LLR Partners has acquired 3SI Security Systems, a provider of asset protection systems used in the financial, retail, cash-in-transit and law enforcement markets to recover stolen cash and high-value assets (jewelry, pharmaceuticals, and consumer electronics), apprehend criminals and deter crime. The seller was London-based Stirling Square Capital Partners which acquired the company in March 2006.
3SI’s products and services protect more than 250,000 client locations worldwide and include GPS tracking, dye and ink staining, DNA and explosive gas neutralization technologies. The company, with annual revenues of about $60 million, was founded in 1971 and has a GPS tracking support center and headquarters near Philadelphia in Malvern, PA with additional offices in Zaventem, Belgium and Lyon, France (www.3sisecurity.com).
LLR intends to grow the company through a combination of expanded sales and marketing, further technology infrastructure development and add-on acquisitions. “For more than 45 years, 3SI has helped create a safer world by protecting and recovering stolen cash and other high-value assets and stopping criminals,” said Todd Leggett, CEO of 3SI. “I am excited to build on our success in the financial services and retail markets, and to continue our momentum with LLR as our strategic partner. They bring highly relevant experience, an extensive talent network and deep knowledge in the security sector to 3SI in support of our next phase of growth.”
“Todd and his experienced team built a market leading asset protection business by innovating a collection of subscription-based solutions that drive high criminal apprehension and cash recovery rates for customers every day,” said Michael Levenberg, Principal at LLR Partners. “After more than 40 years of honing their industry expertise and developing strong relationships with corporate clients and government agencies, we believe 3SI is well-positioned for continued growth.”
LLR Partners invests equity capital of $15 million to $100 million in technology and service businesses that have annual revenues of at least $10 million. LLR was founded in 1999 and has raised more than $3 billion in capital across five funds. The firm is headquartered in Philadelphia (www.llrpartners.com).
3SI was advised by Raymond James and Varagon Capital Partners was the lead arranger and administrative agent for the transaction financing.
© 2017 Private Equity Professional | June 21, 2017
