Tag: Golden Gate Capital
ADT to acquire Devcon Security for $148 million
July 31, 2013Tess Nacelewicz
BOCA RATON, Fla.—The ADT Corp. announced this morning that it plans to acquire Devcon Security from Golden Gate Capital for $148.5 million. The deal—ADT's first major acquisition since spinning off from Tyco International last fall—brings 117,000 accounts and $3.6 million of RMR. The transaction is expected to close in early August, Naren Gursahaney, ADT CEO, said during an investor call today.
Don Boerema, chief corporate development officer for ADT, which is based here,...
Latest change for Devcon welcomed
July 31, 2013Tess Nacelewicz
HOLLYWOOD, Fla.— Devcon Security has undergone dramatic changes in the past few years: a rapid expansion, then an even faster downsizing and also a management shake-up. Now, an even bigger change—ADT's announcement today that it has signed a deal to acquire Devcon for $148.5 million—is a welcome one, Devcon CEO Steve Hafen told Security Systems News.“It is great news,” Hafen said. “It's a good development for Devcon and I'm excited about it.”When asked what...
Pro 1 dives into summer sales with Pinnacle buy
January 28, 2013Tess Nacelewicz
ROMEOVILLE, Ill.—Protection 1 is getting into the summer-sales market by buying some of the assets of Pinnacle Security, one of Utah's leading door-knocking companies.
Protection 1, a traditional-model security company based here that now bills itself as “the largest full-service provider of business and home security in the U.S.,” announced in a news release that it has purchased “select assets from Utah-based Pinnacle Security, including certain proprietary IT infrastructure...
Devcon 'getting back to core business'
December 28, 2012Martha Entwistle
NEW YORK—At the Imperial Capital Security Investor Conference here on Dec. 13, Devcon's chairman of the board, Christopher Munday, spoke frankly about the company's challenges in the past couple of years—including an ill-fated branch expansion. He confirmed that the company is actively seeking a buyer and shared several operating and financial metrics to support his assertion that the company is on strong footing.
In 2010 and 2011, Devcon hired many former Brink's Home...
Devcon Security on the block?
November 14, 2012Tess Nacelewicz
HOLLYWOOD, Fla.—Devcon Security, a super-regional based here that has been rapidly downsizing this year after a period of aggressive expansion, could soon be up for sale.Devcon was acquired by San Francisco-based Golden Gate Capital in 2009. Now, according to a statement that Steve Hafen, Devcon's new CEO, provided to Security Systems News, Golden Gate is looking at the possibility of selling the company.“Due to favorable current market conditions and extensive interest by third parties,...
Pinnacle sells 93,000 accounts to Monitronics
October 31, 2012Tess Nacelewicz
OREM, Utah—Pinnacle Security, a leading summer-sales-model company based here, recently announced an alliance with Monitronics International in which Pinnacle has sold Monitronics about 93,000 accounts and made an agreement for future account sales. The accounts represent $4.4 million of gross RMR, according to a news release.
According to Pinnacle, the $131 million transaction, which closed last week, “reduces debt and accelerates sales and marketing initiatives.”
The accounts...
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Devcon's new operations center to shut its doors in September
August 8, 2012Tess Nacelewicz
I reported this summer that Devcon Security, a Hollywood, Fla.-based super-regional, was planning to shut down its new 23,000-square-foot national operations center in Irving, Texas by the end of the year.
Now it appears the closing will take place next month. Devcon plans to close the facility Sept. 5, laying off 197 employees, according to a report this week by the Dallas Business Journal. The facility opened in February 2011.
CEO Steve Hafen previously told me that closing the center was part...
Devcon closing more branches
July 11, 2012Tess Nacelewicz
HOLLYWOOD, Fla.—Devcon Security—a super-regional based here that grew to a national player in the past year and a half—is downsizing to reduce expenses and strengthen the company's finances for future profitability and growth, according to Devcon's new CEO, Steve Hafen.Among the changes will be a winding down by the end of the year of operations at Devcon's new 23,000-square-foot national operations center in Irving, Texas, Hafen said.“Devcon has experienced many changes over...
Devcon moves to 'streamline,' 'trim' after rapid growth
April 11, 2012Tess Nacelewicz
HOLLYWOOD, Fla.—After a rapid expansion during the past 18 months, Devcon Security is streamlining its business but is still planning to grow nationwide, according to the company's new CEO, Steve Hafen.“We went through a period of rapid growth at Devcon, most of which was very positive, and now have looked at ways to streamline and trim so the business functions at its highest level,” Hafen told Security Systems News in an email interview. “We believe this strategy is in line...
Shake-up at Devcon: Hafen replaces Ginsburg as CEO
March 21, 2012Tess Nacelewicz
HOLLYWOOD, Fla.—Devcon Security has a new CEO—its second one in about three weeks.
Golden Gate Capital, which owns Devcon Security, announced this week that Steve Hafen, formerly COO at Pinnacle Security, is now CEO of Devcon, a super-regional based here.
The announcement is a dramatic reversal of one Golden Gate made on Feb. 29, in which it announced that former Protection 1 CEO Richard Ginsburg had been chosen as Devcon's new CEO.
The news release Devcon issued announcing...