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Partnering with leading third-party provider of elevator and pool emergency monitoring solutions in North America
Sector: Emergency Communications & Monitoring
Investment Type: Structured Growth Equity
Status: Exited
Website: www.kingsiii.com
“From making key introductions to leading national property managers to providing strategic guidance around M&A and debt financing, Thayer Street has been a trusted partner in supporting our growth.”
– Dennis Mason, former CEO of Kings III
Company Overview
Kings III of America (“Kings III”) is a leading third-party provider of elevator and pool emergency monitoring solutions in North America.
Kings III designs, engineers, and manufactures monitoring equipment, and operates a state-of-the-art 24/7 emergency dispatch center staffed with certified emergency responders. With over three decades of service, Kings III is a critical enabler of the elevator infrastructure in the U.S. and Canada.
Thayer Street Value Creation
In 2018, Thayer Street provided structured capital to the Company, representing a significant minority position in the business.
Thayer Street worked in close partnership with Kings III to execute a wide range of major growth initiatives, including:
- Recruiting a new Chief Sales Officer to revamp and scale the sales organization
- Expanding into 9 new markets
- Acquiring a close competitor
- Building out new marketing and distribution channels
- Leveraging Thayer Street’s proprietary network in commercial real estate to make strategic introductions to large, national property managers for additional revenue opportunities
The Results
In partnership with Thayer Street, Kings III scaled the number of units under management significantly and nearly doubled annualized recurring revenue (ARR) from 2018 to 2022.
In 2022, Kings III was acquired by a large private equity firm and continues to advance its mission of being the leading provider of monitoring solutions in North America.
The portfolio companies presented are not intended to be a representative sample of all portfolio companies that Thayer Street has worked with or invested in. The statement quoted above was made by the former CEO of King’s III of America, Dennis Mason. Mr. Mason has not received compensation for the above statement and this statement is solely his opinion and representative of his experience with Thayer Street. Other portfolio company executives may not necessarily share the same view. It should not be assumed and there is no guarantee that Thayer Street’s investment in the referenced portfolio company or other portfolio companies has been or will ultimately be profitable.