Mace increases reach with Securetek buy
MOUNT LAUREL, N.J.--Mace Security International continued its expansion in the security industry with its late-November purchase of Securetek, a Miami-based electronic surveillance equipment manufacturer.
Mace scooped up the company for $1.9 million in cash. The acquisition includes $500,000 of inventory.
Eduardo Nieves, director of marketing and investor relations at Mace, could not comment on employee shifts due to the purchase, but he did say the purchase adds Securetek's in-house sales force to Mace.
"They have very good internal technicians, experienced with product development," Nieves said.
Securetek folds into Mace's Pro Surveillance operation located in Fort Lauderdale, Fla.. Mace will introduce Securetek's 800 existing customers to its product line, said Nieves.
"We are a company that invests a lot of internal money to redevelop our products," he said.
Securetek expects to generate $5 million in revenue this year. Overall, in 2004 Mace sales reached $58 million; the acquisition should boost sales by nearly nine percent a year.
Nieves said Mace continues to explore and look for acquisitions. He anticipates the purchase will help expand its dealer program. The company plans to attract more customers to become dealers, he added. Currently, Mace has more than 1,000 customers.
Mace Security entered the surveillance market in late 2002, with its buy of Micro-Tech Manufacturing. Mace is known for the pepper spray brand that carries its name. It also produces child-safety products, such as outlet plugs, and runs a chain of car washes.
Mace also announced a renaming of its direct catalog and online business consumer surveillance division, which is operated in Dallas. It changed the name from Security and More to Mace. The company expects the name change will, like the acquisition, hone its presence in the retail security market, Nieves said.