Mace reach increases with purchase
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.
Terms of the deal, expected to close this week, were not disclosed as of press time for Security Systems News.
Securetek will fold into Mace's Pro Surveillance operation located in Fort Lauderdale, Fla. Mace plans to introduce Securetek's 800 existing customers to its product line, said Eduardo Nieves, director of marketing and investor relations at Mace.
"We are a company that invests a lot of internal money to redevelop our products," he said.
According to the press release, Securetek is expected to generate $5 million in revenue this year. Overall, in 2004 Mace had sales of $58 million; the acquisition will boost sales by nearly nine percent a year.
As a public company, Mace will continue to explore and look for acquisitions. Nieves anticipates the purchase will help expand its dealer program. The company would like 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 acquisition of Micro-Tech Manufacturing. The company 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.
This new purchase also adds Securetek's in-house sales force to Mace.
"They have very good internal technicians, experienced with product development," Nieves said.
Nieves could not comment on employee shifts due to the purchase. Terms of the agreement were not publicly released as of press time.
To read more on this story, see the January issue of Security Systems News.