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Richard Ginsburg

Richard Ginsburg named CEO of Central Security Group

Former Protection 1 CEO will take CSG national
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07/08/2014

TULSA, Okla.—Super-regional security company Central Security Group today named Richard Ginsburg as CEO. Ginsburg, who as CEO of Protection 1 grew it into one of the top three security companies in the country from 2001 to 2010, said he wants to grow CSG into a “significantly larger company.”

Who will buy AlarmForce?

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Tuesday, August 7, 2012

AlarmForce, a super-regional security company based in Toronto, announced that its board of directors is taking a look at selling the company. The company has hired Imperial Capital to help it with a possible sale.

The company's market cap value today is listed as $135m and its enterprise value is $119m.

I asked Richard Ginsburg, former CEO of Protection One who is now managing partner at G3 Capital Partners, what he thought about the sale of AlarmForce. He said he thought the company is well run and that CEO Joel Matlin "has done a fabulous job of identifying a segment of the market open to value-oriented products (like their new video offering) at prices that are at or lower in comparison to traditional systems with basic offerings."

Ginsburg also said he believes "a company like AlarmForce is in a great position to compete with the likes of industry leader ADT and the emerging cable and telecom companies because of [AlarmForce's] single-minded focus on enhanced services like two-way voice and now video services." He added that he believes "some of the traditional companies are in a weaker position to compete in comparison."

Ginsburg predicted the company will get "good interest"  and said Imperial Capital has "formed a great niche in the M&A sector so they are a good choice [to help out with a sale.]"

The last time I spoke to CEO Joel Matlin was back in the winter of 2010 when he was opening a fourth office in Minneapolis/St. Paul.It has offices in North Carolina (opened in 2005), Ohio (opened in January 2006)  and it opened an office in Georgia in 2007.

AlarmForce does security alarm monitoring, personal emergency response monitoring, video surveillance for resi and commercial customers. Something that’s unique about AlarmForce is that it manufactures and installs its own two-way voice home alarm systems. When I did that interview, AlarmForce had 103,000 accounts in Canada and the U.S., which Matlin told me was up from 56,700 accounts in 2006. Today the number of accounts is closer to 125,000.

“Canada is a tough country to do business in. It’s got a population the same as the state of the California, but it’s spread out over a country that’s much larger than the U.S.,” Matlin said. In addition to dense population centers that are easier to penetrate, “the perception of crime is stronger in the U.S. than it is in Canada.”

Wonder who some potential buyers might be? One possiblitiy, in my opinion would be Stanley, which expanded its resi business in Canada last summer with the purchase of Microtec Security Systems. It got 80,000 accounts and additional bi-lingual monitoring capability out of the deal.

Or I suppose AlarmForce could be a bolt-on for a telecom that’s getting into the security business. Rogers Communications maybe? Here’s a video from the summer of 2011 where we talk about Rogers Communications working (in secret!) with iControl to get into the security industry.  And here’s a story about the deal.

AlarmForce board of directors has formed a committee of independent directors to supervise the strategic review.

 

Devcon closing more branches

Reductions in company expenses and streamlining are designed to ‘set the stage for future success,’ CEO says
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07/11/2012

HOLLYWOOD, Fla.—Devcon Security—a super-regional based here that grew to a national player in the past year and a half—is downsizing to reduce expenses and strengthen the company’s finances for future profitability and growth, according to Devcon’s new CEO, Steve Hafen.

Devcon moves to ‘streamline,’ ‘trim’ after rapid growth

After recently expanding to 50 branches nationwide, Devcon now plans more strategic growth, according to new CEO
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04/11/2012

HOLLYWOOD, Fla.—After a rapid expansion during the past 18 months, Devcon Security is streamlining its business but is still planning to grow nationwide, according to the company’s new CEO, Steve Hafen.

Shake-up at Devcon: Hafen replaces Ginsburg as CEO

Industry veteran Richard Ginsburg departs just weeks after taking job; former Pinnacle COO Steve Hafen now at helm
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03/21/2012

HOLLYWOOD, Fla.—Devcon Security has a new CEO—its second one in about three weeks.

Richard Ginsburg new CEO of Devcon Security

Former Pro 1 CEO is back in the security business
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02/29/2012

HOLLYWOOD, Fla.—Golden Gate Capital, the owner of Devcon Security—a super-regional based here that has been rapidly expanding as a national player in the past year—has named Richard Ginsburg as Devcon’s new CEO.

The numbers on the Protection One deal

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06/17/2010

LAWRENCE, Kan., and CHICAGO—Equity firm GTCR announced today the acquisition of Protection One, the second-largest security alarm company in North America, now that ADT and Broadview have combined. Our lead story has the ins and outs of the whys and whos, including interviews with ProOne CEO Richard Ginsburg, Michael Barnes, John Mack, and principal of GTCR David A. Donnini.

GTCR to buy Pro One: Covert and Whall back in business

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04/26/2010

LAWRENCE, Kan., and CHICAGO—Jim Covert and Tim Whall will be back in the security business following the close of a $828 million deal, announced today, where private equity group GTCR acquires Protection One.

For sale: Protection One

Third-largest alarm company hires J.P. Morgan to explore its options
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02/01/2010

LAWRENCE, Kan.—Three days after the largest security company (ADT) announced it was buying the second-largest alarm company (Broadview Security), Protection One, the third largest alarm company, announced it is exploring its strategic alternatives, including a sale of the company.

Sitting pretty in Kansas: Pro One gets $22.75m windfall

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01/06/2010

LAWRENCE, Kan.--The new year is starting off happy here for Protection One, which today announced it received a $22.

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