F.E. Moran Takes on 50 National Accounts With Synergy Buy
CHAMPAIGN, Ill. — With its recent acquisition of Monroe, Conn.-based Synergy Security Systems, F.E. Moran has bolstered its national accounts division with about 50 new clients representing more than 3,000 retail and distribution facility locations. Terms of the deal were not disclosed.
F.E. Moran has been quietly building its national accounts division for several years with a goal to compete against national integration providers, company President Brett Bean tells SSI.
“[This acquisition] is consistent with opening a new central station last year and building new corporate offices to support the back-office side of our expected growth,” he says. “We expect our national account business to quadruple over the next five years. In terms of RMR [recurring monthly revenue], right now we are in the $550,000 range. Our goal is a 10-year look ahead that would be about $2 million.”
Synergy primarily focused on providing video surveillance, intrusion and access control installation services to retailers, large distribution warehouses and industrial manufacturing facilities. The company will also bolster F.E. Moran by providing an additional specialty to its portfolio.
“What Synergy brings to the table for us that we were lacking in the national accounts vertical is the EAS [electronic article surveillance] platform, which is obviously important in the retail world. Together we complete the picture when it comes to being able to offer all those silos.”
Synergy was founded in 2001 by Mike Madden and Matt Ernest, each of whom will remain with the company along with most of the sales, operations and administration employees. Madden now serves as senior national accounts manager; Ernest as operations manager.
When originally founding the company, Madden tells SSI he and his partner envisioned establishing five offices across the United States by 2011. Despite achieving a client base with more than 3,000 locations, operating primarily out of Monroe and utilizing subcontractors curtailed the company’s ability to realize its growth objectives.
“Merging the two companies will help us get past the bottleneck that we have been in,” Madden says. “We were looking for a partner that was willing to have the same focus toward customer service, return for our customers, and providing us those additional resources and capital we needed to compete in the market today.”
Rodney Bosch is managing editor for SECURITY SALES & INTEGRATION. He can be reached at (310) 533-5246.
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