Devcon secures security buy
DEERFIELD BEACH, Fla. - At the start of March, Devcon International Corp. announced that through its Devcon Security Service Corp. it completed the acquisition of Adelphia Communications Corp.Ã¢â‚¬â„¢s electronic security services for $40.2 million in cash.
The purchase price of the assets, which operate as Adelphia Security in New York and Checkpoint Security in Florida, was based largely on the operationsÃ¢â‚¬â„¢ estimated recurring monthly revenue of approximately $1.15 million.
The assets acquired include a full-service monitoring center in Naples, Fla., from which more than 57,0000 subscribersÃ¢â‚¬â„¢ homes and businesses are monitored - bringing DevconÃ¢â‚¬â„¢s total account base to 62,000.
Devcon bid for the security assets in the beginning of the year trumped a previous bid of $38.2 million by Innova Security Solutions, a division of Boston-based private equity firm Alta Communications.
Devcon International burst into the security arena in fall of 2004 when it secured $18 million in financing and purchased Security Equipment Co. for $4.5 million.