Security Business

APR 2019

Find news and information for the executive corporate security director, CSO, facility manager and assets protection manager on issues of policy, products, incidents, risk management, threat assessments and preparedness.

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Page 43 of 68

April 2019 / / Security Business 43 those changes beneficially can lead to phenomenal success for security integrators. Such the case for Select Security, which, thanks to an aggressive M&A strategy coupled with healthy organic growth, has been named the fastest-growing security integrator in the 2019 Security Business Fast50. The Road to Growth Egan launched Lancaster, Pa.-based Select Security in 2003 following a 25-year success story as the founder of Commonwealth Security Systems and quickly established a foothold in the northeast before expanding westward in the years to come. By 2016, Select Security was established as one of the nation’s largest independently owned electronic security and life safety systems providers, and in June of that year, the company announced a new $55 million senior credit facility with the Goldman Sachs Specialty Lending Group that signaled the beginning of an aggressive acquisition plan. For Egan, running the day-to-day security business has given way to spearheading this acquisitions strategy as CEO. “Finding the opportunities and getting them teed up and getting them closed is what I handle,” he says. “I get a few deals through brokers, but more often, I am out on the road meeting and talking to dealers, and I go find my own opportunities. We have dozens of opportunities right now on the acquisition side.” One year after securing the funding, Egan and Select Security made what is by far the largest acquisition in its history, purchasing all of the U.S.-based accounts from AlarmForce in an $11.5 million deal that nearly doubled Select Security’s customer base by nearly 30,000. The move added thousands of customers in Florida, Georgia, North Carolina, Ohio and Minnesota. “We have been very aggressive in upgrading those customers, replacing equipment and growing that customer base,” Egan says. “We have upgraded their equipment, secured new subscriber agreements and increased the recurring revenue – every one of those converted customers is now on the platform.” In all, Select Security has made 15 acquisitions in the past two years – mostly concentrated on the east coast, « Select Security's senior leadership team includes: (Back row) Kip Luscian, Director of Admin Service; Richard Henry, VP of Sales; Steve Roy (Director of Acquisitions/Integrations & Technology Services; (front row): Alex Nitterhouse, VP of Sales Operations; Robert Grove, VP of Operations; Steve Firestone, President; Patrick Egan, CEO & Founder; Joseph Mitton, Director of Marketing & Customer Experience; and Robert Houck, Controller. « Select Security has doubled its number of full-time eployees in the past two years. Select Security has a comprehensive training program developed by company president Steve Firestone and VP of Operations Bob Grove.

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