ADT Inc. today announced it has entered into a definitive agreement to sell its commercial security, fire, and life safety business unit to GTCR, a private equity firm, for a purchase price of $1.6 billion, subject to customary purchase price adjustments.
“This transaction is mutually beneficial for ADT and ADT Commercial, which will benefit from GTCR’s support and expertise, positioning the business to continue providing best-in-class solutions and services to its customers,” said ADT President and CEO Jim DeVries. “We thank the entire ADT Commercial team for their hard work and look forward to seeing them grow.”
Dan Bresingham, president of ADT Commercial, said, “Our entire commercial team has been instrumental over the last several years building our commercial business success and bringing a depth of value, experience, and knowledge to our customers. We are excited to partner with GTCR, an organization that supports our mission and shares our passion to build this business to become the premier service provider in the commercial security, fire, and life safety industry.”
“ADT Commercial has established itself as an innovative leader in providing the critical safety services that businesses need to protect their day-to-day functionality,” said David Donnini, managing director and head of business and consumer services at GTCR. “We are very proud to once again partner with the leadership team of ADT Commercial to continue to invest in the platform and deliver the solutions its customers have come to expect. ADT has done a tremendous job in further developing this segment in recent years and we are excited to help drive the business forward in its next chapter of growth.”
The transaction has been approved by the company’s Board of Directors and is expected to close in the fourth quarter of 2023, subject to customary closing conditions, including regulatory approvals, according to the company.