Exclusive: GTCR seeks sale of Protection 1 for over $1.5 billion: sources

NEW YORK Mon Aug 4, 2014 1:26pm EDT

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NEW YORK (Reuters) - Private equity firm GTCR LLC is looking to sell home security company Protection 1 for more than $1.5 billion and has tapped Morgan Stanley (MS.N) to assist with the effort, according to people familiar with the matter.

The potential sale comes more than four years after GTCR took Protection 1 private for about $828 million, including the assumption of debt.

Another buyout firm, Blackstone Group LP (BX.N), acquired home security company Vivint Inc for more than $2 billion in 2012.

Romeoville, Illinois-based Protection 1, which says it is the largest full-service business and home security company in the United States, makes electronic security alarm monitoring services for residential and commercial markets. Those services include burglary and fire protection, access control, video surveillance and maintenance.

Protection 1 serves more than 1 million customers and employs over 3,000 people in more than 70 locations across the country, according to its website.

The sources asked not to be identified because the deliberations are private. Representatives for GTCR, Protection 1 and Morgan Stanley did not immediately respond to requests for comment.

(Reporting by Soyoung Kim and Greg Roumeliotis in New York; Editing by Leslie Adler)

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