BOCA RATON, Fla. - Devcon International Corp. today announced that it and Devcon Acquisition, Inc., an indirect wholly owned subsidiary, have completed a merger agreement in which Devcon has acquired all of the outstanding capital stock of Guardian International, Inc., a leading provider of electronic security services throughout Florida and the greater New York metropolitan area, for an estimated aggregate cash price of approximately $65.5 million, including certain Guardian debt obligations and expenses. The merger was approved by shareholders of Guardian on February 24, 2006.
Stephen J. Ruzika, Devcon's President and CEO, stated, "In just over one year's time, we have expanded our position in the electronic security services businesses through the complementary acquisitions of Adelphia Security, Coastal Security and now Guardian, to become one of the largest electronic security services providers in the United States with more then $3.9 million of recurring monthly revenue. Guardian will further enhance Devcon's commitment to delivering customer-focused security services to businesses, large and small, as well as to the expanding residential and commercial markets in Florida, as well as in Manhattan and Staten Island. The combined companies will provide excellent cost, marketing and service synergies in the months ahead."
Harold Ginsburg, Guardian's President and CEO, stated, "I am pleased with the consummation of this transaction that recognizes the value created by Guardian's shareholders and employees. I am confident that Guardian's employees will go on to make immense contributions to realizing Devcon's vision for success in our industry."
