Apas exit, sell to CIA

Friday, December 1, 2006

FISHKILL, N.Y.--CIA Security, in an expansion mode after moving to new offices and an upgraded central station earlier this year, helped competitors Ralph and Susan Apa exit the alarm business in October by buying the entirety of Apa Security for a single price, with no hold back. The deal brings roughly 2,200 accounts, populated throughout Duchess County, just north of New York City, with a mix of traditional residential and commercial accounts.
"The transaction was the smoothest I've ever seen," said Ron Davis, whose Graybeards-R-Us brokered the deal. "This was the first time that I've seen an asset purchase made where all of the assets were bundled into a single price and the price paid was for everything, including the accounts, furniture, automobiles, receivables, everything, all at a good price and with no hold back."
The purchase price was not disclosed, but Davis said that, of the 11 deals he's brokered this year, no multiple has been less than 38, and most have been in the 40s.
The Apas were looking to retire after 30 years in business and were able to see their sale through in less than eight weeks.
CIA currently is a one-location company, with 35 employees operating in the Hudson Valley region within about an hour of the home office here.