Kentucky Security Firms Reach Merger Agreement
LOUISVILLE, Ky. — Advanced Security Koncepts, a security and patrol services company, has merged into CARE Security & Monitoring, a full service security provider based here. The combined company will be renamed CARE Security and operate out of CARE’s current headquarters.
While the deal closed on Jan. 10, the idea of merging the two companies was discussed for several years, Chris Harr, former Advanced Security CEO, tells SSI.
It helped that both Harr and his business partner have a common ground with CARE Security CEO Dave Smith, who is a retired police officer. Harr and his business partner are active duty officers with the Louisville Metro Police Department (LMPD). Both men plan on retiring from the department in the near future.
“We merged Advanced Security Koncepts over and became a managing partnership with Dave and [and his wife] Ellen,” he says. “We had been using CARE as our monitoring station since 1994, and this has been something we had been talking to the current owners about for quite some time. [Dave and Ellen] are looking to retire, probably in a two-year timeframe, so the plan is probably for us to buy them out at a certain point.”
With about $90,000 in recurring monthly revenue (RMR), the combined company provides roughly 3,700 residential and commercial accounts with intrusion alarms, IP video, access control, fire alarms, home theater and monitoring. The company also provides wholesale monitoring services for about 1,000 accounts.
Additionally, the company is working on obtaining UL certification for its monitoring station. Once that is completed, CARE Security will launch a nationwide campaign, encouraging dealers to utilize its monitoring station.
Dave Smith believes the merger will offer customers the best value for their buck.
“Being a former police officer myself and now joining with two LMPD officers is a win-win for our valued customers and for all of us,” he says. “We both have been recognized for excelling in the design, installation, service and monitoring of all security systems. [We have] always been driven to take care of our valued customers and demand a track record of excellence.”
Ashley Willis is associate editor for SECURITY SALES & INTEGRATION. She can be reached at (310) 533-2419.
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