Mace Security sells IVS
COPPELL, Texas—Mace Security on October 27 announced the sale of IVS to Costar Video Systems, which is based here. IVS is a distributor of high-end digital and machine vision cameras and professional imaging components, which has been in business since 1989.
Costar paid $517,000 cash at closing plus an additional $100,000 consideration payable if certain revenue levels are achieved by Costar in the first 90 days following the sale.
Jim Pritchett, CEO of Costar, said his security operation benefits from the purchase because “it’s a much higher preforming camera … our engineers will benefit [because they’ll learn] how to build a lower cost security camera.”
The sale includes “inventory, trade accounts receivable and payable and IVS’ related intangible assets, including its customer list and trade names,” according to a press release from Mace.
Costar is a division of Southern Imaging, a manufacturer and distributor of industrial vision products for the industrial, military and medical markets, including high-speed cameras and optics for automated inspection, robotics, microscopy, video conferencing and military applications, Prichett said.
“We are pleased to announce the sale of this non-core related business. This continues our strategy of monetizing non-core assets and allowing management to focus on its key security related businesses,” Michael Smith, CEO of Mace, said in a prepared statement.