Devcon International has completed the sale of the company and all of its subsidiaries to Golden Gate Capital.
Devcon will continue to serve its customers without interruption. The closing of the transaction represents the culmination of a recapitalisation process that began in October 2008.
Devcon’s wholly-owned subsidiary, Devcon Security, is a provider of installation, monitoring and related electronic security services, currently monitoring more than 140,000 commercial and residential systems in Florida, New York City and Staten Island.
Robert Farenhem, president and chief executive officer of Devcon, says: “We are delighted to have Golden Gate as a partner. The closing of this transaction will significantly strengthen Devcon’s presence in the electronic security marketplace. We will be seeking to expand our market presence and focus on growth. As the third largest electronic security company in Florida and the 14th largest electronic security company in the US, we are well positioned to capitalize on the platform that has been created.”
John Gilligan, principal of Golden Gate Capital, adds: “We are excited to partner with Devcon’s existing management team to build a significant platform for future growth. With ample access to capital from our current fund, we believe Devcon is well positioned to take advantage of those growth opportunities. This investment demonstrates Golden Gate’s continued commitment to the security space, and we are happy that Devcon joins Pinnacle Security in our portfolio.”
Christopher B. Munday, a Golden Gate operating partner and chairman of Pinnacle Security, will join the board of Devcon Holdings as chairman.
