IASG scoops up Apex Security assets
ALBANY, N.Y. - Integrated Alarm Services Group now owns the assets and accounts of Apex Security of Glenwood Springs, Colo., after a company it partnered with for the transaction walked away from the deal.
IASG had provided a loan to Apex Security Systems, a holding company formed for the intent of acquiring Apex Security, in October 2003 to purchase 4,500 accounts in the Colorado area. By the first quarter of this year, the holding company defaulted on the financing and IASG forgave the debt and took control of the accounts.
Ã¢â‚¬Å“They bought the actual business, and we bought the assets - the accounts,Ã¢â‚¬Â said Jeff Few, vice president of sales and marketing at IASG, in regard to how the original deal was structured. Ã¢â‚¬Å“And as we further started doing business it was decided that it was a much better arrangement for us to take over those employees in Colorado and run the business ourselves.Ã¢â‚¬Â
Apex Security Systems was formed through a partnership with Sweetwater Security Capital and other unnamed investors. When the deal was first announced, Sweetwater praised the acquisition as its own, touting it as its largest to date.
Donald Bresina-Hawkins, chairman of Sweetwater Security Capital, asserted his firm never had a direct relationship with IASG. Ã¢â‚¬Å“Sweetwater invested in a company that purchased the assets,Ã¢â‚¬Â he said. Ã¢â‚¬Å“Sweetwater Security Capital nor Sweetwater Ventures has never had any sort of financing arrangement with IASG at any point in time.Ã¢â‚¬Â
The 4,500 accounts IASG picked up include monitoring and guard services to high-end properties throughout the state.
According to Few, Ã¢â‚¬Å“It was a mutual understanding,Ã¢â‚¬Â on ending the relationship with the company that acquired the physical assets of Apex Security. Ã¢â‚¬Å“We thought that it was too difficult to try to manage both. They went their way, and we took over the business,Ã¢â‚¬Â he said.