InterfaceÃ¢â‚¬â„¢s eyes are on Mississippi
WAYNESBORO, Miss.- Interface Security Systems has added a pair of locations in the state of Mississippi that expands it to 16 branches, thanks to its recent purchase of Phillips-Doby Security Systems.
The acquisition of Phillips-Doby Security provides Interface Security with its first physical location in Mississippi and greater coverage throughout the Mississippi Valley Region.
Ã¢â‚¬Å“These are new branch locations for us that allow us to service central Mississippi,Ã¢â‚¬Â said Michael McLeod, president and chief operating officer of Interface Security, based in St. Louis. McLeod said Interface Security plans to use this deal as a platform for additional acquisitions in the central Mississippi market.
Interface Security bought Phillips-Doby in late August, gaining 3,200 additional customers, with commercial customers accounting for 42 percent of the recurring revenue. Phillips-Doby operates officesÃ‚Â inÃ‚Â MississippiÃ‚Â in Waynseboro and Hattiesburg.
Interface Security now serves 56,000 customers, with 60 percent of those commercial clients. The company has grown significantly, thanks to a string of acquisitions that netted it 10,000 accounts financed through an undisclosed amount of funding from three equity sponsors in 2002.
For Phillips-Doby, becoming part of Interface Security enables the company to pursue larger projects. While the company has the expertise to work on sizeable security projects, Don Williams, former owner and president of Phillips-Doby, said the 16-employee company was often overlooked.
Ã¢â‚¬Å“We could do the commercial jobs, large jobs, but couldnÃ¢â‚¬â„¢t win the bid,Ã¢â‚¬Â said Williams, who remains with the company as regional general manager. Ã¢â‚¬Å“National companies won the jobs and then we served as a subcontractor. Customers felt like a small company from Mississippi could not do these projects.Ã¢â‚¬Â
Williams does not expect that to be the case in the future.
Interface Security has retained Phillips-DobyÃ¢â‚¬â„¢s employees and will spend a year transitioning the company to the Interface Security name.