Firm partners with Dan
Bresingham, Tim Whall and
other ADT Commercial leadership to acquire national provider of
electronic security and fire safety services
CHICAGO, Aug. 8, 2023
/PRNewswire/ -- GTCR, a leading private equity firm, announced
today that it has signed a definitive agreement to acquire ADT's
Commercial fire and security segment ("ADTC" or the "Company") from
ADT Inc. ("ADT", NYSE: ADT). ADTC is among the leading national
providers of electronic security and fire safety services to
commercial enterprises and multi-site national accounts. ADTC was
formed through ADT's 2017 merger with Protection 1 ("P1"), a prior
GTCR investment. GTCR will partner with former P1 executives
Tim Whall and Dan Bresingham to acquire ADTC in a transaction
that values the business at approximately $1.6 billion. Mr. Bresingham, current leader of
ADT Commercial, will become CEO of the standalone business upon
close. Mr. Whall will join the Company's Board at close and serve
as an active director. Mr. Whall brings over 30 years of experience
in the security industry and this will mark his fourth partnership
with GTCR in the security space.
Headquartered in Irving, TX,
ADTC is a leading provider of the installation, monitoring and
ongoing service of commercial security, fire, and life safety
solutions. ADTC has built a robust national footprint with more
than 5,300 colleagues across over 100 locations servicing more than
300,000 customer sites. The Company solves customers' complex,
mission-critical security and fire needs, leveraging its nationwide
footprint along with its strong local presence.
GTCR's investment will strengthen ADTC's position as one of the
largest and fastest growing providers in the space. Together, GTCR
and ADTC will implement a strategy to drive continued growth and
innovation, with additional capital available to help fund
strategic M&A opportunities. As an independent company, ADTC
will continue to focus on delivering reliable service, strong
technical expertise and unique solutions to protect its customers'
people and assets.
"We are excited to again partner with Dan and Tim, as well as
the incredible team at ADTC," said David
Donnini, Managing Director and Head of Business &
Consumer Services at GTCR. "This is a unique opportunity to invest
in a successful business that we know well and helped develop,
alongside partners that we have worked with for two decades. We
believe making ADTC a standalone company strengthens its
competitive positioning, sets up ADTC for future growth and builds
upon GTCR's history of successfully transforming businesses in the
sector."
ADTC will mark GTCR's fourth investment in the security and fire
industry, including the acquisition of Cambridge Protection
Industries ("Cambridge"), the
carveout of Honeywell Security Monitoring ("HSM") and the take
private of P1. Mr. Bresingham previously served as the Chief
Financial Officer of HSM and P1. Mr. Whall previously served as the
COO of Cambridge, the CEO of HSM
and the CEO of P1.
"We have built a highly skilled team and strong platform at ADTC
that is well positioned for long-term success as a standalone
organization," said Mr. Bresingham. "We know that GTCR will be a
great partner given our shared experience and their focus on growth
while delivering exceptional service. Together, we will continue to
invest in expansion, innovation and in the highest quality of
customer service."
"As a firm, we have a long history of investment in the security
and fire sector and have always viewed the commercial market as an
attractive area for growth," said Tom
Ehrhart, Principal at GTCR. "We look forward to building
upon ADT Commercial's position as a premier provider of critical
services and continuing to invest in its expansion and
innovation."
The transaction is expected to close in the fourth quarter of
2023 subject to customary regulatory approvals.
Raymond James & Associates,
Inc. and Stifel served as financial advisors to GTCR. Citi and RBC
Capital Markets are acting as financial advisors to ADT. Kirkland
& Ellis LLP provided legal counsel to GTCR. Cravath, Swaine
& Moore LLP provided legal counsel to ADT.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that
pioneered The Leaders Strategy™ – finding and partnering with
management leaders in core domains to identify, acquire and build
market-leading companies through organic growth and strategic
acquisitions. GTCR is focused on investing in transformative growth
in companies in the Business & Consumer Services, Financial
Services & Technology, Healthcare and Technology, Media &
Telecommunications sectors. Since its inception, GTCR has invested
more than $25 billion in over 270
companies, and the firm currently manages more than $35 billion in equity capital. GTCR is based in
Chicago with offices in
New York and West Palm Beach. For
more information, please visit www.gtcr.com. Follow us on
LinkedIn.
About ADT
ADT Commercial is a premier provider of commercial security,
fire, and life safety life safety services in the U.S. ADTC can
help manage your organization's risks with custom integrated
solutions to help cover all your locations—inside and out. Our
local teams will tailor your systems to meet the specific needs of
each facility. You can rely on us to be your ideal partner for
integrated security, fire, life safety, and guarding solutions,
backed by our national strength, local knowledge, and innovative
approach to help protect your people, property, and assets.
ADT Inc. is the most trusted brand in smart home and small
business security. Through innovative products, partnerships, and
the largest network of smart home security professionals in
the United States, we empower
people to connect and protect what matters most at home, work, and
on the go. For more information, visit www.adt.com.
GTCR Contacts
Investor Relations
Jodi
Rubenstein
312.382.2202
jodi.rubenstein@gtcr.com
Media Relations
Andrew
Johnson
212.835.7042
andrew.johnson@gtcr.com
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SOURCE GTCR