Sector Alarm sold 30 per cent of the company to KKR.
Sector Alarm, an Oslo, Norway-based company providing security solutions for the residential and small business market, announced getting into an agreement for selling 30% of the company.
The deal, which has the financial details undisclosed, was made with the American private equity company KKR. Sector Alarm's founder, Jørgen Dahl, continues as majority owner and CEO of the company.
The news comes shortly after Sector Alarm was fined NOK 425 million ($50M) for illegal cooperation in Norway with its competitor Verisure. Verisure and Sector Alarm are the largest home alarm companies in Norway. According to the Norwegian Competition Authority, the two companies have collaborated not to sell residential alarms to each other's customers during 2011-2017, and to divide Norwegian customers between them.
Sector Alarm, founded in Trondheim in 1995 and led by CEO Kim Grove-Knutsen, has more than 530,000 customers in six countries is one of Europe's largest security companies, with 530,000 customers in six countries.