3M Completes Electronic Monitoring Business Sale for $200M
Diversified industrial goods manufacturer 3M Company MMM recently completed the divesture of its electronic monitoring business to Apax Partners, a premier global private equity advisory firm, for $200 million.
The divested business was part of the Traffic Safety and Security Division, which is an integral component of the Safety & Graphics segment. The electronic monitoring business offers a wide array of Global Positioning Systems, Radio Frequency and alcohol verification monitoring and tracking solutions, supported by an integrated software monitoring platform. These products are widely used by correctional and law enforcement agencies across the world. The business, which has approximately 265 employees, generates annual global sales to the tune of $95 million. These employees are likely to be absorbed by Apax Partners.