Funds advised by Apax Partners to acquire 3M’s Electronic Monitoring Business
1st June 2017Apax Funds advised by Apax Partners today announced a definitive agreement to acquire 3M’s (NYSE: MMM) electronic monitoring business, part of 3M’s Traffic Safety an
Funds advised by Apax Partners today announced a definitive agreement to acquire 3M’s (NYSE: MMM) electronic monitoring business, part of 3M’s Traffic Safety and Security Division, for $200 million, subject to closing and other adjustments.
NEW YORK and LONDON, 1 June 2017. Funds advised by Apax Partners today announced a definitive agreement to acquire 3M’s (NYSE: MMM) electronic monitoring business, part of 3M’s Traffic Safety and Security Division, for $200 million, subject to closing and other adjustments.
3M’s electronic monitoring business, formerly known as Attenti, with annual sales of approximately $95 million, is a global provider of electronic monitoring technologies, serving hundreds of national, federal, state, and local correctional and law enforcement agencies around the world. The business offers a differentiated full range of Global Positioning Systems (GPS), Radio Frequency (RF), alcohol verification monitoring and tracking solutions, supported by an integrated software monitoring platform. Over the past 20 years, 3M’s electronic monitoring business has developed a reputation for providing reliable, innovative and scalable electronic people-monitoring solutions to correctional and law enforcement agencies in 34 countries.
Zehavit Cohen, managing partner of the Apax Partners Tel Aviv office, commented: “3M’s electronic monitoring business is an innovative leader in this growing sector. We are excited by the opportunity to work with its highly accomplished management team and employees and we will continue to invest in R&D to maintain and grow the business’s technological advantage. Our aim is to grow the business in existing geographies as well as expand its global presence. I am confident that Apax’s presence in the UK, US, China, India, Brazil and Israel will help achieve these goals.”
Apax Partners was advised by the Tel Aviv law firm of Gornitzky & Co., led by partner Chaim Friedland.
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About Apax Partners LLP
Apax Partners LLP is a leading global private equity advisory firm headquartered in London and New York. Over its more than 30-year history, Apax Partners has raised and advised funds with aggregate commitments in excess of $46 billion*. Funds advised by Apax Partners invest in companies across four global sectors of Tech and Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax Partners, please visit www.apax.com.
Apax funds have been one of the most active private equity investors in the tech, telecom and services sectors, having invested over $11.5 billion in equity since 2008. Apax’s deep sector expertise and global resources have helped accelerate organic and inorganic growth within its portfolio and have enabled geographic expansion. Current and past investments include GardaWorld (sold to Rhone Capital) Epicor, Activant, TriZetto (sold to Cognizant), Aptos, Exact, Paradigm, and Sophos (London: SOPH). For further information about Apax Partners, please visit www.apax.com.
*Funds raised since 1981, commitments converted from fund currency to USD at FX rates as at 31 March 2017.
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