M&A Deal Summary

GTCR and Crescent Capital Group Acquires Protection One

On April 26, 2010, private equity firm GTCR and mezzanine finance firm Crescent Capital Group LP acquired safety/security company Protection One, Inc. from TCR Capital, Quadrangle Group and Intermediate Capital Group (ICG) for 828M USD

Acquisition Highlights
  • This is GTCR’s 3rd and Crescent Capital Group’s 1st transaction in the Safety/Security sector.
  • This is GTCR’s 5th and Crescent Capital Group’s 11th largest (disclosed) transaction.
  • This is GTCR’s 56th and Crescent Capital Group’s 40th transaction in the United States.
  • This is GTCR’s 1st and Crescent Capital Group’s 1st transaction in Kansas.
Investment Fate
  • Protection One was sold to a financial buyer in 2015.

M&A Deal Summary

Date 2010-04-26
Target Protection One, Inc.
Sector Safety/Security
Buyer(s) GTCR
Crescent Capital Group LP
Sellers(s) TCR Capital
Quadrangle Group
Intermediate Capital Group (ICG)
Deal Type Going Private
Deal Value 828M USD

Target

Protection One, Inc.

Lawrence, Kansas, United States
website
Protection One, Inc. is a security provider, protecting residential, business, national account and integrated system customers at millions of locations. Protection One provides installation, maintenance and electronic monitoring of alarm systems to single-family residential, commercial, multifamily and wholesale customers.

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Buyer(S) 2

Buyer

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.


DEAL STATS #
Overall 58 of 122
Sector (Safety/Security) 3 of 3
Type (Going Private) 1 of 6
State (Kansas) 1 of 2
Country (United States) 56 of 117
Year (2010) 2 of 4
Size (of disclosed) 5 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-12 ATI Physical Therapy, Inc.

Bolingbrook, Illinois, United States

ATI Physical Therapy is a rehabilitation provider, specializing in research-based physical therapy, workers’ compensation rehab, employer worksite solutions, and sports medicine. ATI Physical Therapy was founded in 1996 and is based in Bolingbrook, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-01 Curo Health Services, Inc.

Mooresville, North Carolina, United States

Curo Health Services is a provider of home healthcare and hospice services throughout various communities across the country. Guided by a patient’s physician, Curo’s team of clinicians combine clinical expertise with dedicated and compassionate care to help patients increase their independence and live a better quality of life.

Buy -
Buyer

Crescent Capital Group LP

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 25.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $25 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.


DEAL STATS #
Overall 45 of 63
Sector (Safety/Security) 1 of 2
Type (Going Private) 4 of 4
State (Kansas) 1 of 1
Country (United States) 40 of 52
Year (2010) 2 of 4
Size (of disclosed) 11 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-12 ATI Physical Therapy, Inc.

Bolingbrook, Illinois, United States

ATI Physical Therapy is a rehabilitation provider, specializing in research-based physical therapy, workers’ compensation rehab, employer worksite solutions, and sports medicine. ATI Physical Therapy was founded in 1996 and is based in Bolingbrook, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-30 Intermedix Corp.

Fort Lauderdale, Florida, United States

Intermedix is a provider of healthcare information technology based business services to emergency providers. Intermedix was founded in 1983 and is based in Fort Lauderdale, Florida.

Buy -

Seller(S) 3

SELLER

TCR Capital

Paris, France

website


Category Private Equity Firm
Founded 1980
PE ASSETS 300M EUR
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

TCR Capital is an independent private equity firm specializing in middle-market French buyouts and corporate spin-offs. TCR invests in companies generating €20 to €200 million of revenue. TCR generally seeks to be the lead (or co-lead) investor and will consider both majority and minority positions. Sectors of interest include business services, consumer services, specialized distribution, leisure, and niche manufacturing. The Firm will not invest in real estate, business start-ups, turnarounds, heavy industry, or companies exposed to either technology or commodity risk. TCR Capital was formed in 1980 and is based in Paris.


DEAL STATS #
Overall 4 of 14
Sector (Safety/Security) 1 of 1
Type (Going Private) 1 of 1
State (Kansas) 1 of 1
Country (United States) 1 of 1
Year (2010) 1 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-28 Oberthur Group

35 514, France

Oberthur engages in stationary and school supplies. Oberthur Group is active under its own brand as well as successful exclusive licenses. Oberthur's products are sold in mass retail networks and in selective distribution stores. Oberthur Group was founded in 1854 and is based in Cesson Sévigné, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-02 Thermocoax SAS

Flers, France

Thermocoax SAS is a manufacturer of customised thermal solutions and temperature measurement systems based on mineral insulated cable technology.

Sell -
SELLER

Quadrangle Group

New York, New York, United States

Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 3.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Quadrangle Group is a specialist private equity firm focused on the information and communications technology services sectors. Quadrangle was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 12 of 20
Sector (Safety/Security) 1 of 1
Type (Going Private) 1 of 1
State (Kansas) 1 of 1
Country (United States) 11 of 16
Year (2010) 1 of 3
Size (of disclosed) 7 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-03 TowerVision India Pvt. Ltd.

Gurgaon, India

TowerVision India Pvt. Ltd. is an independent tower company specializing in the provision of passive infrastructure to the wireless communications industry in India. Tower Vision has a portfolio of approximately 4,500 towers and intends to build out an additional 3,500 towers by mid-2011. TowerVision India was founded in 2006 and is based in Gurgaon, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-14 Mobilicity (DAVE Holdings Inc.)

Vaughan, Ontario, Canada

Mobilicity is the go-to-market brand name of DAVE Holdings' wireless service that intends to launch service in Canada. Dave Holdings, Inc. owns spectrum in 10 of Canada’s 13 largest metropolitan markets covering 16.1 million people. Dave Holdings, Inc. was founded to acquire AWS spectrum in an auction designed to promote new entry and increase competition in the Canadian wireless market.

Buy $200M
SELLER

Intermediate Capital Group (ICG)

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 27.2B EUR
SizeMega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 107 of 200
Sector (Safety/Security) 2 of 3
Type (Going Private) 2 of 2
State (Kansas) 2 of 2
Country (United States) 3 of 13
Year (2010) 6 of 13
Size (of disclosed) 26 of 71
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-24 Geoservices SA

Roissy-en-France, France

Geoservices SA provides a critical niche business in drilling operations, and provides a number of services that help oil and gas companies to evaluate hydrocarbon reservoirs and to optimise field appraisal, development and production.

Sell $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-30 Cogent Healthcare, Inc.

Brentwood, Tennessee, United States

Cogent Healthcare, Inc. is a provider of private hospitalist and intensivist services.

Buy -