Tyco Sells Assets of NACC to IASG
Tyco Int’l has sold most of the assets of alarm monitoring company National Alarm Computer Center Inc. (NACC) to Integrated Alarm Services Group Inc. (IASG) of Albany, N.Y. Among the assets purchased in the $50 million deal are NACC’s alarm monitoring center in Irvine, Calif., and its subscribers, as well as a portfolio of secured loans to alarm dealers totaling approximately $29 million.
The transaction is subject to governmental approval pursuant to the Hart-Scott-Rodino Antitrust Improvement Act of 1976. IASG says details of the transaction, including status of the NACC name and the effect on NACC’s customers, will not be revealed until the expected close of the sale sometime in mid-November. Calls by SSI to management at NACC were not returned.
IASG, which began as alarm monitor King Central in 1985, provides wholesale alarm monitoring and financing solutions to residential and commercial security alarm dealers. The transaction will increase the number of IASG’s subscribers from approximately 525,000 to 765,000 and will grow the company’s loan portfolio from $4.8 million to $33.5 million.
“This is a major opportunity for our company as it strengthens our ability to serve independent alarm dealers and brings further critical mass in a targeted key geographic market,” IASG Chairman and CEO Timothy M. McGinn said in a statement. “The acquired dealer loan portfolio is also a plus for West Coast dealer relationships.”
Tyco, the parent company of ADT, has been selling off several of its businesses as part of cost-cutting measures that began in November 2003. Among those transactions was the March 29 sale of electronic security firm Sonitrol.
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