Somerset to buy another New Jersey fire company
BEDMINSTER, N.J.-Somerset International Group, a holding company located here, announced Aug. 5 that it had a letter of intent to acquire an unnamed fire and security equipment distributor. The sale, which Somerset president John Adiletta said he will not be able to discuss in detail for 60 days, will Ã¢â‚¬Å“more than doubleÃ¢â‚¬Â SomersetÃ¢â‚¬â„¢s customer base and RMR, according to the company statement.
SomersetÃ¢â‚¬â„¢s RMR will be $17 million across its portfolio companies when this acquisition is completed. In December 2007, when Somerset acquired Fire Control Electrical Systems, Adilletta told Security Systems News that the company had between $7 and $7.5 million in RMR. (Search Ã¢â‚¬Å“Somerset buys N.J. fire companyÃ¢â‚¬Â at www.securitysystemsnews.com for more details on that deal.)
According to the company statement, the purchase price is $6.5 million, comprised of approximately $5 million in cash at closing, a $1 million seller note, and a $500,000 three-year earn out.Ã¢â‚¬Â
Somerset is a security technology holding company that also owns a personal alarm systems company, Security Systems, and another fire company, Meadowlands Fire Safety and Electric Supply Company, in Clifton, N.J.