B Safe Expands New Jersey Footprint With Ocean Security Systems Buy
B Safe President Philip Gardner says the acquired accounts, an equal mix of residential and commercial, represent about $120,000 in RMR.
WILMINGTON, Delaware — B Safe, a regional provider of security and fire/life-safety systems to subscribers in Delaware, Maryland, New Jersey and Pennsylvania, has acquired substantially all assets of Ocean Security Systems of Toms River, N.J.
Terms of the transaction were not disclosed.
Ocean Security Systems has serviced Ocean and Monmouth counties in New Jersey since 1980, according to its website. Founded by William Roncskewitz, the company provides a full range of intrusion, video surveillance, access control and PERS offerings, along with central vacuum, structured wiring and audio systems.
B Safe President Philip Gardner tells SSI the approximately 3,500 acquired accounts are an equal split among residential and commercial subscribers, and represent about $120,000 in recurring monthly revenue (RMR). The acquisition offers a “great opportunity for B Safe to provide additional interactive technology to the existing base,” he said.
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All of Ocean Security’s 14 employees will be retained, and its current facility will serve as a branch office for B Safe. Also, Roncskewitz will stay onboard to serve as a senior security consultant. “[It is a] perfect location for our current customer base,” said Gardner. He went on to say the acquired company was an ideal match for B Safe in part because of its “unbelievable customer loyalty, low attrition and fantastic branding.”
For nearly 40 years, B Safe has provided a full-service portfolio of integrated electronic security and life-safety solutions to businesses, government and homes. A Platinum Honeywell Authorized Security Dealer, the company services a client base of more than 18,000 customers.
“Because of the strong brand awareness we plan to continue trading as Ocean Security for the near future,” Gardner said.
John Colehower of Pennington, N.J.-based Mergers & Acquisitions assisted in the transaction.
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