World Wide acquires three
GARDEN CITY, N.Y.— World Wide Security Group has expanded its footprint in the New York metro area by acquiring three companies and 1,500 accounts, with more acquisitions planned in the first half of 2012.
World Wide, an integrated services company based here, announced on Jan. 11 that it had purchased three New York companies: Dart Security of Woodbury, Access One Security of Commack, and LSG Security Systems of the Bronx.
Ken Mara, president and CEO of World Wide, told Security Systems News that a $3 million increase in the company’s revolving line of credit in December made the acquisitions possible. He said the new accounts will generate $30,000 to $35,000 in additional RMR.
The largest of the three deals involved Dart, with about 1,000 accounts—“an 80/20 mix” of residential and commercial, Mara said. He said World Wide would keep the Dart name and that the company’s president and founder, Ben Cirlincione, would remain on board as general manager.
“With LSG and Access One, we are changing the name of the company to World Wide Security,” Mara said. “In the case of Dart Security, when we pick up a company that has approximately 1,000 accounts or more, with substantial size and a great reputation, we keep the company (name).”
The acquisition of LSG Security, with about 500 accounts—a 75/25 mix— gives Long Island-based World Wide a foothold in the New York City-Westchester County area.
“They had heard of us and they contacted us. The former owner is moving to Florida,” Mara said. “(LSG) is in Riverdale, which is part of the Bronx, so that gives us a presence there. We’re keeping the office on a short-term lease to see if we want to develop the area.”
Mara said the third recent acquisition, Access One, was a much smaller deal. “That was one of our dealers that was into our central station, and he wanted to exit the security business,” he said.
The World Wide family now includes six companies: World Wide Security, GC Alarm, Telestat Security, Rainbow Protection, Vision Monitoring and Dart Security. All of the group’s alarm accounts are monitored by Vision’s UL-listed central station.
Mara said World Wide is looking to expand again soon and is talking to “five or six different companies” about the possibilities.
“We’re hoping to close some in the next 90 days,” he said. “The goal of the LSG transaction is to try to find another company to purchase in the New York City-Westchester area, because [LSG] is right on the border of Westchester. We’re looking to pick up a company there, another 1,000 accounts or so, and merge both companies into one facility. It would make more sense than just having a small company with 500 accounts to support an office.”