Quick turnaround on NYMPC's latest
By Martha Entwistle
Updated Sat March 1, 2008
FREEPORT, N.Y.--In an acquisition that came together in "about two weeks," New York Merchants Protective Company announced Jan. 24 the purchase of A&P Security Services of Brooklyn.
The deal will "increase our customer base," said Eric Wahrsager, vice president of marketing and development. "We embarked on a strategy several years ago [to make] acquisitions within our geographic footprint. This fell right into that scheme."
NYMPC is a 98-year-old family-owned company doing commercial and residential fire and security installation throughout the five boroughs of New York City. It has its own UL-certified central station; the family also owns wholesale monitoring company Nationwide Digital Monitoring.
Terms of the A&P deal were not released. A&P has about 750 accounts and has been in business since 1974. A&P's accounts are a 50/50 mix of residential and commercial. Wahrsager said A&P's former owner, Stanley Thomas, decided to sell the business because he's ready to retire. The A&P office will be closed and several "mostly technical and office staff" members from A&P will relocate to NYMPC office on Long Island. A&P also has a central station. That central will be closed and the accounts migrated to NYMPC's central station by Feb. 15.
Wahrsager said NYMPC has a $15 million line of credit with LaSalle Bank. "After the due diligence and logistical work as far as moving accounts ... we can move very quickly with any acquisition," he said.
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