Jim Covert
SSI Hall Of Fame: 2005
Why He’s On the List:
- Unrivaled ability to secure investors and banking
- Strong track record of turning security businesses around from losses to profitability
- Raised expectations and perceptions of the value of well-run alarm companies to investor community
- Proven as an uncommonly successful independent operator and consolidator through many years and transactions, within and outside the U.S.
Something People Might Not Know: Was a successful rhythm guitarist and songwriter for Chess Records in Chicago during the 1960s
Most Memorable Moment: “More than 20 years ago, while I was working for API [Alarm Systems], a woman came into and thanked everyone for responding to a fire alarm that led to the rescue of her unconscious 8-year-old daughter. It saved her little girl’s life. It was a great reminder of how important what we do really is.”
How Things Have Changed: “The switch from mechanical equipment to digital. This has allowed much greater service and reductions in equipment pricing.”
What the Future Holds: “I have always been amazed that for an industry where people need our products so much, there are so few financially successful large operators. I believe consolidation will continue, and eventually large consolidators will get it right and will become extremely profitable.”
Reaction to Being Inducted: “I would like to be remembered as a very successful operator, as opposed to a consolidator – I am not just a guy who buys and sells companies. I’ve completed more than 160 acquisitions in my career and never had a lawsuit. I think that says a lot. As for being inducted, I am sincerely honored and humbled to be included with names I believe were much more instrumental in the industry than me.”
Career Highlights:
- In 1968, served as criminal investigator during Vietnam War
- From 1970-78, was a member of the Secret Service White House detail under presidents Nixon, Ford and Carter
- In 1979, provided security consulting for the Los Angeles Dodgers
- As operations manager from 1980-86, led California’s API Alarm Systems through more than 20 acquisitions
- Founded SecurityLink Midwest Corp. in 1987
- Sold SecurityLink to Ameritech Corp. in 1994, staying on as president through 1996
- Founded Signature Security Group in 1996 with operations throughout Australasia
- Bought back SecurityLink from SBC Communications in 2000 for $475 million
- In 2001, sold Cambridge Protection Industries, including SecurityLink, to Tyco Int’l for $1 billion
- Became chairman/CEO of Honeywell Security Monitoring after its 2004 purchase by GTCR Golder Rauner
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Related Content
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Commercial Integrator + Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add to your bottom line.
A FREE subscription to the top resource for security and integration industry will prove to be invaluable.
