Everon CEO Don Young Provides Insight on ADT Multifamily Buy

Earlier this month SecurityInfoWatch reported that Everon had entered into a definitive agreement to acquire ADT’s multifamily business. In a follow-up interview, Everon CEO Don Young outlined the strategy behind the agreement and what it means for multifamily customers.

Strategic rationale

"The central reasoning behind this deal is that it’s a clear B2B play,” said Young, who became Everon’s CEO in June after serving as EVP and COO at ADT.

He explained that Everon already provides fire and life safety services to multifamily customers nationwide. “These property managers, owners and landlords already engage with us and fit well within our enterprise-level support systems and infrastructure,” he explained.

Young emphasized that the agreement does not mean Everon is getting into the residential market. “Rather, this acquisition marks a natural and strategic expansion of our business, elevating our profile as a provider and partner to the broader B2B multifamily audience,” he said. “Once the transaction is finalized, we will be able to offer a comprehensive suite of security, monitoring and account management solutions to multifamily owners, landlords and managers across the U.S.”

Scope of the deal

When asked which assets are included, Young pointed to ADT’s September 15 Form 8-K filing. “It includes the key details that can be shared at this time regarding the scope of the recently signed agreement,” he said.

According to that filing, the transaction covers substantially all of the assets used to operate ADT’s multifamily business, which serves apartment buildings, townhomes, student housing and military housing.

The business covers about 200,000 customer units and accounts for approximately $2.6 million in recurring monthly revenue (RMR). Young described this customer base as “known for delivering long-lasting, sustainable and high-performing RMR quality,” adding that it creates “an incredible opportunity for our business and plans for meaningful growth in the commercial security space.”

Everon will acquire the assets for $55 million in cash, with closing expected by the end of the third quarter of 2025. ADT also agreed to provide limited transition support services and not compete in the multifamily segment until after October 2, 2028.

Technology and integrations

Young explained that Everon already has the resources and infrastructure in place to serve the multifamily market.

“With our ongoing support of customers’ fire and life safety systems up until this point, multifamily customers comfortably rely on our commercial-grade platforms today,” he said. “And upon transaction close, we’ll continue to evaluate how we can level up on the quality of service and solutions we can provide to the market.”

Everon announced its multifamily acquisition the same day GTCR, its parent investor, revealed plans to acquire SimpliSafe.

Young said while he is not in a position to comment directly on GTCR’s agreement to acquire SimpliSafe, the company “is proud to partner with an investor with such proven experience and strength in the security space.”

He added, “GTCR’s long-standing reputation for intentionally investing in our industry demonstrates a future-forward mindset rooted in measured expertise, a visionary technology strategy and a keen understanding of evolving customer needs.”