NorthStar Alarm Acquires 8K Accounts from Vision Security
The deal will expand NorthStar’s customer base into additional states, including Maryland, Virginia, Pennsylvania and Minnesota.
OREM, Utah – NorthStar Alarm and its equity investors, the Beekman Group and Goldman Sachs Group, have acquired certain assets from Vision Security, a residential alarm company based here. Terms of the deal were not disclosed.
The transaction will expand NorthStar’s geographical reach and provide additional resources for accelerated growth over the next five years, according to the company. NorthStar’s organic growth, along with the addition of Vision assets, has more than doubled the company’s size since its equity recapitalization in 2013.
“We are excited about NorthStar’s continued evolution in our industry. Our entire team has been committed to providing customers with a superior service from day one, and we are pleased to offer our services to even more customers across the country,” says Jason Christensen, CEO of NorthStar. “This takes us one step closer to being a nationwide leader in the home automation and security industry.”
The transaction includes 8,000 accounts and will expand NorthStar’s customer base into additional states, including Maryland, Virginia, Pennsylvania and Minnesota. In total, NorthStar will now service more than 43,000 customers in 24 states nationwide. Also included in the deal were additional investments in Vision Solar, which will remain its own entity. With these acquisitions, NorthStar will exceed $2 million in RMR, according to Christensen.
John Troiano, managing partner of the Beekman Group comments the deal is “transformational” for NorthStar and positions it as a leading growth company in the home automation and security industry.
“NorthStar’s experienced management and strong sales organization will provide unique opportunities for sales representatives while continuing to reinforce best-practice product quality and customer service,” Troiano says.
In conjunction with the transaction, NorthStar will bolster management in the areas of sales and operations. Ground has also been broken on a new headquarters facility as part of the University Place project at the corner of University Parkway and State Street in Orem, due to be completed early next year. The new site will feature 30,000 square feet of office space with NorthStar’s name and logo prominently featured on the building.
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