With cash in hand, pace goes on
ALBANY, N.Y. - Having raised approximately $200 million in its initial public offering last summer, Integrated Alarm Services Group has completed about six multi-million dollar acquisitions that compare in size to its Alliant deal, according to Joseph L. Reinhart, director of investor relations at IASG.
Ã¢â‚¬Å“WeÃ¢â‚¬â„¢ve raised capital to put it to work and will continue to do so,Ã¢â‚¬Â said Reinhart. Other deals include Lane Security, owners of Protection Services Industry, and a number of other account purchases.
Ã¢â‚¬Å“It is another example of IASGÃ¢â‚¬â„¢s significant appetite for acquisitions, and they got a very fair valuation,Ã¢â‚¬Â according to John Mack, president and chief executive officer of USBX Advisory Services, who represented Warburg Pinkus in the sale of Alliant. Mack said there was a reasonable amount of interest in the deal. Once it got under way, he said, things didnÃ¢â‚¬â„¢t take long to complete.
Reinhart declined to estimate what type of acquisition pace IASG would keep through the end of the year, citing the companyÃ¢â‚¬â„¢s publicly traded status. However, he did say there are several areas of the country that the company sees as attractive. These markets range from California, Colorado, Florida to those located in the Northeast.
Despite announced plans to acquire up to 58,000 security contracts during the first quarter, the company decided after the due diligence phase to walk away from two deals that would have accounted for up to 37,000 new contracts.
On May 13, the company announced after the market closed a loss of 4 cents per share for the first quarter of the year. IASGÃ¢â‚¬â„¢s stock had closed at $7.85 per share that day. Investors showed their disappointment on May 14, with a sell-off that dropped its stock price to $4.90 when the bell rang to end trading.