BELTSVILLE, Md. - ASG Security closed a deal this week to acquire Oklahoma City-based LV Systems, a full-service provider of electronic security and fire/life-safety systems. Terms of the deal were not disclosed.
The LV Systems purchase brings with it 6,150 accounts, 29 employees, about $115,000 in recurring monthly revenue (RMR), plus the company operated its own central station. The 30-year-old firm’s accounts comprise 38% commercial clients and 62% high-end residential primarily located in Oklahoma City, ASG Security President and CEO Joe Nuccio tells SSI.
The LV Systems’ acquisition follows ASG’s purchase of TnT Security Services, which operates out of offices in Tulsa and Oklahoma City, in November 2010. With the 15,000 residential accounts it picked up in the TnT deal, ASG principally targeted LV Systems in order to grow its commercial base in the state.
“All of our branches have large commercial except Oklahoma. This gives us a jumpstart to building that commercial sector in both Oklahoma City and Tulsa,” Nuccio says. “This company has a solid security, fire and card access business, and a reputation for very strong service and community ties.”
Nuccio met today with LV Systems’ employees in Oklahoma City to assert they will be offered an opportunity to remain with the company. LV’s former owners, Ron Lee and Andy Snyder, have committed to staying onboard.
“We are very excited about LV Systems. Ron and Andy are tremendous operators and have been for 30 years. It is an honor that they are staying on with us,” Nuccio says.
Handling the transaction for ASG were Nuccio and the firm’s CFO, Ralph Masino. Representing LV Systems was Dorsie Mosher of Davis Mergers and Acquisitions Group Inc.