FORMERLY PE OWNED
Vivint Smart Home
Includes Vivint
Home Security · Provo, UT
- PE Firm
- Blackstone →
- Acquirer
- NRG Energy
- Year Acquired
- 2012
Blackstone took Vivint private for $2 billion in 2012, took it public via SPAC in 2020, then handed the debt-loaded company to an energy utility in 2023.
What Happened
- Blackstone acquired Vivint in 2012 for $2 billion, loading it with debt to fuel aggressive expansion
- Took Vivint public via SPAC merger in 2020 at a $4.2 billion valuation, but the stock cratered afterward
- NRG Energy acquired Vivint in 2023 for $2.8 billion after Blackstone had already extracted its returns
The Damage Done
- Vivint paid $20 million to settle FTC charges it misused consumers' credit reports to push financing on people who didn't qualify
- Customers financing their equipment get locked into 42 to 60 month contracts, up to five years tied to Vivint
- Aggressive door-to-door reps drew a Texas attorney general settlement, and a North Carolina town revoked Vivint's solicitation permit over pushy late-night knocking
Sources
- FTC Takes Action Against Vivint Smart Home for Deceptive Practices(2021-04)
- Blackstone Takes Vivint Private in $2 Billion Deal(2012-11)
- Blackstone Throws Down Just Over $2 Billion to Acquire Home Automation Giant Vivint — TechCrunch(2012-09)
- NRG Energy, Inc. to Acquire Vivint Smart Home, Inc.(2022-12-06)
- Vivint Smart Home, Inc. Form 8-K, Exhibit 99.1 — Completion of Merger with Mosaic Acquisition Corp.(2020-01-17)
- Top Vivint FAQs Answered Fast (SafeWise)(2024)
- AG Paxton Reaches Settlement with Vivint Over Door-to-Door Alarm Sales Tactics(2017-05-31)
- Vivint's Solicitation Permit Revoked in N.C. Town After Breaking Door-Knocking Rules (Security Sales & Integration)(2019-06-18)