Monroe Street Partners (MSP) has acquired Vigilnet America, a provider of electronic monitoring services to the criminal justice system.
Since its founding in 2006, Omaha-headquartered Vigilnet, led by CEO Jake Dawes, has monitored over 100,000 offenders for more than 130 criminal justice and law enforcement agencies, including courts and probation offices, across Nebraska, Washington, Oregon, and Pennsylvania.
“I am thrilled for the opportunity to partner with MSP to continue our company’s vital mission of rehabilitating offenders, keeping communities safe, and offering a compelling and cost-effective alternative to incarceration,” said Mr. Dawes.
“We are delighted to partner with Jake and the Vigilnet management team, as the company has established itself as a leading electronic monitoring services provider in the United States,” said Alex Foshager, a managing partner at MSP. “As one of a select few service providers with significant scale and a growing national presence, this partnership will enable us to support key growth initiatives, with a particular focus on strategic acquisitions.”
Electronic monitoring services alleviate prison overcrowding, reduce government costs, and help with offender rehabilitation and community protection.
“We look forward to building upon Vigilnet’s long-standing reputation for reliability and service quality to accelerate growth,” said Kenneth Mill, a managing partner at MSP. “The United States has the highest incarceration rate in the world, and we believe community-based correctional alternatives such as electronic monitoring will continue to play a critical role in reforming our criminal justice system.”
Chicago-headquartered Monroe Street Partners invests in family and founder-run businesses with an EBITDA of $2 million to $5 million. Sectors of interest include business services and industrial sectors. MSP, founded in 2022, is led by its founders and managing partners, Alexander Foshager and Ken Mill.
Columbus, Ohio-based Oxer Capital provided debt financing for this transaction. Oxer invests from $2 million to $12 million in subordinated debt, structured equity, minority equity, and one-stop financing in companies with revenues from $10 million to $100 million and EBITDA from $1 million to $10 million. Oxer, founded in 2016, is led by its founding partners, Frank Capella and Daniel Phlegar.
© 2023 Private Equity Professional | February 16, 2023
