SPX expands reach with Vance Int'l
OAKTON, Va. - In a move that mirrors industry consolidation trends, SPX Corp. acquired Virginia-based Vance International to expand the company's Security and Investigations Division.
SPX officials announced the purchase of Vance, a $95 million in annual revenue executive protection and guard firm, a day after the Oct. 14 acquisition. Cost of the acquisition was not disclosed.
Plans call for the two companies to reorganize. SPX's Security and Investigations, which focuses on protection services and security consulting, will now fall under Vance. Work related to corporate investigations, business intelligence and digital security will come under the auspices of Decision Strategies, an SPX trade name.
The changes are all part of SPX's plans to offer more services to its clients.
"The more consolidation there is, the more you can go to one-stop shopping," said Edmund Pankau, CPP and president of Pankau Consulting in Houston. "But it's going to raise the cost."
Pankau said larger companies can offer a broader scale of services to governments, corporations and other entities seeking tighter security.
But smaller operations will likely be pushed out, he said.
The buyout also expands SPX services to Brazil and South Africa, said Tina Betlejewski, director of corporate communications for SPX.
SPX, which also offers products like TV and radio antennas, life science products and services and power transformers, reports $52 billion a year in revenues.