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ADT completes sale of commercial division, ADT Commercial rebrands to Everon

ADT completes sale of commercial division, ADT Commercial rebrands to Everon

ADT completes sale of commercial division, ADT Commercial rebrands to Everon

BOCA RATON, Fla. – ADT has completed what it began in early August of this year, with the divestiture of its commercial division and ADT Commercial rebranding to Everon as part of its acquisition by private equity firm GTCR.

The commercial security, fire and life safety provider and integrator announced today that it will move forward as a standalone organization and rebranded as Everon. The proceeds of the sale nets ADT approximately $1.5 billion, which significantly reduces the company's net debt and leverage upon today’s closing according to ADT. The company stated that all net proceeds will be used for debt redemptions and repayments, expected to occur during the current quarter.

With the completion of the acquisition, Everon has stated that it will move forward as a standalone organization. “Introducing Everon to the industry as a standalone company is a huge milestone in our commercial organization’s journey,” said Dan Bresingham, chief executive officer. “The Everon brand communicates everything we’ve been focused on building for the last decade. We are excited to embark on this next chapter with our partners, GTCR.” Security Systems News (SSN) had the opportunity to speak with Bresingham about the future of the now rebranded Everon at GSX this year.

The company wrote that the brand will be connected to the company’s go-forward strategy, rooted in a deep dedication to customer service, technological expertise, and willingness to innovate. “Everon will evolve to better respond to the security, fire and life safety needs of commercial environments,” the company  said.

Everon believes that its new logo will convey a sense of drive, purpose, and momentum. The company pledged to be focused on investing in growth through strategic M&A, expanding its portfolio of best-in-class solutions, solidifying its reputation, and reaffirming the company’s dedication to exploring innovative technologies.

“As we look toward the future, we want customers to know we’re in this with them, and can adapt to meet their needs and respond to new challenges,” said Bresingham. “We’re excited for this reintroduction to the industry. This is Everon. We’re performance and relationship-driven. We’re ever leading the way, fully committed to serving our customers to the highest standard of quality, and we’re ready to break new ground in the commercial security industry.”

As ADT previously announced, the commercial business unit will be reported as discontinued operations beginning in the third quarter of 2023 for current and historical periods. The company will provide further information as part of its upcoming third quarter 2023 earnings conference call.

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