Kansas City, MO –
TGP Investments II, LLC (“TGP”), the manager of
private equity investment fund TGP Capital Partners II, LLC (the “Fund”), is pleased to
announce that the Fund has sold its interest in SunPro Solar (“Sun-Pro”), to ADT, Inc.
(www.adt.com).
ADT Inc. (NYSE: ADT), the most trusted brand in smart home and small business
security, announced an agreement to acquire Sunpro Solar (Sunpro), ranked #2 for
2021 Top Residential Rooftop Solar Contractors1 in the U.S., for $160 million in cash
plus approximately 77.8 million shares of ADT common stock, implying a total
enterprise value of approximately $825 million, subject to certain adjustments. ADT
will rebrand Sunpro to “ADT Solar” and enter the rooftop solar business to offer ADT
customers a protected, connected, and now powered home.
Shane Parr, TGP Managing Director, stated “We are very happy with the outcome of
the sale of SunPro to ADT. The growth and execution that the SunPro management
team achieved during our ownership was very impressive. Marc Jones, the CEO at
SunPro, did a tremendous job building the business and ADT is the perfect partner
to continue to scale the business throughout the US.”
Kansas City-based TGP Capital Partners II, LLC is a private equity investment fund
formed to make middle-market investments in well-managed, profitable, and
growing companies. The Fund prefers to provide growth capital for acquisitions or
internal growth or to facilitate liquidity or a sale event for existing shareholders. TGP
Capital Partners makes both control and minority equity investments in partnership
with proven managers in manufacturing and business services companies with
revenues generally between $10 million and $50 million. For more information
about TGP, please visit the website at www.tgpinvestments.com.
