SAN ANTONIO — Argyle Security Acquisition Corp., a special purpose acquisition company, says it will acquire ISI Security Group, a provider of detection equipment, products and service solutions.
ISI Security Group, the holding company of three solution providers in the physical security industry, including ISI Detection Contracting Group Inc., Metroplex Control Systems and Metroplex Commercial Fire and Security Alarms, agreed to be acquired for a combination of cash and stock. Among the financial compensation details, shareholders will receive $16.3 million in cash and 1.18 shares of Argyle Security at closing, representing approximately 20 percent in Argyle. Argyle will assume $6 million of ISI long-term debt.
ISI, which has 250 employees and five offices nationwide, will continue to be based in San Antonio as a wholly owned subsidiary of Argyle Security after regulatory approval. All key executives will remain with the company.
