Minuteman Security & Life Safety

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

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

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

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

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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