Peter Michel to advise Seguin Partners
WOBURN, Mass.--Seguin Partners, a private equity firm based here, announced Aug. 20 that security industry veteran Peter Michel will join the company as an operating partner, further indication of SeguinÃ¢â‚¬â„¢s strong interest in the security space.
Michel is CEO of iSecuretrac, a provider of electronic monitoring systems, and was CEO of BrinkÃ¢â‚¬â„¢s Home Security from 1990 to 2002.
Operating partner is a non-employee position. Michel will be a Ã¢â‚¬Å“limited partner and investor,Ã¢â‚¬Â he explained. Ã¢â‚¬Å“This will be a part-time endeavor. IÃ¢â‚¬â„¢ve known [Sequin managing partner] Chris Needham for a very long time Ã¢â‚¬Â¦ and IÃ¢â‚¬â„¢ve spent a lot of time with him and his partners.Ã¢â‚¬Â Michel added that heÃ¢â‚¬â„¢s Ã¢â‚¬Å“very enthusiastic about [SeguinÃ¢â‚¬â„¢s] focus on relatively small deals in selected services businesses, a sub-sector of which will be security. We will also look at other service companies that have a recurring revenue character.Ã¢â‚¬Â
Ã¢â‚¬Å“I will help evaluate potential investment targets in the security area and beyond,Ã¢â‚¬Â he said. Ã¢â‚¬Å“I will likely serve on boards of portfolio companies and act as a resource [to] fund principals and to portfolio company executives.Ã¢â‚¬Â
Michel said itÃ¢â‚¬â„¢s Ã¢â‚¬Å“extremely intellectually challenging to make investments in the private equity world where there are so many large players.Ã¢â‚¬Â HeÃ¢â‚¬â„¢s looking forward to focusing on Ã¢â‚¬Å“smaller companies where special relationships are important and part of the deal structure.Ã¢â‚¬Â
In cases where there is a Ã¢â‚¬Å“major acquisition between giant private equity firms, [the deal tends] to be very expensive for the winner.Ã¢â‚¬Â Michel said heÃ¢â‚¬â„¢s interested in Ã¢â‚¬Å“creating a win-win situation for sellers, managers and investors.Ã¢â‚¬Â Further, he said that SeguinÃ¢â‚¬â„¢s intention as investors is to Ã¢â‚¬Å“be very active as investors and really provide support and expertise to portfolio companies.Ã¢â‚¬Â
While Seguin does not currently have investments in security, itÃ¢â‚¬â„¢s no stranger to the industry. Needham was formerly a senior lender with State Street Bank, Ã¢â‚¬Å“previously one of the largest lenders to the security industry,Ã¢â‚¬Â noted Kirk Blanchette, partner at Seguin. In addition, Needham, Blanchette and Seguin managing partner Martin Madden all worked at Barriston Partners before forming Seguin. Barriston invested in Ackerman Security, a super-regional based in Atlanta, and Coastal Security, which was sold to Devcon in 2005.
Ã¢â‚¬Å“WeÃ¢â‚¬â„¢re very excited to have Peter join us,Ã¢â‚¬Â Blanchette said. Ã¢â‚¬Å“He has a distinguished background and will be a very valuable asset; we couldnÃ¢â‚¬â„¢t be happier.Ã¢â‚¬Â