Checkpoint plans to sell CheckView, monitoring center
THOROFARE, N.J.—Checkpoint Systems, a global supplier of loss-prevention products and solutions for the retail industry, announced this week that it is planning to sell its CheckView business, including CheckView’s monitoring center in Minnesota.
In a news release, Checkpoint said its board of directors had determined that CheckView could better serve its customers “as an independent, entrepreneurial and more focused organization.” Negotiations were under way with a potential buyer and an investment banker was involved to assist in the sale, the company said.
Annette Geraghty, a spokeswoman for Checkpoint, told Security Systems News that she could not comment on the identity of the buyer or other specifics of the negotiations. She said the company anticipated a sale being completed within two months.
The monitoring center in Chanhassen, Minn., provides Checkpoint’s retail customers with 24/7 alarm dispatching, video verification and related call-center services. The center was Five Diamond-certified by the Central Station Alarm Association in 2010.
In addition to monitoring, CheckView provides digital video cameras and monitors to combat employee theft, shoplifting and organized retail crime. It also offers fire and intrusion alarm systems for the retail vertical.
In the news release, Checkpoint said it is “committed to support CheckView throughout the sale process and the CheckView team is 100 percent committed to ensure an orderly transition with full continuity of service to customers.”
Checkpoint this week announced the appointment of George Babich Jr. as president and CEO. He had served in both positions in an interim capacity since May. The company also announced that Mark T. Giles had been named to the board of directors.
William Antle, chairman of the board, said in a prepared statement that Giles’ “considerable experience leading companies through major turnarounds will be invaluable in light of the strategic shift and operational changes taking place at Checkpoint.” Giles previously worked at FMC Corp. and Gerber Scientific.
On Tuesday, Checkpoint reported a fourth-quarter loss of $35.4 million, or 86 cents per share. That compares with a loss of $19.1 million, or 47 cents per share, a year earlier. It had a $38 million charge in the quarter to write down the value of its retail merchandising unit.