Protection One Finalizes Sale to Quadrangle Group
TOPEKA, Kan.
The sale of Protection One Inc. to the Quadrangle Group LLC has been finalized. Westar Energy Inc. has transferred its 87-percent interest in Pro One to Quadrangle after the transfer was approved by the Kansas Corporation Commission on Feb. 13. The sale is valued at $120 million.
In turn, each of Westar Energy’s members on Pro One’s Board of Directors has resigned. Quadrangle, a New York-based private investment firm, has not yet named any directors to the board.
The sale ends utility company Westar’s entry into the alarm business. The company purchased Pro One for $320 million in the Fall of 1997 but amassed $3.6 billion in debt while running the company. Richard Ginsburg, president and CEO of Protection One, sees the finalized sale as the culmination of the company’s growth out of its past struggles.
“Almost three years ago, a new management team set out to transform the operations of Protection One from a dealer-funding operation into a full-service security services business. Today, our operations are sound,” Ginsburg says. “Our more than 2,300 employees remain committed to serving our customers, and we look forward to working with Quadrangle and our other constituents to create a solid foundation for growth.”
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