DEERFIELD BEACH, Fla., March 1, 2005 (PRNewswire) -- Through Devcon Security Services Corp. (DSS), Devcon International Corp. has completed the acquisition of certain net assets of the electronic security services operation of Adelphia Communications Corp. for $40.2 million in cash. The deal was based on estimated contractually recurring monthly revenue of about $1.15 million.
The electronic security services operation assets acquired include a modern, full-service monitoring center located in Naples, Florida, from which more than 57,000 subscribers' homes and businesses are monitored. The operation has sales and services offices in Boca Raton, Bonita Springs, Miami, Naples, Orlando and Tampa, Florida as well as in Buffalo, New York.
DSS and its direct parent, Devcon Security Holdings, Inc., financed this acquisition through available cash and a $35 million senior secured revolving credit facility provided by CIT Financial USA, Inc.
Stephen J. Ruzika, President of Devcon and DSS, said, "The acquisition of Adelphia's security services operation makes DSS a leader in the Florida electronic security services market and will serve as our platform from which we will deliver customer focused security services to businesses, large and small, as well as to the ever-expanding residential market."
Devcon (www.devconom) has three operating divisions and a joint venture. The Security Services Division provides electronic security services to commercial and residential customers in selected Florida markets. The Construction Division dredges harbors, builds marine facilities, constructs golf courses and prepares residential, commercial and industrial sites, primarily in the Bahamas and the eastern Caribbean. The Materials Division produces and distributes crushed stone, ready-mix concrete and concrete block in the eastern Caribbean. DevMat, an 80% owned joint venture, was formed in 2003 to build, own and operate fresh water, waste water treatment and power systems.
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