Sonitrol investors double $ from Tyco to Stanley
Stanley Works, the Connecticut-based toolmaker, agreed to pay $275M for $110M-sales Sonitrol Corp., a Berwyn alarm firm spun that was spun off by Tyco to Carlyle Venture Partners, Wachovia Capital Partners and Spire Capital Partners for $126M, in 2004 when its sales were $80M.
Stanley Works, the Connecticut-based toolmaker, said last week it's agreed to buy Sonitrol Corp., the Berwyn-based security and fire-detection service, from private-equity investors Carlyle Venture Partners, Wachovia Capital Partners and West Conshohocken/New York-based Spire Capital Partners, for $275 million. Release
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That's a big mark-up from the $125.5 million Tyco collected when it spun off Sonitrol in March, 2004. Old release
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Sonitrol reported sales of $80 million in 2003, rising to $110 million last year.
Industry blog SecurityInfoWatch.com quotes ex-Lehman analyst Jeff Kessler on the deal. Link
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No word from Stanley yet on its plans for the Berwyn office.