Protectron grabbed up by Canadian utility company
TORONTO--In late June, UE Waterheater Income Fund through its Union Energy operating unit entered into an agreement to purchase full-service security company Gestion Protectron for CDN 135 million ($109 million).
Founded in 1988 and headquartered in Montreal, Protectron--a company that added 40,000 accounts to its base with it acquired Protection One Canada from Westar Energy in 2002--accounts for approximately 176,000 residential, commercial and wholesale subscribers in Quebec, Ontario and British Columbia.
According to a press release, the company experienced a compound annual growth rate to its subscriber base of approximately 10 percent since 1999 and for the year ended March 31, 2005, it recorded revenues of approximately $64 million.
Roger Rossi, UE Waterheater Income Fund's president and chief executive officer, said in a statement that the acquisition allows Union Energy to increase its customer base, as well as its line of products and services.
Union Energy currently services more than one million natural gas and electric water heaters throughout Ontario. It also provides home heating, ventilation and air conditioning products.