Bates Security Expands in Kentucky With HITEC Security Acquisition
The Prestonsburg, Ky., branch of Bates Security will take on HITEC’s more than 600 accounts in Pikeville, Ky.
Bates Security purchased more than 600 accounts from HITEC Security of Pikeville, Ky.
LEXINGTON, Ky. — Bates Security, a commercial and residential security company, based here, announces the recent acquisition of HITEC Security of Pikeville, Ky., for undisclosed terms.
HITEC Security was owned and operated by Tommy Kidd. With the acquisition, Bates will be adding more than 600 accounts to its customer base in Prestonsburg, Ky., where the company does business under the name ABCO Security.
“Tommy is a great guy and very enthusiastic about the security industry and he has built up a solid business,” says Jeremy Bates, president of Bates Security. “I have known Tommy for a while now and we are honored that he selected us to be the ones to continue the legacy he has built.”
Bates will bring on a new employee to the team, and Tommy will remain an important part of the transition process and long-term servicing of the company, according to an announcement.
“When I decided it was time to turn my customers over to someone, I knew that Bates Security was the right company to call,” Kidd says. “I have known of Bates for a long time and trust Jeremy and his people. They are good people and they know what they are doing, so I know my customers will be in good hands.”
Bates Security operates branches in Prestonsburg and Jacksonville, Fla. Bates and its sister company, Sonitrol of Lexington, received $10 million revolving line of credit from Capital One to fund organic expansion and take advantage of acquisition opportunities in both Kentucky and Florida.
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