US home security and automation firm Vivint explores $2 bn selloff: report
06 Sep 2012
US-based home security and home automation service provider Vivint has put itself on the block and may fetch as much as $2 billion, Reuters today reported, citing people familiar with the situation.
The Utah-based company, formerly known as APX Alarm Security Solutions, has drawn interest from three private equity firms, Blackstone Group, Ares Management and GTCR LLC, the news agency said.
Vivint is working with Bank of America Merrill Lynch and Citigroup to find a buyer and final bids are due later in September, one of the people told Reuters.
Founded in 1999 by Keith Nellesen and current CEO Todd Pederson, Vivint is 50-per cent owned by Goldman Sachs Group and investment firms Jupiter Partners and Peterson Partners, while the remaining is held by the management.
It is one of the largest home automation companies in North America and services close to 600,000 customers.
Vivin's technology-based platform integrates a wide range of wireless features and components that deliver affordable home security, energy management, home automation, and solar systems.
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