Seacoast Security acquires in Maine Company is actively looking for more purchases
By Spencer Ives
Updated Wed June 29, 2016
WEST ROCKPORT, Maine—Seacoast Security, a full-service company based here, acquired about 3,000 accounts, $80,000 in RMR, from Main Security Surveillance—sister company to Unlimited Technology.
“We are in acquisition mode right now,” Scott Haynes, Seacoast president, told Security Systems News. He said this was a great deal for the company, bringing Seacoast's account total to about 15,000. Terms of the deal were not released.
Acquisitions are standard procedure for Seacoast; the company made three smaller purchases last year, totaling about 1,000 accounts. Haynes said that he expects to close another deal by the end of the year.
Melinda Robinson, Seacoast's CFO told SSN that the acquisition was “a perfect fit for us. The staff is excellent. We had a good relationship with the seller. … [It was] a nice deal for us and for them.”
The accounts, concentrated around central Maine, are 50 percent residential and 50 percent commercial—the same as Seacoast.
Seacoast also gained eight staff members from Main Security Surveillance, with roles including management, alarm technicians, administration and sales.
Seacoast Security operates its own UL-listed central station here, and has six branch offices.
Main Security Surveillance was a subsidiary PSB.com, which still operates other businesses, including Unlimited Technology and New York Merchants Protective Company.
Vertex Capital president Barry Epstein, advised Main Security Surveillance on the deal. He told SSN that the deal worked well because of the companies' footprint overlap.
Comments