WILMINGTON, N.C. — ASG Security has completed its purchase of Electronic Installations (EI), based here.
“The purchase of EI’s strong customer base strengthens our market position in the area,” says ASG CFO Ralph Masino. Terms of the deal were not disclosed.
EI’s owners, Becky and Jimmie O’Daniell, approached ASG to sell its business, Steve Rubin of Davis Mergers and Acquisitions Group, who handled the transaction, tells SSI. “To grow the business to the next level, EI would have needed an infusion of capital and more people,” he says. “Instead, they decided to sell.”
Most EI employees, as well as co-owner Jimmie O’Daniell will remain on the ASG team. O’Daniell will continue to develop an online security business in the Caribbean, says Rubin.
The deal helped ASG acquire a 50 percent residential and 50 percent commercial business, including one chain account with 120 stores, Rubin says. ASG will offer its remote monitoring service, ASG Connect, to EI customers.