Protection 1 announced it has signed definitive agreements to be acquired by funds managed by affiliates of Apollo Global Management. Funds managed by affiliates of Apollo also announced the concurrent signing of definitive agreements to acquire Maryland_based ASG Security, which will be combined with Protection 1.
The newly created company, which will continue to operate under the Protection 1 brand, enables Apollo to enter the security monitoring industry by generating $40 million in monthly recurring revenue and total annual revenue well in excess of $500 million. Terms of the transactions, which are expected to close in mid_2015, were not disclosed.
“Protection 1 is coming together with ASG Security, which immediately strengthens our market leading position and creates additional breadth and depth in our operations. ASG has a strong reputation for operational excellence and together our companies will continue to focus on the outstanding customer service for which we are both known,” says Timothy J. Whall, Chairman and Chief Executive Officer of Protection 1.
“As Apollo enters the security space, ASG Security is excited to be a part of creating a new platform that is well_positioned to become a significant leader in the industry,” said Joe Nuccio, President and CEO of ASG Security. “ASG’s reputation, coupled with our financial and operational strength, will play an important role in the overall company expansion and value_creation opportunities.”
Source: Apollo Affiliated Funds