NorthStar Alarm and its equity investors, The Beekman Group and The Goldman Sachs Group Inc., have announced the acquisition of certain assets from Vision Security, a residential alarm company listed at No. 47 overall on the SDM Top 100 List in 2014. This acquisition of assets expands NorthStar‘s geographical reach and provides additional resources for accelerated growth over the next five years. NorthStar's organic growth, along with the addition of Vision assets, has more than doubled the company's size since its equity recapitalization just 20 months ago.
“We are excited about NorthStar’s continued evolution in our industry. Our entire team has been committed to providing customers with a superior service from day one, and we are pleased to offer our services to even more customers across the country,” said Jason Christensen, CEO of NorthStar. "This takes us one step closer to being a nationwide leader in the home automation and security industry.”
The transaction included 8,000 accounts and will expand NorthStar’s customer base into additional states, including: Maryland, Virginia, Pennsylvania, and Minnesota. In total, NorthStar will now service over 43,000 customers in 24 states nationwide. Also included in the deal were additional investments in Vision Solar, which will remain its own entity. With these acquisitions, NorthStar will exceed $2 million in RMR.
“This acquisition of assets is transformational for NorthStar and positions us as a leading growth company in the home automation and security industry,“ commented John G. Troiano, managing partner of The Beekman Group. “NorthStar’s experienced management and strong sales organization will provide unique opportunities for sales representatives while continuing to reinforce best-practice product quality and customer service.”
In conjunction with the transaction, NorthStar will be adding additional leadership in the areas of sales and operations. Ground has also been broken on the future home of NorthStar corporate as part of the new University Place project at the corner of University Parkway and State Street in Orem, Utah, due for completion in early 2016. The new location will have 30,000 square feet of Class A office space with NorthStar’s name and logo prominently featured facing the corner of the busiest intersection in Utah.
