Quadrangle Secures Big Return from Protection One
Ten days ago, private equity firm Quadrangle Group was in the news for all the wrong reasons. It was sued by the SEC for its alleged role in a pay-to-play pension scheme in New York, and then settled for $5 million. It also settled with New York for another $7 million, and threw in a public statement about how firm co-founder Steve Rattner's actions were "wrong, inappriate and unethical." Quadrangle had been hoping to settle for quite some time, in order to put the ugliness behind it and refocus on making new investments and selling old ones. And it would appear to be mission accomplished, as the firm today announced an agreement to sell portfolio company Protection One (Nasdaq: PONE) to GTCR for approximately $828 million, via a tender offer.
