INDUSTRY ACQUISITION: ADT Acquires FirstService Security
June 18, 2008
Tyco International Ltd. announced that its ADT Security business has reached an agreement to acquire FirstService Security, a division of FirstService Corp., for approximately $187 million. FirstService Security operates under the brand name of Security Services and Technologies in the United States and under the brand name of Intercon Security in Canada.
FirstService Security is a commercial security systems integrator that provides a full range of integrated security systems services, including design, engineering, installation, servicing and monitoring of access control, closed-circuit television and intrusion systems. The business had revenues of more than $200 million during the last 12 months and employs approximately 2,400 people with 17 offices in the United States and Canada.
“This is an important strategic acquisition that expands and complements the advanced systems integration expertise ADT offers our commercial customers,” said John Koch, president of ADT North America. “Commercial sales represent the largest component of our business, and FirstService Security strengthens our presence and provides growth opportunities in key vertical markets, such as banking and energy.”
Koch said ADT had been looking to acquire a company with an IP-based customer base and a presence in vertical markets, and one company always kept rising to the top during that search â€” FirstService Security. “This is the right acquisition at the right time, as it positions us for success in this evolving industry” said Koch. “FirstService Security has a great reputation with its customers, a very strong management team, and wonderful technical capabilities.”
Frank Brewer, CEO FirstService Security, believes that ADT and FirstService Security share the same vision regarding the future growth of the systems integration world and will successfully complement each other.
“Both companies have components that should blend very well together in order to bring more value to the ADT customer world,” Brewer said.
The transaction is expected to close as soon as practicable following receipt of required regulatory approvals and satisfaction of other customary closing conditions. For more information about ADT, visit www.adt.com.