Devcon Names Industry Veteran as New CEO
Golden Gate Capital, owner of Devcon Security, a residential and commercial security provider with a national customer base of nearly 300,000, announced it named Richard Ginsburg to serve as chief executive officer of Devcon Security. Ginsburg was most recently the CEO of Protection 1. The post of CEO at Devcon was previously filled by Robert Farenhem, who was let go from the company last week, according to a source.
Devcon Security recently went through a period of very rapid growth, expanding its presence in the United States. Read more about it here.
“Devcon has established itself as a significant player in the evolving security market,” said Christopher B. Munday, operating partner for Golden Gate Capital. “Devcon will benefit from Richard’s expertise, leadership and vision as we take Devcon forward. Golden Gate Capital is committed to the thriving security space, and we are pleased to have attracted someone with Richard’s level of experience to assist us in leading the company.”
Ginsburg’s experience in the security industry includes founding Guardian International in 1993. Ginsburg led the company as CEO through 2001, at which time the company was ranked No. 16 in the SDM 100. Devcon purchased Guardian in 2006. Ginsburg joined Protection 1 as its president and CEO in 2001 and led it through a nine year period of cultivating operating and financial results, which culminated in its sale in June 2010, Golden Gate said.
“Devcon is well positioned in an expanding market space,” said Ginsburg. “I’m pleased for the opportunity to work with Devcon’s management team and a private equity partner of Golden Gate Capital’s caliber, continuing Devcon’s development as one of the top security companies in the industry. The roots are planted and we have the people, systems, and services to compete effectively, and I am very excited for the future of Devcon.”