Stanley makes first acquisitions since revealing plan
December 2, 2004
NEW BRITAIN, Conn. - On Monday, The Stanley Works stepped forward with its first acquisitions since releasing the details of its security business plan in late September.
The company entered into a definitive agreement to acquire Security Group - a organization comprised of two primary companies, Sargent & Greenleaf and The Safemasters Co. - and Cal-Dor Specialties, a security product and service provider, for $56 million.
According to Philip Bradney, chief operating officer with Stanley Security Solutions, the Security Group transaction expands StanleyÃ¢â‚¬â„¢s current product offerings and security solutions and assists with the companyÃ¢â‚¬â„¢s goals to grow the security division to between $2 billion and $3 billion over the next three to five years.
Safemasters, an access control distributor and installer in Silver Spring, Md., allows Stanley to further its service area from Washington D.C. to Boston. The company also has a strong presence serving the federal government, a market that is important for Stanley to increase its penetration in.
Ã¢â‚¬Å“Something we havenÃ¢â‚¬â„¢t been strong in is servicing the federal government,Ã¢â‚¬Â Bradney said.
Sargent & Greenleaf, a manufacturer of medium- and high-security locks and locking systems, comes aboard with strong financial services background. It adds to the financial institution presence Stanley brought to its portfolio when it purchased Frisco Bay Industries earlier this year, a systems integrator known for providing security services to banks.
Bradney said the company will continue to look for strategic acquisitions to increase its base in the security sector.
Ã¢â‚¬Å“Our strategy is to solidify our position or get us into a segment we need more influence in,Ã¢â‚¬Â he said.
For more on this story, see the January issue of Security Systems News.