Argyle Security Announces 3 Acquisitions
Argyle Security Inc., a systems integrator specializing in the corrections and commercial markets, announces the acquisition of two companies and a definitive agreement to acquire a third.
The company closed deals with Los Angeles-based Peterson Detention Inc. (PDI) and FireQuest Inc. of San Antonio, and signed a definitive merger agreement with Com-Tec Security LLC of Appleton, Wis. The purchase price for the three acquisitions is about $14 million.
Argyle’s wholly owned subsidiary, ISI Security Group, will operate the companies.
PDI provides full-turnkey solutions and manufactures steel detention products. The integration is expected to yield increased margins through sourcing realignment.
FireQuest, which provides and services fire alarm products in commercial, industrial and hospital markets, will strengthen ISI’s commercial sector business unit, as well as expand the company’s customer base through its new fire product line, according to the company.
The merger with Com-Tec Security, a provider of electronic security and communications systems, is expected to close by Jan. 31 and will add about $1.5 million in recurring revenue. Com-Tec’s primary markets include correctional facilities, city and county jails, hospitals, schools, industrial facilities, commercial properties and retail stores.
“We are pleased to announce these three mergers, since they represent the start of our carefully planned integrated, strategic buildup vision,” says Bob Marbut, chairman and co-CEO of Argyle Security.
Argyle says its revenue is expected to range between $128-$142 million in 2008.
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