Apollo Affiliated Funds Complete Simultaneous Acquisitions of Protection 1 and ASG Security
Combined Company Creates Industry Leader with Substantial Scale
NEW YORK, CHICAGO – July 1, 2015 – Protection 1, a leading, premier full-service business and home security company in the United States, today announced the close of its acquisition by funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, "Apollo"). The transaction includes the simultaneous acquisition of Maryland-based ASG Security. The resulting combined entity advances to a new position in the alarm services industry with a larger share of the $46 billion market and significant potential to scale. The combined entity will operate under the Protection 1 umbrella.
"Protection 1 has long been a unique asset in the security industry with our national footprint, full range of customer solutions and well-established reputation for service. The partnership with Apollo will continue to build upon that and continue to strengthen our position in the industry," said Timothy J. Whall, Chairman and Chief Executive Officer. "The simultaneous acquisition of ASG Security enables us to create additional density in markets where we share a presence, as well as further extend our footprint where ASG has locations outside of the current Protection 1 footprint. We look forward to combining the strengths of both organizations."
With the close of the transaction, Protection 1 anticipates continued activity with additional acquisitions as the company looks to expand its geographic footprint and breadth of customer offerings with an ever steady focus on customer experience.
Financing was provided by Credit Suisse, Barclays, Deutsche Bank, Jefferies and RBC. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal adviser to Apollo; Latham & Watkins LLP acted as legal adviser to Protection 1, as well as Reed Smith as legal advisors to the Management team; and Kirkland & Ellis LLP acted as legal adviser to ASG Security. Morgan Stanley and Raymond James acted as financial advisors to Protection 1 and Goldman Sachs acted as financial advisor to ASG Security.
For more information, please visit protection1.com
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of approximately $163 billion as of March 31, 2015 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.
Protection 1, the premier full-service business and home security company in the U.S., provides installation, maintenance, and monitoring of single-family home security systems, business security systems and multi-family security systems. Protection 1 serves over 2 million customers and employs over 4,000 people in more than 90 office locations and five UL Certified monitoring centers across the country. The company has a 97% customer satisfaction rating and an A+ Better Business Bureau rating. Protection 1 also offers network management services through its Network Operations Center and is the only company in the security industry to hold Cisco Cloud and Managed Services Express Partner Certification. The company has been recognized by leading industry publications and agencies for its commitment to its customers, the industry and the communities it serves. For other Protection 1 news, visit P1Newsroom.com