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 Seguin's strong interest in the security space.
Michel is CEO of iSecuretrac, a provider of electronic monitoring systems, and was CEO of Brink's Home Security from 1990 to 2002.
Operating partner is a non-employee position. Michel will be a "limited partner and investor," he explained. "This will be a part-time endeavor. I've known [Sequin managing partner] Chris Needham for a very long time ... and I've spent a lot of time with him and his partners." Michel added that he's "very enthusiastic about [Seguin's] focus on relatively small deals in selected services business, a sub-sector of which will be security. We will also look at other service companies that have a recurring revenue character."
"I will help evaluate potential investment targets in the security area and beyond," he said. "I will likely serve on boards of portfolio companies and act as a resource [to] fund principals and to portfolio company executives."
Michel said it's "extremely intellectually challenging to make investments in the private equity world where there are so many large players." He's looking forward to focusing on "smaller companies where special relationships are important and part of the deal structure."
In cases where there is a "major acquisition between giant private equity firms, [the deal tends] to be very expensive for the winner." Michel said he's interested in "creating a win-win situation for sellers, manager and investors." Further, he said that Seguin's intention as investors is to "be very active as investors and really provide support and expertise to portfolio companies."
While Seguin does not currently have investments in security, it's no stranger to the industry. Needham was formerly a senior lender with State Street Bank, "previously one of the largest lenders to the security industry," 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.
"We're very excited to have Peter join us," Blanchette said. "He has a distinguished background and will be a very valuable asset; we couldn't be happier."