DAVENPORT, Iowa — Per Mar Security Services has acquired Streff Security of Cedar Rapids, Iowa, for an undisclosed amount.
Family-owned and operated Streff Security, a division of Streff Electric, entered into the security industry two years ago. A full service electric security business, the firm installs and services intrusion alarms, fire, CCTV and access control systems for customers in the Cedar Rapids area.
Per Mar has worked with Streff Electric, a full service electrical contractor, on previous projects in the past. The strong partnership ultimately led to the latest transaction, according to Per Mar Vice President Brad Tolliver. The deal adds 250 alarm accounts — 70% commercial, 30% residential — to Per Mar’s client base, and brings one Streff Security employee to the Per Mar sales team.
“This deal enables us to expand the acquisition’s recurring monthly revenue [RMR] with our host of services for the new customer base,” Tolliver tells SSI. “We look forward to working with the quality customer base Streff developed.”
Tolliver declined to say how much RMR the deal brings to Per Mar, although he noted that former Streff Security customers will benefit from the firm’s numerous offerings, including Total Connect, remote video systems, managed access control, radio conversions and expanded central station services. Additionally, Streff Security’s operations will move into Per Mar’s Cedar Rapids office.
Founded in 1953, Per Mar operates 20 locations throughout Iowa, Illinois, Indiana, Wisconsin, Minnesota and Nebraska, along with its own UL-Listed, FM-approved central station.
Streff Electric will continue to provide service in the electrical contractor business.