|By Marketwired .||
|July 4, 2014 12:09 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/04/14 -- Auxo Management LP ("Auxo"), a privately-held investment firm led by Robert Cherun and Erik Mikkelsen, announced today that it has completed a minority equity recapitalization of their portfolio company UCIT Online Security ("UCIT"), pronounced "you-see-it" (www.ucitonline.com).
In the recapitalization, Auxo has brought in Egis Capital Partners ("Egis"), a New York mid-market private equity fund led by Bill Polk and Robert Chefitz focused on late-stage growth investments in the Security & Homeland Defense sectors. Egis has invested in several security companies including Alarm.com, FreightWatch, and Westec.
UCIT is a Toronto-based security business focused on providing 24-hour live video monitoring as a more affordable and effective substitute or supplement to security guards. The company also sells and installs security equipment, remote concierge services, and provides security software through its fully-owned subsidiary Detexi (www.detexi.com).
UCIT was founded in 2003 by Sidney Sommer, a local Toronto entrepreneur who grew UCIT to 55 employees and 2 offices until partnering with Auxo in April 2011. Since Auxo's investment UCIT has grown to over 130 employees, with 6 offices serving clients across North America and parts of Europe. UCIT has been listed on the Canadian Profit List of fastest growing companies for the past 5 years in a row (twice in the top 20) and has won the Mississauga Board of Trade award for Technology & Innovation.
Mikkelsen commented, "Our Company is all about the people - to provide top tier customer service requires a cohesive group effort. We've built a great team at UCIT and are very excited to have Egis join as a new partner; their vast industry experience and networks will help enable us to take UCIT to the next level once again." Cherun added, "We considered many growth capital options, and could not be happier with our decision to partner with Egis. We are in a rapidly growing industry with limitless potential and feel the Egis team will be able to help build long term value for our customers and stakeholders."
Polk commented, "I have been involved with several companies that utilize remote video monitoring to provide better security and enhance business operations. UCIT represents the latest and most exciting of companies in managed video surveillance; we are excited to work with UCIT because of the strength of their management team and overall market potential."
For the transaction, Auxo was advised by Blake, Cassels & Graydon LLP in Toronto and Perkins Coie LLP in Palo Alto. Egis was advised by DLA Piper in New York.
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