World Wide Security plans six acquisitions, dealer program
GARDEN CITY, N.Y.—World Wide Security Group, an integrated services company based here, is using a $3 million extension of its revolving line of credit to fund six acquisitions and a new dealer program for its central station, the company announced in late December.
Part of the initial $5 million credit line from CapitalSource Bank was used to acquire Rainbow Home Systems in November 2010, which has “worked out well,” according to Mark Simson, CFO for World Wide. That led the company to pursue a credit line of $8 million, with plans for further expansion and a dealer program through its Vision Monitoring Services segment.
“Initially, (the credit extension) was set up to fund organic growth and refinance our existing debt with far better terms … but we also used the cash to set up a dealer program through our UL-listed central station,” Simson told Security Systems News.
Simson said World Wide had planned to announce the details of two acquisitions by the end of 2011, but on Jan. 3 the company was still working to finalize the deals. Four additional acquisitions are planned in the first half of 2012.
Details of the dealer program were expected to be released sometime soon, with the company “looking at different ways to penetrate the market,” Simson said.
“We do have a couple of dealers already, so we’re using them as kind of the test market to make the program better,” he said. “We’ll really start working on it once we iron all the details out. We want to make it a quality product and service offering for companies.”
World Wide Security Group includes World Wide Security, GC Alarm, Telestat Security, Rainbow Protection and Vision Monitoring. The central station monitors more than 15,000 third-party and proprietary accounts, 60 percent of which are residential.