Organic-Growth-Driven Protection 1 Makes Its First Acquisition of 2014
Hawaii is known for gorgeous beaches, surf-worthy waves, and exotic tropical flora and fauna, but beside the best of the natural world, it is also home to high-end residential and commercial entities whose owners rely on top-notch security systems to protect their piece of “paradise.”
Protection 1, Chicago, ranked No. 6 on the SDM 100, expanded its reach off the mainland with its recent acquisition of Pacific Security Integrations Inc. (PSI). The company has been serving the Hawaiian Islands for more than 30 years, and has developed into a premier integrator for Hawaii, according to Protection 1, expanding into the banking and retail sectors. PSI marks the first acquisition for Protection 1 in 2014.
“Our acquisition strategy has focused on bringing on capabilities and leadership,” said Timothy J. Whall, chief executive officer, Protection 1. “Our growth over the past three years has been largely organic, stemming from new focus, new talent and new capabilities.”
Hawaiian-born (and raised) PSI owner Richard Osborne, Jr., a 25-year industry veteran, bought the 30-year-old business in 2010. It was previously a branch of Sensormatic. “We are pleased to bring PSI into the Protection 1 fold and look forward to continuing to leverage Richard’s considerable expertise in this area,” Whall added.
Osborne stated the acquisition will bring more options to his customer base. “Joining Protection 1 will enable us to expand our capabilities and offer more to our customers,” he said. “Customers will experience a seamless transition, receiving the same excellent service they are accustomed to with PSI in addition to access to more products and services.”
Protection 1 was purchased by Whall in June 2010 when he turned a once-public company into a private one. Customer service is a priority of Whall and his team and his acquisitions are based on careful study of how a company will fit into Protection 1’s philosophy of providing excellent customer service, according to Jamie Haenggi, CMO and customer experience officer “We are very specific about acquisitions; they have to make financial sense of course, but we look for companies with a similar philosophy,” Haenggi said. “Our national customers have locations in Hawaii, and after working with PSI for several years, we were very familiar with the quality of PSI’s work and capabilities of its employees.”
She continued, “Rick was looking for an opportunity to grow his businessand provide new opportunities for his employees. We typically bring on the companies we acquire to continue working without many changes, so we can integrate and add value as needed.”PSI has 15 employees, all of whom, to date, are staying on with Osborne serving as the general manager of the office.
“We have had experience working with Richard and his team over the past couple of years by leveraging his resources with some of our high-end clients in Hawaii,” said Protection 1 Executive Vice President Dan Bresingham. “Their ability to make the customer experience a priority, as well as Rick’s industry experience and familiarity with the market, makes them a great addition to the Protection 1 family and further extends our capabilities as a national provider.”
Haenggi said there will be opportunities to expand in the market to offer services to national brands with locations in Hawaii, plus expansion of residential markets with new technology and IT-based security.
Protection 1 did not disclose the purchase price, but the acquisition is final.