Subscribe to RSS - Blackstone Group

Blackstone Group

Vivint’s new center to support sales and customers

The home automation/home security company expands again
 - 
05/06/2014

PROVO, Utah—Vivint has taken another step in growing its Utah footprint, establishing a new service support center in the college town of Logan, Utah.

Vivint says 2013 banner year for new subscribers

 - 
Wednesday, February 26, 2014

The number of Vivint's net new subscribers in 2013 was 219,034, the most in the company’s 15-year history, Vivint President Alex Dunn told investors this week at the J.P. Morgan Global High Yield and Leveraged Finance Conference. APX Group Holdings, of which Provo, Utah-based home automation/home security company Vivint is a subsidiary, presented at the conference on Feb. 25.

According to information on the presentation provided by the company, Dunn presented Vivint to investors as a key player in a “large, growing and recession-resistant industry” with a “unique and differentiated sales model,” according to the company.

Vivint estimated its market share in 2013 was on par with Monitronics’—with each having a 3 percent share. Only three companies had a greater share than those two: ADT, with 21 percent; Tyco with 6 percent; and Stanley, with 5 percent, according to Vivint’s estimates.

Dunn said that average RMR per Vivint new subscriber was $58.35, compared to average revenue per subscriber of $53.05.

Direct sales accounted for about 77 percent of new subscribers for the door-knocking company but Vivint's growing inside sales program was responsible for the other 23 percent, the company said.

Dunn also said Vivint’s RMR was $42.2 million and that revenues were up about 10 percent and that attrition was 12.8 percent.

In an APX Group Holdings conference call in November, Dunn reported similar Q3 results and the numbers he discussed Tuesday also trended positive.

The publicly traded Blackstone Group bought Vivint in 2012 in a deal worth more than $2 billion.

In other news, Vivint today named Nike veteran Jeff Lyman as its chief marketing officer. “As CMO, he will lead marketing and communication initiatives that elevate Vivint's brand awareness and drive adoption of its security, home automation, and energy management services,” the company said.

Before his promotion to CMO, Lyman was Vivint's vice president of consumer experience and previous to that had spent about 10 years at Nike.

I’ll be talking more to Jeff next week. Stay posted.

Vivint to open new sales center in Washington state

The door-to-door company looks to diversify by growing inside sales 75 percent this year
 - 
06/26/2013

PROVO, Utah—Home automation/home security giant Vivint is opening a new 400-employee sales center in Washington state, part of a move by the door-knocking company to diversify itself by increasing inside sales.

Blackstone purchase of Vivint sets record in Utah

 - 
05/10/2013

SALT LAKE CITY, Utah—The Mountain West Capital Network, a business networking organization devoted to entrepreneurs, announced that the state of Utah saw more than $11 billion in mergers and acquisitions, public offerings, private equity and venture capital financing tra

Vivint CEO buying golf course, becoming developer

 - 
Wednesday, March 27, 2013

Vivint has been in the news a lot since it was acquired late last year by the Blackstone Group for more than $2 billion. But the latest scoop is actually about the CEO of the Provo, Utah-based company, Todd Pedersen. He’s about to buy a golf course in nearby Orem and turn it into a housing development where he and others will live, according to the Daily Herald, a Provo-based newspaper.

But Pedersen also will give 20 acres of the property back to the city for recreation, the report says.

The paper says the Cascade Golf Center has been in business 45 years but has announced this year will be its last because it’s being sold to Pedersen for a residential development. The paper quotes Keven Stratton, Jr., who runs the family-owned golf course, as saying the economic downturn and competition from new golf courses have made business difficult.

Here’s more from the newspaper's March 21 story:
 

Todd Pedersen acknowledged Wednesday that he is in a business arrangement with the Strattons on the sale of the lease and is going through due process and will eventually come to the city council for approval. Pedersen's proposal would give him land to develop low-density homes -- approximately 12 to 15, with his being one -- but he would return to the city approximately 20 acres of land worth $7 million in fully developed parkland, sports fields, with infrastructure, parking, bathrooms and more.

"My wife and I have lived in the valley and we want to do something that most residents can enjoy," Pedersen said. "I want to make sure for the city management that the best uses will be made for the most citizens."

Pedersen knows many golfers in the community will be unhappy losing Cascade and he understands how they feel.

