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Capstone Security Solutions M&A Report Q3 2017

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Capstone Security Solutions M&A Report Q3 2017 SECURITY SOLUTIONS Q3 2017 CONTACTS MERGER & ACQUISITION ACTIVITY Todd McMahon Following Capstone’s Q2 report, video solutions continue to be a key growth area for physical Managing Director security players. The adoption of high definition cameras (and the corresponding systems (617) 619-3334 and network upgrades) will keep integrators busy for the foreseeable future. Likewise the [email protected] convergence of IT and physical security with rising global security concerns, and improving cost/benefit ratios for cameras, storage, cloud based systems, etc., make new system Peter Asiaf implementations and upgrades unavoidable for end users. While video will certainly be Managing Director central, advancements in access control, perimeter/intrusion detection and prevention, (617) 619-3368 scanning, imaging and life safety solutions will all benefit from this rising technological tide. [email protected] Security value-added resellers and integrators will main benefactors of the continued maturation of the sector, though continued technological advancements and subsequent adoption will be far reaching. For example, uniformed guard service providers, would be well advised to monitor these changes as technology has the power to alter traditional service models. Many gear and managed service providers are quick to roll out compelling ROI calculations when compared to traditional solutions. Likewise robotic solutions (including drones) continue to proliferate. While many of these solutions are in their infancy, history is rife with insiders and “smart money’s” misguided assessment of new technologies. Our point isn’t to predict the future. We aren’t attempting to figure out the winners and losers, nor are we predicting which technologies will be superior. Rather, we are simply pointing out that technology has historically been able to change industries. Advancements and cost reductions in cameras, storage, networking, etc., combined with an extremely dynamic customer base promises to make the next 10 years as exciting as the last 30. As such, our hypothesis is simply that everyone in the physical security industry should understand their exposure and strategy surrounding technology, for it will have a considerable impact on enterprise valuations today, and for years to come. M&A Activity: Security Solutions Transaction Volume 140 126 120 96 BOSTON 100 85 89 87 CHICAGO 80 67 LONDON 59 60 LOS ANGELES 40 NEW YORK ORANGE COUNTY 20 PHILADELPHIA 0 SAN DIEGO 2012 2013 2014 2015 2016 YTD 2016 YTD 2017 SILICON VALLEY Source: Capital IQ; Capstone Partners LLC Research TAMPA YTD ended September 1 Security Solutions Q3 2017 NOTABLE SECURITY SOLUTIONS TRANSACTIONS Several significant transactions were completed in the Security Solutions Industry through Q3 2017. Select transaction profiles are outlined below, followed by a more comprehensive list in the subsequent table. ADT acquires Protec (August 2017) – ADT, a leader in security and automation solutions, recently acquired Protec, a prominent commercial security system integrator in the Pacific Northwest. Terms of the deal were not disclosed. The deal represents ADT’s goal of growing its commercial and national accounts in security. Dan Bresingham, ADT’s Chief of Staff, commented, “This acquisition strengthens ADT’s commercial and national accounts business, which continues to grow both organically and through strategic acquisitions. Protec not only bolsters our presence in the Northwest, but also allows us to add additional support and service to new and existing commercial and national account customers throughout the country. The commercial and national accounts security market remains highly fragmented, presenting a compelling growth opportunity for ADT. In addition to a strong account base, the addition of Protec’s exceptional management team brings tremendous value to ADT.” The deal represents the continued trend of consolidation among systems integrators and the value that acquisitions bring in gaining market share. Hawk Capital acquires LifeShield (July 2017) – Private equity group Hawk Capital recently acquired LifeShield, a do-it-yourself (DIY) home security solution, from DirecTV. Terms of the deal were not disclosed. LifeShield offers monitored wireless security systems that customers set up themselves, including solutions for live video, fire monitoring and carbon monoxide protection. Prior to LifeShield’s sale to DirecTV in 2013, Mike Hagan, Managing Partner of Hawk Capital, owned and operated LifeShield along with other investors. "After AT&T acquired DIRECTV and decided to divest LifeShield, I leapt at the opportunity to own this great technology and brand once again," said Hagan. "Today's