GTCR completes purchase of Honeywell monitoring
CHICAGO - GTCR Golder Rauner has completed its acquisition of Honeywell Security Monitoring from Honeywell International. The private equity firm paid $315.5 million in cash for the Minneapolis-based commercial and residential alarm company.
Under the terms of the deal, GTCR has the right to operate the alarm business using Hon-eywellÃ¢â‚¬â„¢s name for at least one year. The deal, which closed at the end of June, was first announced in early May.
A GTCR representative approved to comment on the deal was not available at press time.
Honeywell has now reached an end to an almost three-year journey. In 2001, the company announced plans to shed its alarm business to focus more on the industrial security business.
Ã¢â‚¬Å“This was a fine tuning of the business,Ã¢â‚¬Â said Steve Goodyear, director of marketing and communications for building solutions at Honeywell.
Goodyear said the company will continue to work closely with its former alarm division and remains in the integrated solutions business. Ã¢â‚¬Å“WeÃ¢â‚¬â„¢ve just divested ourselves of one part of the business,Ã¢â‚¬Â he said.
Honeywell Security Monitoring will operate as a standalone business under GTCR.