Baar-Zug, Switzerland, 13 October 2015
Partners Group, the global private markets investment manager, has successfully exited its 2011 mezzanine investment in Swedish headquartered alarm provider Securitas Direct Verisure Group, in conjunction with Hellman & Friedman's acquisition of Bain Capital's stake in the company. The transaction, which is subject to customary regulatory requirements and approvals, is expected to provide a money multiple of around 1.5x to Partners Group's clients.
Partners Group has been a lender to Securitas Direct since 2008 and, in 2011, acted as debt arranger in what was then one of the largest and highest profile mezzanine financings in the market. On behalf of its clients, Partners Group will continue to support Securitas Direct Verisure Group in the next phase of its growth through a significant commitment to the senior debt in the current refinancing.
Securitas Direct Verisure Group is a leading European supplier of monitored alarms for residential and small business customers. It designs, sells and installs alarms and provides ongoing monitoring services across thirteen countries in Europe and Latin America. It has shown strong year-on-year growth over the historical period, including through the recession, and has a leading market share in its key home markets. The credit quality is reinforced by a subscription-based business model with a large portion of recurring revenue, which is supported by a broad customer base of close to 1.9 million clients.
Christopher Bone, Managing Director, Private Debt, Partners Group, comments: "Our track record of investment in Securitas Direct demonstrates our commitment to financing high-quality, recession-resilient and cash-generative businesses over economic cycles. We know Securitas Direct Verisure Group very well and are delighted to have the opportunity to continue to support the business as one of the original and anchor investors in the senior debt."
Juri Jenkner, Partner and Co-head of Private Debt, Partners Group, adds: "The Securitas Direct Verisure Group exit is the latest in a long line of exits, prompted by the recent buoyancy in the debt market. In the past 12 months, we've exited a total of 11 investments, recording a weighted average gross return of around 1.6x and a weighted average gross IRR of around 14% for our clients."