Devcon Takes Concrete Steps Into Electronic Security Market
DEERFIELD BEACH, Fla. — Devcon Int’l Corp., a company that a year ago was solely devoted to construction and concrete services, continued to deepen its entry into the electronic security market after acquiring electronic security services provider Guardian Int’l Inc. and Costal Security Co.
Devcon announced on Nov. 10 it is paying $65.5 million for the Hollywood, Fla.-based Guardian with USBX Advisory Services LLC and Lehman Brothers serving as financial advisors on the deal. A few days later, on Nov. 15, Devcon revealed it is also acquiring Boca Raton, Fla., installer Coastal Security Co. for $50.4 million.
Devcon started its move into the electronic security business by acquiring Adelphia’s security business in March. In October, Devcon sold off one of its construction-related businesses with the intent of focusing on its security business.
Harold Ginsburg, Guardian’s CEO, says his company and Devcon will create a large platform for customers in the Florida and New York markets, and further acquisitions are still to come.
“I’m sure they’re after some more,” Ginsburg says. “They want to become a big player.”
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