Hellman & Friedman acquires Bain stake in Securitas Direct

The deal sees Hellman & Friedman secure a majority share interest in the company, while Bain exits the investment held in its 2008-vintage €3.5bn Bain Capital Europe Fund III.

Including the initial buyout price, Hellman & Friedman's equity investment in the company will total around $1.5bn, according to unquote" sources, making it the GP's largest ever capital commitment.

Previously, the firm's largest European deal as the lone sponsor was its buyout of German telecom Scout24 in 2013, which valued the company at €2bn including debt, according to unquote" data.

As a result of Hellman & Friedman's investment, the GP will also commit to a further four years of ownership, which would see the firm hold onto the asset for a total of eight years.

For Bain, the exit from Securitas Direct comes four years after the GP and Hellman & Friedman acquired it in an SBO from EQT.

Previous funding
Bain and Hellman & Friedman first acquired the Swedish company in June 2011, through a SEK 21bn SBO from EQT, which also featured a SEK 900m additional consideration.

The deal featured mezzanine financing from PineBridge Investments, Noonday Capital, Partners Group and EQT's Expansion Capital II vehicle.

EQT itself acquired Securitas Direct in a December 2007 take-private worth SEK 9.6bn.

Company
Securitas Direct is a provider of monitored alarm and security systems founded in 1988 as a division of Securitas Group, and de-merged by its parent in a 2006 IPO.

Following Bain and Hellman & Friedman's acquisition, the group was renamed Securitas Group Verisure, with Verisure being the name of the group's home security products.

Headquartered in Malmö, the group focuses on security for homes and small companies and is active across 13 countries in Europe and Latin America.

Securitas Direct Verisure employs a staff of 9,000.

People
Patrick Healyu is the deputy CEO of Hellman & Friedman. Robin Marshall is a managing director of Bain. Austin Lally is the CEO of Securitas Direct.

Advisors
Equity – Latham & Watkins (Legal); EY (Corporate finance).
Vendor – Kirkland & Ellis (Legal); PwC (Corporate finance).
Company – Weil Gotshal & Manges (Legal); Deloitte (Corporate finance).

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• Topics
• Nordics
• Industrials
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• Sweden
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• Bain Capital Europe