Devcon Acquires 2 Companies
Guardian, headquartered in Hollywood, Fla., provides electronic security services primarily in the state of Florida and in the New York-metropolitan area through its brands, Guardian International, Mutual Central Alarm Services and Stat-Land. The electronic security services operation to be acquired includes two, full-service UL monitoring centers located in Hollywood, Fla., and New York City from which more than 40,000 homes and businesses are currently monitored. Lehman Brothers is serving as financial advisor to Devcon; USBX Advisory Services is serving as financial advisor to Guardian.
In other Devcon news, the Florida-based company turned to finance firm CapitalSource Finance, Chevy Chase, Md., for a $78 million senior loan deal to fund the acquisition of Coastal Security Company, Boca Raton, Fla., and provide growth capital for Devconâ€™s future expansion.
Coastal provides retail electronic security services to commercial and residential customers, primarily in south Florida, and wholesale monitoring services to dealers. Devcon acquired all of Coastalâ€™s outstanding capital stock in a transaction valued at approximately $50.6 million.