Devcon can't consummate deal for construction operation
BOCA RATON, Fla.--A deal that would have completed Devcon International's transformation into a pure-play security company fell through, the company announced on Aug. 29.
In May, Devcon announced it had a letter of intent to sell its construction operation for $12.2 to a private investment group led by The Symonette Group. Devcon bought its first alarm company in 2004. It has been building its security operation and selling its non-security operations ever since.
Stephen Ruzika, chief executive officer did not return calls from Security Systems News before press time. The letter of intent expired and according to a company statement, "Devcon does not expect talks to resume with this group and it is the company's intent to continue to own and operate the construction division for the foreseeable future."
"After numerous meetings with representatives of the private investment group, it became apparent a transaction could not be structured that would be in the company's best interest," Ruzika said in a statement.