CHICAGO — With its purchase of Washington, D.C.-based Vintage Security, Protection 1 has added more than 15,000 clients to its customers — the largest acquisition in P1’s history, the company announced Tuesday. Terms of the deal were not released.
Established in 2001, Vintage Security, a full-service integrator, provides residential and business clients with the design, installation, service and monitoring of security and fire systems in Washington D.C., Maryland and northern Virginia. The firm, which has offices in Jessup, Md. and Chantilly, Va., also serves the custom homebuilder market with high-end home security and entertainment systems.
P1 closed the deal on Dec. 20. It marked the eighth acquisition for P1 in 2012 and allows the company to enter the Washington, D.C. market for the first time, according to P1 Executive Vice President and CFO Dan Bresingham.
“Vintage Security adds scale to Protection 1,” he tells SSI. “They have built a reputation on being a pristine company that is built on the customer experience, which is seen both in their leadership’s commitment and their low customer attrition. In addition, their efficient use of capital is best in class in the industry.”
It helped that Vintage’s top executives — Rick Brokaw, Jeff Smith and Robert McDonald — had worked with P1 CEO Tim Whall earlier on in their careers and had maintained the relationship throughout the years. So when Vintage Security approached P1 about joining the team, the decision was a no-brainer.
“I am happy to be working with Rick again,” Whall says. “His ability to lead his team while keeping the customer first and foremost in everyone’s mind is a key to his success. We welcome that mindset to the Protection 1 family.”
Although P1 declined to release how much recurring monthly revenue (RMR) the deal brings in, the firm will continue to operate from Vintage’s Washington, D.C. headquarters as well as keep on the company’s 100 employees.