Brinks Home Security Acquires 38,000 Select Security Accounts
Monitronics International, Inc., doing business as Brinks Home Security, announced it has acquired approximately 30,000 residential and small business and 8,000 large commercial alarm monitoring contracts from Select Security totaling approximately $2 million in recurring monthly revenue (RMR). Brinks Home Security will take ownership of the alarm monitoring contracts through an earn out structure that includes a $10 million upfront payment and a 50-month earn out period.
Per the terms of the transaction, the seller will transfer title to all accounts to a Special Purpose Vehicle (“SPV”). Title to the accounts will be transferred from the SPV to Brinks Home Security periodically during the earn out period with title to all accounts transferred by month 50.