Headquartered in the Dallas-Fort Worth area, Brinks Home Security secures approximately 940,000 residential and commercial customers through highly responsive, simple security solutions backed by expertly trained professionals. The transaction is supported by a majority of the Company’s first lien lenders who now enjoy an additional $4.6 million of RMR significantly enhancing their credit position.īrinks Home Security (OTC: SCTY) is one of the largest home security and alarm monitoring companies in North America. Further, the economic interests of the Company and the seller are aligned as both the Company and seller stand to benefit from Brinks Home Security’s award winning and best in class customer service.” “The Company will only make monthly earnout payments on active accounts with no payment required for non-pay or non-active customers, thus largely eliminating any related attrition risk.
“This transaction fits neatly into our philosophy of acquiring profitable accounts at scale and holding them for life,” said Brinks Home Security Interim Chief Executive Officer, William Niles.
Brinks security pay free#
The Company acquired the accounts lien free at closing and, after month fifty, will have no further earnout obligation to the seller. For the remaining forty-four months immediately following the Initial Earnout Period, the Company will pay the seller a $25.00 monthly earnout payment per active account. For the first six months following the closing date (the “Initial Earnout Period”), the Company will pay a $5.00 monthly earnout payment per active account. Per the terms of the transaction, Brinks Home Security will take ownership of the alarm monitoring contracts at closing through an earnout structure that includes a $15.0 million upfront payment. (the “seller”) totaling approximately $4.6 million in recurring monthly revenue (“RMR”). and its subsidiaries (doing business as Brinks Home Security ™), (“Brinks Home Security” or the “Company”) (OTC: SCTY) today announced that it has acquired approximately 114,000 residential alarm monitoring contracts from Protect America, Inc. Low Risk, Earnout Based, Transaction Structure Beneficial to All StakeholdersĪ Majority Of The Company’s First Lien Lenders Support The Transaction With $4.6 Million of Recurring Monthly Revenue Improving Their Credit PositionĭALLAS, J(GLOBE NEWSWIRE) - Monitronics International, Inc.
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