Lee Equity acquires Unlimited Technology

NEW YORK—Lee Equity Partners, LLC, a growth middle market private equity firm, announced today that funds managed by the firm have acquired a majority ownership interest in security systems integration firm Unlimited Technology, Inc., based in Chester Springs, Pa. Financial terms of the transaction were not disclosed.

Unlimited Technology’s solutions include integrated access control and video, intercom & communications, perimeter security assessments, life safety systems, network integration, cybersecurity and managed services.

Unlimited Technology completed over 1,400 systems integration projects in 2020 for clients in the critical infrastructure, transportation, commercial real estate, financial, municipal, and education end-markets. Its offerings include Exero, an industry-leading, cloud-based SaaS Health-Based Monitoring System, to increase operational efficiency and provide customers with real-time insights across IoT devices.

In January 2021, Unlimited Technology and Exero partnered with IronNet and DirectDefense to offer the Enterprise Security Program Review, a four-phased approach to a stronger enterprise security program. With its market leading position, competitive differentiation, and focus on customer service, Unlimited Technology is well positioned for continued organic and acquisition-driven growth.

Unlimited Technology's experienced senior management team, led by President John Palumbo, will continue to lead the company and will retain meaningful equity ownership in the business. Palumbo will assume the role of Chief Executive Officer post-transaction.

"Since our founding in 1999, Unlimited Technology has been one of the fastest growing and most successful security systems integrators due to our commitment to customer service and our ability to lead with the latest security technology solutions," Palumbo said. "Our long-term relationships with global customers and partnerships with industry-leading security suppliers demonstrate our commitment to providing the highest quality of technology solutions to our discerning clients. With Lee Equity's knowledge and experience in the security integration and asset-light facility services sectors, we look forward to continuing to serve our loyal clients and expanding into additional markets."

“I am proud to be passing the torch onto our existing management who will be supported by a well-established, well-funded, and growth-driven investment organization,” added Richard Rockwell, former majority shareholder and retiring Chairman of the Board. “Unlimited Technology, as an organization, has established itself as a forward-thinking and innovative leader in the industry. The company is strong and well positioned to build upon the foundation we have built over the past 10 years. I am confident that Unlimited Technology will continue to raise the bar for its customers, employees and suppliers though innovation and best-in-class customer centric service.”

"Unlimited Technology is a highly differentiated security systems integrator with capabilities to address the convergence of physical security with network security and cybersecurity,” said Yoo Jin Kim, a Partner at Lee Equity. “Unlimited provides its clients with a one-stop, comprehensive solution for all of these technology needs, along with managed services and outstanding customer service. We look forward to working with John and the entire team to expand Unlimited Technology’s client base, geographic footprint and service offerings.”

Security systems integration has been an active investment thesis for Lee Equity for several years. James Rothstein, a 30-year executive in the security industry and Chairman-Elect of the Security Industry Association, joined Lee Equity as an Operating Partner in April 2021. Rothstein works exclusively with Lee Equity to source and evaluate investments in the fire and life safety services segment and will serve as a Board Member of Unlimited Technology.

Bill Bozeman, who served as the CEO of PSA Security Network for more than 20 years and was the inaugural Security Systems News Security Legend Award winner in 2020, will also serve as a Board Member of Unlimited Technology.

Imperial Capital acted as exclusive advisor to Unlimited Technology.