|Over a quarter ago|
Brinks Home Security announces bulk acquisition of alarm monitoring contracts » 09:1712/2412/24/20
Monitronics International announced that it has acquired approximately 30,000 residential and small business and 8,000 large commercial alarm monitoring contracts from Select Security totaling approximately $2M in recurring monthly revenue. Brinks Home Security will take ownership of the alarm monitoring contracts through an earn out structure that includes a $10M upfront payment and a 50-month earn out period. Per the terms of the transaction, the seller will transfer title to all accounts to a Special Purpose Vehicle. Title to the Accounts will be transferred from the SPV to Brinks Home Security periodically during the Earn Out Period with title to all Accounts transferred by Month 50. In addition to the accounts, Brinks Home Security is retaining the majority of Select Security's Commercial Sales, Field Technicians, and Customer Service employees, as well as certain office locations to offer the highest level of service to these customers. For 90 days following close, the seller will provide certain transition services to Brinks Home Security, and following the transition period, Brinks Home Security will manage all aspects of the customer experience.
Monitronics appoints William Niles as CEO » 16:2410/0510/05/20
Monitronics announced that its board appointed William Niles as CEO, effective immediately. Niles has served as the company's interim CEO since February. Niles comes to the role of CEO following a tenure with the company. Niles joined Brinks Home Security in September 2019 as executive VP and general counsel and was named interim CEO in February.
Monitronics appoints Kevin Lyons as chief people officer » 09:0405/1505/15/20
Monitronics International (SCTY) announced the addition of two new executives to their senior leadership team. Kevin Lyons will join as Chief People Officer, effective May 18, 2020 and Wade Gibson will join as SVP of Network Sales, effective May 25, 2020. Most recently, Mr. Lyons served as a Senior Director at Keurig Dr Pepper (KDP). Mr. Gibson most recently practiced law at Locke Lord LLP, where he advised both public and privately held companies on major corporate transactions and governance matters.