Select Security buys in Pa.
LANCASTER, and SAYRE, Pa.--Lancaster-based Select Security announced July 13 it had finalized the acquisitions of Full Service Security and Eagle Eye Security on Dec. 29, 2008 and July 6, 2009, respectively. The acquisitions bring Select Security more than 2,200 new monitored accounts, and, according to Select Security president Patrick Egan, that's just the beginning. "We have been aggressively looking in our market area," Egan said. "We actually have five other targets--well, they're not targets--they're five that we're in various stages of closing on. Everything from initial letters of intent to due diligence process. So we anticipate closing on them soon."
Owners Clay and Harmon Dudash founded Eagle Eye Security, headquartered in Sayre, in 1991, and will remain with Select Security. Full Service Security has been providing alarm security services for nearly 30 years in the Greater Harrisburg area. Select Security consolidated the Harrisburg office into its Lancaster office, and Full Service Security owner Tom Harle will continue to serve as an account executive for Select Security.
Eagle Eye's Clay Dudash, in a statement, said the sale to Select Security made sense for several reasons. "Eagle Eye Security chose to combine our resources with those of a recognized leader in the security industry and a First Alert Professional authorized Dealer," said Dudash, noting the acquisition will "significantly increase our product offerings and greatly enhance our ability to serve our valued customers."
Egan said the acquisitions prove Select's potency in the channel and point to a secure future. "We're maintaining employment and we're hiring some people, we're growing. I believe this is a unique opportunity because with this down economy even smaller dealers are beginning to recognize that they've got to get bigger to compete," Egan said. "We always say, 'bigger isn't better,' but some of them have come to the determination that, 'I've got to get bigger or a I've got to get out.' That opens up opportunities for us, and that's why we're fortunate to have half a dozen opportunities that we're working on."