ISR SolutionsÃ¢â‚¬â„¢ purchase is first in five years
March 25, 2004
CHANTILLY, Va. - Systems integrator ISR Solutions saw both its geographic reach and wallet grow this week, the results of a dually announced acquisition and $11 million equity investment.
For ISR Solutions, the acquisition of The Comm Group marks its first purchase since 1999. The company has spent the past five years focusing on internal growth, opening approximately seven new locations along the East Coast.
Ã¢â‚¬Å“This is not a roll-up or anything,Ã¢â‚¬Â said Joe Costa, president and chief executive officer of ISR Solutions. Ã¢â‚¬Å“This is really a very strategic acquisition for us.Ã¢â‚¬Â
The purchase price was not released, but part of the $11 million equity investment ISR Solutions received from The Carlyle Group and Fairfax Partners will be used to pay for the deal. The remaining amount will also be used to fund future growth.
By acquiring The Comm Group, ISR Solutions gains a presence in the western Pennsylvania and eastern Ohio markets and expertise in telecommunications, structured cabling and life safety systems.
The Comm Group, on the other hand, saw its reach grow exponentially as a result of the deal.
Ã¢â‚¬Å“This is going to give us a national presence,Ã¢â‚¬Â said Mike Bieda, vice president of engineering for The Comm Group and one of four shareholders.