Monroe Capital and Wells Fargo provided debt financing to Southfield Capital and Protos Security in the companies’ acquisition of Mulligan Security, a U.S.-based direct guard and fire safety solutions provider.
Southfield Capital is a lower middle market private equity firm, while Protos Security is a tech-enabled managed security services provider.
Kevin Mulligan, Mulligan’s founder, will remain in his existing leadership role after closing of the acquisition.
Troutman Pepper Hamilton Sanders provided legal counsel to Southfield Capital and Protos. Stifel acted as Mulligan’s financial advisor, while Milbank provided legal counsel to Mulligan.
“Mulligan Security is an iconic trade brand in the security services industry. This acquisition greatly accelerates the growth of our self-perform direct guard capabilities,” Nathaniel Shaw, CEO of Protos, said. “With an impressive roster of blue-chip customers across many industries, the addition of Mulligan further diversifies Protos and makes us an attractive security services partner to customers such as real estate firms, schools and corporate institutions. Kevin Mulligan and his talented team are a great fit with our service-first culture.”
“I’m thrilled to partner with Protos and Southfield Capital to ensure the continuation of the Mulligan service commitment and growth track record. We look forward to working with Nathaniel and the Protos team to further tech-enable our business and continue to delight customers as we have for decades,” Mulligan said. “I know that our leadership position as the premier security services and fire and life safety provider in NYC and the tri-state area will only expand in partnership with Protos.”
“We have been working to expand the self-perform direct guard and fire safety capabilities for the Protos platform since our investment almost two years ago. The combination creates a formidable national player, establishing us as one of the largest security firms in the country, and reinforces our commitment to our clients to provide greater program flexibility and intelligence and high-quality services driven by our technology platform and breadth of experience,” Andy Cook, partner at Southfield Capital, said.