|By Business Wire
|April 30, 2014 05:04 AM EDT
Corporation (NYSE: ADT) today announced it has executed a definitive
agreement to acquire Reliance Protectron Inc., a subsidiary of Reliance
Comfort Limited Partnership, a portfolio company of investment funds
managed by Alinda Capital Partners, for total cash consideration of CAD
$555 million (approximately USD $500 million). The acquisition of
Protectron will significantly strengthen ADT’s Canadian operations and
create a combined security industry leader in Canada, differentiated by
its ability to reach consumers and provide them with better service and
more choice across a variety of traditional security and automation
Protectron is a leading provider of monitored security services in
Canada. The acquisition brings ADT 400,000 residential and commercial
customers including 31,000 contract monitoring accounts, and CAD $12
million (approximately USD $11 million) in associated recurring monthly
revenue. Protectron has a highly satisfied customer base with greater
levels of customer retention than other major players in the North
American electronic security industry. Protectron will continue to be
headquartered in Montreal under ADT’s ownership. It enjoys strong brand
awareness and ADT will continue using the Protectron name.
Naren Gursahaney, ADT's chief executive officer, commented on the
acquisition, "Protectron brings many strengths as we invest in growing
our business in Canada. Our long-standing commitment to customer service
aligns perfectly with Protectron's, as their seasoned management team
has been extremely successful in growing and retaining their customer
base through outstanding customer support. Protectron has created an
extensive dealer network and an effective direct sales force, which have
enabled them to generate significant subscriber growth at attractive
cost levels. Protectron has also begun a concerted effort to sell home
automation products and services, which will be accelerated by ADT's
considerable strengths in this area."
“The creation of a strong, standalone business in Canada with a
dedicated management team will position us to accelerate our growth in
this important and attractive market,” Gursahaney added.
Daniel Demers, Protectron’s president and chief executive officer, said,
“Protectron enjoys a well-earned reputation for industry-leading
customer service, and we are pleased that ADT will continue to use the
Protectron brand after we become part of the ADT family. We look forward
to sharing best practices to build a stronger combined company that is
better able to meet the security needs of Canadian homeowners and
Michael Geltzeiler, ADT’s chief financial officer, said, “This is a
compelling financial and strategic transaction for our shareholders,
demonstrating important progress in executing our capital allocation and
growth strategies. Protectron has low levels of attrition and a great
track record for net subscriber growth, which are two important things
we look for in an acquisition. The deal also creates opportunities for
operational and administrative synergies, resulting in a more-efficient,
As ADT strengthens its Canadian focus, the Company will relocate certain
administrative functions that are now being run out of the U.S. to
The completion of the transaction is subject to customary closing
conditions, including regulatory approvals. ADT expects the transaction
to close this summer. Citigroup and Imperial Capital acted as financial
advisors to ADT on the transaction.
The ADT Corporation (NYSE: ADT) is a leading provider of electronic
security, interactive home and business automation and monitoring
services for residences and small businesses in North America. ADT's
broad and pioneering set of products and services, including ADT Pulse®
interactive home and business solutions, and health services, meet a
range of customer needs for today’s active and increasingly mobile
lifestyles. Headquartered in Boca Raton, Florida, ADT helps provide
peace of mind to more than six million customers, and it employs more
than 16,000 people at 200 locations. More information is available at www.adt.com.
Incorporated in 1988 and headquartered in Montreal, Quebec, Protectron
is one of Canada's largest security monitoring and installation
companies. It employs over 900 qualified professionals who specialize in
the selling, installing, servicing and monitoring of electronic security
systems for more than 400,000 residential, commercial, industrial and
wholesale subscribers nationwide. Subscribers are offered a full suite
of security and related monitoring products and services, including
intrusion, smoke detection, personal and medical emergency, and
environmental monitoring as well as other specialized services.
Best-in-class interactive and home automation services adapt to today’s
connected lifestyle. For more information, visit www.protectron.com.
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