Quick Stats
- Leadership: Joseph Lynch
- Prospect Team: Brett Holcomb, Lou Kenter, Colin O’Donnell
- Location: Andover, MA
- Industry: Safety & Security
- Investment Date: December 2017
- Exit Date: August 2023
Overview
Minuteman is a premier integrator and service provider of commercial security surveillance, access control, fire systems and related life-safety technological offerings. The Company provides industry-leading technology solutions to customers in the education, healthcare, municipal transportation, law enforcement and various other commercial end-markets. The Company is headquartered in Andover, MA with locations across New England as well as in Florida and Illinois.
Our investment in Minuteman is a great example of how we identify a leading regional business in an industry with strong tailwinds and ripe for consolidation, to establish a platform of scale alongside the management team.
We were introduced to Minuteman through an industry contact. Management was looking for a partner to support a growth strategy focused on add-on acquisitions and market expansion.
Partnership Rationale
We saw an opportunity to build a leading security integration platform, leveraging a strong regional market position and brand. Minuteman was a leading security integrator in the New England region, but required investments in personnel, systems, and infrastructure to capture the geographic and service line growth opportunities available to it.
Growth Initiatives
- Closed three add-on acquisitions, increasing density in core markets, diversifying technology lines, and expanding footprint to attractive growth regions
- Penetrated fire, life, and safety product categories
- Developed high-margin proprietary (security-as-a-service) technology offerings
Strategic Partnership
- Implemented equity incentive plan for senior management and other key employees
- Developed M&A muscle by establishing acquisition playbook and building an actionable pipeline of 75+ targets
- Established formal financial reporting capabilities and board governance procedures
Infrastructure Building
- Developed nationwide hub-and-spoke model, with an 11-branch network at time of exit
- Implemented cloud-based ERP & accounting systems with real-time KPI dashboards, fleet management software, and a payroll services platform
- Completed rebranding and website redesign
Management Team Additions
- Facilitated retirement transition of President
- Elevated lead operations and sales personnel to COO and CRO, respectively
- Recruited experienced CFO to facilitate buildout of the accounting and financial functions which were not previously in place
- Added key regional sales personnel to expand coverage
Exit
In 2023, Prospect Partners sold its interest in Minuteman for a significant gain to a larger private equity fund.
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