Hellman & Friedman has acquired Bain Capital’s stake in Securitas Direct Verisure Group. Financial terms weren’t announced. The deal gives Hellman & Friedman a majority shareholder position. Malmö, Sweden-based Securitas Direct provides professionally monitored home alarm systems through its Securitas Direct and Verisure brands.
LONDON, October 2, 2015 /PRNewswire/ —
Funds affiliated with Hellman & Friedman LLC (H&F), a leading US-based Private Equity firm, have agreed to acquire the entirety of Bain Capital’s interest in Securitas Direct Verisure Group. The acquisition places H&F in a majority shareholder position alongside Company management and creates an optimal platform for continued growth.
Securitas Direct Verisure Group is a leading European provider of professionally monitored home alarm systems with 24/7 response services offered through its Securitas Direct and Verisure brands. The Company’s mission is to bring peace of mind to families and small business owners by providing them with the best security solutions and service.
Bain Capital and H&F acquired Securitas Direct Verisure Group in 2011. Following their investment and partnership, Securitas Direct Verisure Group has expanded into new countries such as Italy and Brazil, improved on its leadership position in existing markets and delivered exceptional operational and financial performance. Both H&F and Bain Capital sponsored continued investment in cutting-edge innovative products and services as well as world-class talent acquisition and development. Securitas Direct Verisure Group has also implemented numerous initiatives to create a more satisfied and loyal customer base and today has some of the best retention rates globally in consumer-facing services, demonstrating its exceptional service levels and strong value proposition to its customers.
Austin Lally, Group CEO said, “This proposed transaction is a strong vote of confidence in our unique business model, our track record, the value creation ahead and the talented individuals within our team. We strive to have the happiest customers. They are at the center of everything we do. I am also delighted to continue to work with H&F. Alongside Bain Capital, we have been working closely with H&F in a very productive way. ”
“We have been delighted with the outstanding development of Securitas Direct Verisure Group since the beginning of our partnership in 2011 and we see substantial untapped potential in the company”, said Stefan Goetz, Managing Director at Hellman & Friedman. “Now we have the opportunity to acquire a company that we know well, with a strategy and long-term value creation plan that we have been an integral part of developing. We look forward to continuing to work with management in realising this plan going forward,” concludedStefan Goetz.
Patrick Healy, Deputy CEO of Hellman & Friedman, added, “Bain Capital have been great partners to us and the Company and have contributed greatly to its success. Our strategy is to invest in great businesses with strong long-term growth and we are therefore excited about the opportunity to increase our stake in Securitas Direct Verisure Group.”
This transaction would be H&F’s largest investment in its 30-year history as one of the most successful and respected Private Equity firms in the world.
Robin Marshall, a Managing Director of Bain Capital Private Equity, added, “We have had a very successful partnership with H&F, Austin, and the entire Securitas Direct Verisure team. During the past four years, we have transformed and grown the company in new and existing markets. We are proud of the Company’s performance and wish the team continued success.”
“I am very proud of what we have achieved together so far. We now look forward and we will ensure this new period of ownership is a catalyst for further growth,” concluded Lally.
The closing of the transaction is subject to customary regulatory requirements and approvals.
Kirkland & Ellis LLP and Pricewaterhouse Coopers LLP served as advisors for Bain Capital. Latham and Watkins LLP and Ernst & Young LLP served as advisors for Hellman & Friedman LLC. Securitas Direct Verisure Group was advised by Weil, Gotshal & Manges and Deloitte LLP.
About Securitas Direct Verisure Group
Securitas Direct Verisure Group is a leading European provider of professionally monitored fire and intrusion alarms, which include response services in the event of an alert. The company’s security services and products integrate into the smart, connected home. The company has more than 1.9 million customers in 13 countries across Europe and Latin America and has more than 9,000 employees and partners. The customer offering covers the whole value chain – from product development, design and sales to installation, service and a 24/7 professional monitoring solution. Thanks to a strong focus on high quality, the company’s customers are amongst the most satisfied and loyal in the industry. The group has grown to be the second largest home alarm provider in the world. For more information, please visit http://www.verisure.com.
About Hellman & Friedman
Hellman & Friedman is a leading private equity investment firm with offices in San Francisco, New York, and London. Since its founding in 1984, H&F has raised over $35 billion of committed capital. The firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including software, internet & media, financial services, business & information services, healthcare, energy & industrials and retail & consumer. For more information on Hellman & Friedman, please visithttp://www.hf.com.
About Bain Capital
Bain Capital is one of the world’s foremost privately-held alternative investment firms, with approximately $75 billion of assets under management in several pools of capital including private equity, venture capital, public equity, credit products and absolute return. Bain Capital’s more than 400 professionals are collectively the single largest investor in all of its funds and its private equity team is dedicated to investing in and building its portfolio companies. Founded in 1984, Bain Capital has made private equity, growth, and venture capital investments in more than 450 companies around the world, and has deep experience across key vertical industries including consumer/retail, financial services and institutions, healthcare, industrials, and technology, media and telecommunications. Having first established its European presence 15 years ago, Bain Capital Private Equity now has local offices in London, Munich andLuxembourg.
For more information on Bain Capital, please visit http://www.baincapital.com