If Pedersen's proposal is carried through it will bring approximately $300,000 in property tax revenues to the city. He said that more than replaces the $450 a year the city receives through the Strattons' lease. Because the property is zoned R1-12 the plan Pedersen is proposing complies with the zone.

Cascade Golf Center opened in May 1968 after the city agreed to lease property to the Strattons until 2060. A second-generation owner, Stratton purchased the golf course in 1989 from his father and other partners. The construction and operation of the course has been privately financed. …

… The 53 acres owned jointly with Orem City along with the majority of the 67 acres of privately owned land that make up Cascade Golf Center are being sold. That includes the miniature golf course, the driving range, the small orchard east of the range, the Valley Course or lower nine and the back nine.

While the price of the property and the lease's selling price have not been disclosed, it is no secret that Orem and other developers see this as prime property, possibly worth as much as $200,000 an acre.

 

Vivint CEO named 2013 entrepreneur of the year

 - 
02/28/2013

PROVO, Utah—Todd Pedersen, co-founder and CEO of Vivint, has been named the 2013 entrepreneur of the year by MountainWest Capital Network, according to an article from The Digital Universe, a campus newspaper at Brigham Young University.

Vivint: 'Disruptive innovation' key to success

Company sees 'more opportunity to disrupt' and joins new business trend by hiring chief innovation officer
 - 
01/30/2013

PROVO, Utah—“Disruptive innovation”—shaking up the traditional security model to create new markets—is a major reason for Vivint’s success, according to Vivint COO Alex Dunn.

Former Vivint CFO joins Viamedia

 - 
01/07/2013

LEXINGTON, Ky.—Chris Black, who recently departed as chief financial officer at Vivint, has been named to the same position at Viamedia, which is based here and specializes in selling advertising to local, regional and national advertisers on behalf of U.S.

Vivint Solar among Hawaii’s fastest growing solar power provider

 - 
11/12/2012

PROVO, Utah—Vivint Solar, a provider of solar power solutions based here, announced it is one of Hawaii’s fastest growing solar photovoltaic providers, according to a company statement.

Vivint reveals key to success

 - 
Friday, October 5, 2012

As we all know by know, Vivint has worked out a deal to be sold by the end of this year to the Blackstone Group for the whopping amount of more than $2 billion.

If you’re wondering what its secret is, the 13-year-old Provo, Utah-based home automation/home security provider offered an answer in a recent press release this week, during National Customer Service Week. It said its key to success is excellent service to its more than 675,000 customers throughout the United States and Canada.

Here’s some of what Vivint had to say:
 

"Customer service professionals answer calls, tackle problems, manage teams, and are the frontline responders in making someone's day a little easier," said Steve Dixon, Vivint's vice president of operations. "You can have world-class products and attractive pricing, but if you don't back that up with professional, friendly and effective customer service you won't succeed."

Tina Brewer, of Fredericton, New Brunswick, recalls a personal experience when Vivint's customer service representatives offered timely and effective advice.

"I came home from work and attempted to enter my passcode," Brewer said. "I received a message that it was an invalid code and attempted to re-enter the code. However, when I started to do so, a loud alarm sounded. I was startled and unsure what to do. The voice of Vivint's support staff came on the speaker and walked me through the necessary steps to stop the alarm."

Brewer was also connected to Vivint's technical support team who taught her how to properly use her keyless entry. "Vivint's support staff was so kind and so helpful. I was completely overwhelmed," Brewer added. "They were helpful and supportive. I know that if I were in an unsafe situation, having their support would come as a great comfort."

Vivint has won numerous awards for its customer service. It was honored as the gold winner of "Customer Service Department of the Year" at the 2012 American Business Awards, a top annual business recognition program. Vivint also earned gold medal honors from Contact Center World. In addition, Vivint received top honors from the Central Station Alarm Association for its exceptional service to customers and community.

At Vivint, outstanding customer service extends beyond the initial sign-up of a customer. Damien Seabrook, of North Charleston, N.C., was surprised at the fast and friendly manner of Vivint's installation technicians, who arrived at his home in less than 15 minutes after he verified his account.

"I was blown away by the quick response and have never had that happen in my life," Seabrook said. "Once the technician verified what package I was getting he got right to work. In 45 minutes I had a new system and he even took the time to show me how to work everything. The great part about it is he even downloaded the app to my phone."

 

Pages