The Gores Group has sold its portfolio company Norment Security Group, a provider of correctional security technology, to Cornerstone Detention Products. Gores first invested in Norment in September 2007.
Norment Security Group is a supplier of physical and electronic security products, as well as integration and maintenance services, to the corrections and courthouse markets. Company owned brand names include Airteq, Trentech and ECS. In addition, Norment provides facility maintenance and service operations. The company was founded in 1952 and is headquartered in Montgomery, AL (www.normentsecurity.com)
Cornerstone Detention Products specializes in the engineering, design, distribution, installation and project management of institutional detention equipment and products for the jail and prison industries at the federal, state, county, private and local levels. The company was founded in 1998 by Mitch Claborn and is headquartered near Huntsville in Madison, AL (www.cornerstonedetention.com).
Monroe Capital provided a $27 million senior secured credit facility to support the acquisition of Norment Security Group by Cornerstone Detention Products. Monroe Capital is a specialty finance company providing senior and junior debt and equity co-investments to middle-market companies. The firm was founded in 2004 and maintains offices in Chicago, Atlanta, Boston, Charlotte, Dallas, Los Angeles, New York and San Francisco (www.monroecap.com).
The Gores Group makes control investments in non-core, underperforming or undervalued businesses in the United States and Europe. The firm maintains an in-house team of over 60 M&A and operations professionals in the US and Europe. The Gores Group was founded in 1987 and is headquartered in Los Angeles with additional offices in Boulder, CO and London (www.gores.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 4-14-14