Cincinnati Bell Inc. announced the signing of a definitive agreement to sell its Complete Protection security monitoring business to Guardian Alarm Company, Southfield, Mich. Cincinnati Bell will continue to offer Complete Protection services through a marketing agreement with Guardian.
“Guardian Alarm Company is a world-class operator of security monitoring services and able to provide customers with access to a broader range of programs and options,” said Ted Torbeck, president and general manager of Cincinnati Bell Communications. “Since launching Complete Protection in 2001, our goal has been to deliver high-quality home security monitoring services with superior customer service and value and we are confident these high standards will continue under Guardian’s ownership.”
A provider of alarm system management services, Guardian Alarm is one of the largest privately held security companies in the United States, ranked No. 16 on the 2011 SDM 100. Founded in 1930, it has more than 100,000 security monitoring customers, 850 employees and operations in five Midwestern states and Canada. Guardian’s fully redundant central monitoring station is Underwriters Laboratories (UL) certified, Factory Mutual approved and Homeland Security rated.
According to Gary Wojtaszek, chief financial officer of Cincinnati Bell, the transaction is a continuation of shareholder-friendly initiatives and demonstrates the company’s ability to sell a non-core asset at a significant premium to current stock price multiples.