall, including investments in Cambridge Protection Industries and Honeywell Security Monitoring (later HSM Protection Services).

As part of the acquisition, Whall will serve as Protection One’s CEO. Covert will serve on the company’s board of directors.

Additionally, Don Young has been named the company’s CIO (chief information officer). Dan Bresingham will serve as CFO (chief financial officer) of the company.

Morgan Keegan & Co., Inc. and Barclays Capital served as M&A advisors and Barnes Associates served as an industry advisor to GTCR. Latham & Watkins LLP and Skadden, Arps, Slate, Meagher & Flom LLP provided GTCR legal counsel.

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