Sonitrol acquires two new major-market franchises
BERWYN, Penn.--Sonitrol's selective acquisition of franchises continued with the purchase of two major-market dealerships, one in Kansas City and the other in Denver.
The acquisitions, completed in September with terms not disclosed, are now among six franchises acquired by Sonitrol in the last nine months.
Todd Leggett, senior vice president of the audio verification security company, said the company is not interested in owning all, or even most, of its franchises. Instead, the recent acquisitions are part of Sonitrol's push to "raise the integrity of coast-to-coast dealerships to another level," he said.
"We have 120 channel partners across the country and Sonitrol owns 35 markets now," Leggett said. "Most of Sonitrol's partners are tremendously successful dealers who carry out the vision of Sonitrol."
In cases where a Sonitrol dealer is ready to get out of the business, the corporate entity is poised to purchase the franchise, he said.
Leggett noted that Sonitrol has been in "major transition mode" for a couple years since it was purchased from Tyco by three private equity firms. It relocated here from its former Alexandria, Va., headquarters in November 2004. And this June it was infused with $135 million in capital--a combination of a term loan and revolving credit line arranged by Wachovia Bank--to be used to acquire franchises.
The company increased the number of sales people from 65 to 100 since March of 2003. In the past nine months Sonitrol acquired territories in Long Island, N.Y., Miami, San Bernardino, Calif., and Crossville, Tenn.