Devcon secures security buy

SSN Staff  - 
Friday, April 1, 2005

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.’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 operations’ 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 subscribers’ homes and businesses are monitored - bringing Devcon’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.