ST. LOUIS — As it continues to expand its footprint in Missouri, Hackett Security has acquired Wentzville, Mo.-based Avery Security for an undisclosed amount.
Since 1999, Avery Security has provided security and integrated solutions to a 65% commercial/industrial, 35% residential customer base in the St. Charles, Troy and Wentzville areas. As part of the deal — Hackett Security’s 18th acquisition in recent years — the firm has added 1,000 accounts, with the majority of the customers being banks, casinos and government agencies.
“Avery has a great set of customers that allowed us to look into a lot of the areas we’ve had tremendous growth in,” Hackett Security President and CEO Michael Hackett tells SSI. “We’ve got ourselves in a win-win situation.”
Hackett declined to say how much recurring monthly revenue (RMR) the deal brings in, but says he hopes the firm can increase RMR by 30% by offering Z-Wave technology, which will allow clients to connect and control their home and business intelligence from any mobile application or Web-enabled device.
“The technology has changed so dramatically in our industry in the last three years,” Hackett observes. “You really have to be up on it to continue to grow.”
Additionally, the firm, which owns a UL-Listed central station, will provide a new service to former Avery Security clients — video monitoring.
Since 1977, Hackett Security has provided central station monitoring, door access systems, fire alarms, intrusion alarms and video surveillance to customers in Southern and Southeastern Missouri, Chicago, Alton, Ill., and Arizona. The firm may possibly make two to three more acquisitions before the year’s end with Missouri, Illinois, Indiana and Arizona being prime geographic targets.
“We’re anxiously looking to make another acquisition that fits into our company,” Hackett says.
Hackett and his crew do not rely solely on the numbers to determine whether a deal will work for the firm. Rather, the Hackett Security executive team makes sure that the prospective company has not just a good reputation with its community, but a great one. Thus, management evaluates Better Business Bureau reviews, online customer complaints and has one-on-one discussions with the soon-to-be acquired company’s clients.
“Part of our due diligence process is going out and visiting with the customers and finding out what they liked about the company and what they’re looking for,” Hackett says. “It’s got to be a good deal for the seller and the buyer, but most of all, it has to be good for the customers.”
Ashley Willis is associate editor for SECURITY SALES & INTEGRATION. She can be reached at (310) 533-2419.
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