Sweetwater makes largest purchase yet

Thursday, October 30, 2003

October 30, 2003

HOUSTON - A security holding company growing with acquisitions has made its fourth and largest purchase to date, picking up Apex Security in Glenwood Springs, Colo.

The acquisition gives Sweetwater Security Capital five locations in Colorado and 4,500 residential and small commercial accounts, boosting the company's overall account base to about 7,000 accounts, according to Donald Bresina-Hawkins, chairman of Sweetwater. Apex also added a central station, located in Glenwood Springs, to Sweetwater's fold, the holding company's first monitoring station.

Sweetwater, which has bought such companies as North American Security Alarm here and Security Installation Services in Dallas, selected Apex not only for its account base, but also for its geographic reach and platform from which to grow.

"Our core business strategy is to buy and build, make a strategic acquisition and expand organically off that acquisition," Bresina-Hawkins said. In Apex's case, the combination of a quality account base, low customer attrition and a low cost of servicing the accounts were attractive aspects that fit well into Sweetwater's plans of growing the company in Colorado and nationally.

Marc Powell, outgoing chief executive officer of Apex, said his former company will use Sweetwater's access to both financial and management capital to grow the business.

Sweetwater has locations in Georgia, Alabama, Mississippi, Texas and Colorado.