consumer wants an affordable and easy-to-use technologically-advanced, wireless home security system. Wireless DIY has been the fastest-growing part of the 25 million household monitored home security market,” he continued. The acquisition represents private equity’s continued interest in the security industry and the growing trend of DIY in the security industry. Eagle Eye acquires Panasonic Cloud Management (June 2017) – Eagle Eye Networks (Eagle Eye), a provider of cloud security and video management systems (VMS), recently acquired Panasonic Cloud Management Service Europe (PCMSEU), makers of Panasonic Cameramanager and Panasonic Nubo. Terms of the deal were not disclosed. The deal will create one of the largest selections of cloud video products in the globe. Rishi Lodhia, Managing Director of Eagle Eye Networks EMEA, commented, “This is a unique opportunity to bring two pioneers in cloud video surveillance together and deliver a broad portfolio of innovative cloud surveillance solutions. Eagle Eye and Cameramanager dealers worldwide will now have a wider selection of cloud video products to meet their customers’ needs.” Capstone Partners LLC 2 Security Solutions Q3 2017 SECURITY SOLUTIONS: SELECT M&A TRANSACTIONS Enterprise EV / LTM Ann. Date Target Acquirer Target Business Description Value (mm) Revenue EBITDA Summit Fire CI Capital Provides fire protection and mechanical contracting 09/05/17 - - - Protection Partners services. Professional Fire Tech Supplies, installs and maintains fire alarms, security 08/17/17 - - - Alarm Systems Electronics systems and sound systems. Security 08/10/17 Vector Security Provides professional security services. - - - Associates Offers commercial and institutional electronic security, 08/09/17 Protec ADT - - - fire and video systems. Stack-On MidOcean and Manufactures security storage solutions for home, 08/02/17 - - - Products Cannon Safe office and industrial applications. Symantec's Web Provides Secure Sockets Layer, Transport Layer Security 08/02/17 DigiCert - - - Security Bus. and IoT solutions. Aviram Develops secure switching and identity-based policy 08/01/17 Qualys - - - Networks enforcement appliances. AR Automatic VSC Fire Manufactures, installs, maintains and inspects fire 07/31/17 - - - & United Fire & Security protection installations. OMNIPLEX Provides protective security, background investigations 07/31/17 Constellis - - - World Services and personnel security services. 07/28/17 LifeShield Hawk Capital Offers DIY wireless home security solutions. - - - 3SI Security's 07/26/17 Cennox Offers asset protection systems. - - - European Div. Instrument 07/26/17 Transom Shields Designs remote viewing instruments and systems. - - - Technology Provides burglar alarm and fire protection systems and 07/18/17 Bonds Alarm Bay Alarm - - - services. Communications Squan 07/18/17 Offers systems integration services. - - - Specialists Construction Develops a security orchestration and automation 07/18/17 Komand Rapid7 - - - system platform. Tele-Tector Red Hawk Fire 07/11/17 Designs integrated security systems. - - - of Maryland & Security Western Mountain Distributes residential, ranch and commercial security 07/10/17 - - - Security Acquisition devices. Operates as a value-added distributor for network 07/06/17 Fine Tec Exclusive - - - security and data integrity. Gem Jewell Manufactures equipment that enable use of legacy 07/06/17 - - - Electronics Instruments cabling in the installation of security systems. Vivos Develops sensors and systems for the security, safety 07/06/17 Secure Point - - - BioTechnologies and defense industries. 07/04/17 Arjo Systems ASSALOY Provides electronic-ID solutions. - - - Vanderlande Develops checkpoint security software solutions for 06/30/17 Optosecurity - - - Industries transportation and critical infrastructure markets. BranchServ Systems Manufactures electronically monitored deposit retrieval 06/29/17 SafePak - - - Integration systems and ATM security products. American K-9 Offers operationally readied working dogs to security 06/23/17 Constellis - - - Detection markets. 06/20/17 3SI Security LLR Designs asset protection systems. - - - Capstone Partners LLC 3 Security Solutions Q3 2017 SECURITY SOLUTIONS: SELECT M&A TRANSACTIONS (CONTINUED) Enterprise EV / LTM Ann. Date Target Acquirer Target Business Description Value (mm) Revenue EBITDA Hellman Manufactures custom audio/visual products, 06/20/17 SnapAV - - - & Friedman accessories and software for security. Panasonic Cloud Eagle Eye 06/15/17 Develops cloud based video surveillance cameras. - - - Management Networks AlarmForce's US Offers security alarm and personal emergency response 06/14/17 Select Security $11.6 - - Sub. Base monitoring services. 06/14/17 AS Solution SOS Security Provides executive protection and security services. - - - Phoenix
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