RAC acquires two in July
RICHMOND, Va.-- The economy around here is broad-based and diverse, so the recession hasn't hit Richmond with the same wallop as other places in the country, said Wayne Boggs, president of Richmond Alarm Company. There are even indications that the economy is starting to rebound locally, which is part of the reason that Boggs seized the opportunity to acquire two businesses here in July.
The two acquisitions--Neighborhood Security Network, a residential security company that does structured cabling and home theater, and Virginia Key & Lock, a locksmithing business--came to Boggs through his dealer network.RAC, a residential and commercial security company, was started by Boggs' father in 1947. Boggs and his brother, Jimmy, run the company today and four members of the third generation now work at RAC. In all, it has 75 employees and its own UL-listed central station. It monitors about 23,000 accounts--"about one-third belong to me and two-thirds to dealers."
NSN, which will continue to operate under that name, brings with it seven employees and leased office space here in Richmond. Virginia Key & Lock, which will also keep its brand, includes one part-time employee, whom Boggs expects to become full time in the near future.
Boggs is excited about getting into structured cabling. "We've never been able to crack that market, but NSN has a system that works," he said.
"I hear that the national [housing sales] numbers are finally starting to turn around a little and that's what we've seen around here for a while," Boggs said. "We thought it was a good time to look at a new opportunity."
As far as the locksmithing business, Boggs said it's an opportunity "that's been walking by our door for a while."
Residential security customers call him all the time to see if RAC does locksmithing. "Now we can say, 'yes, we do.'"