Select Security slides onto residential playing field
LANCASTER, Penn. - Looking to expand the companyÃ¢â‚¬â„¢s geographic footprint as well as its market grasp, Select Security has acquired State College, Penn.-based Dynamark Security Center.
Select Security, which is largely commercial in account percentage, saw Dynamark as a way of increasing its hold on the residential side of the market. Dynamark, once part of the Dynamark Security Centers franchise, specializes in custom alarm systems for residential and light commercial properties - opening a door for Select Security to reach new clientele.
Ã¢â‚¬Å“We are looking to expand and broaden our brand,Ã¢â‚¬Â said Mike Bodnar, vice president of sales and marketing at Select Security.
Increasing customer numbers and awareness is key in this market - a rapidly growing area of the state that is also home to Penn State University, located approximately 130 miles from the Select SecurityÃ¢â‚¬â„¢s headquarters.
Ã¢â‚¬Å“We were interested in this area because it is growing residentially and commercially,Ã¢â‚¬Â Bodnar said.
For DynamarkÃ¢â‚¬â„¢s owner Bruce Russell, a time had come for the company to end its relationship with the central station monitoring its accounts. Once owned by parent company, Dynamark Security Center in Maryland, the monitoring station was acquired by Protection One in 1998, but closed in 2001 when Protection One moved monitoring to another location.
Ã¢â‚¬Å“I was looking for substantial improvement in services offered in a central station,Ã¢â‚¬Â Russell said. Ã¢â‚¬Å“And Select offered it.Ã¢â‚¬Â
A deeper look into Select SecurityÃ¢â‚¬â„¢s network resulted in discussions on the two companies combining resources.
Ã¢â‚¬Å“In conversation, it became apparent what my needs were as a small, independent alarm company and what I wanted in terms of growth,Ã¢â‚¬Â said Russell, who will stay on with the company in a yet-to-be determined role. Ã¢â‚¬Å“SelectÃ¢â‚¬â„¢s capabilities dovetailed with my needs perfectly.Ã¢â‚¬Â
Not only will the deal allow Select Security to delve into the residential market further, it will allow Russell to bid for larger commercial projects, such as the universityÃ¢â‚¬â„¢s sanctioned fraternity homes.
Ã¢â‚¬Å“I can draw on resources and offer customers more options than before,Ã¢â‚¬Â he said.
For now, Bodnar said Select Security plans to expand inside Pennsylvania only, but will stay on the lookout for appropriate companies to partner with.
Ã¢â‚¬Å“We are always looking for the right fit, company wise,Ã¢â‚¬Â he said.
The acquisition of Dynamark marks the second such deal for the company this year and added 60 employees to the companyÃ¢â‚¬â„¢s base. Select Security acquired Altoona-based Alsenco Security in January.