Securitas Acquires FE Moran Security Solutions in the U.S.
Securitas has acquired FE Moran Security Solutions, a top 30 alarm monitoring and electronic security systems integration company in the U.S. The acquisition increases Securitas’ density and offerings in the United States’ Midwest region and is aligned with Securitas’ ambition to double the size of its security solutions and electronic security business. The purchase price is app. MUSD 82 (MSEK 695).
Founded in 2003, FE Moran Security Solutions provides an integrated electronic security offering – from design to installation and from maintenance to alarm monitoring – and focuses on commercial clients in several Midwestern states across the U.S., as well as numerous marquee national account clients. Their portfolio includes electronic security services such as intrusion, video, fire and access control systems, as well as a UL-listed, TMA Five Diamond certified alarm monitoring center. The company has an outstanding reputation and is known for providing best-in-class service to its clients. Total annual sales amounts to app. MUSD 53 (MSEK 450), mainly driven from a sizeable recurring monthly revenue (RMR) base and installation sales.
“This acquisition supports Securitas’ global strategy, strengthens our position as a leader in protective services and our ambition to double the size of our security solutions and electronic security business by 2023. This acquisition complements our North American electronic security business model and will further strengthen our position as the leader in protective services,” says Magnus Ahlqvist, President and CEO, Securitas AB.
FE Moran Security Solutions will become part of Securitas Electronic Security, Inc. (SES) further strengthening Securitas’ leadership in the commercial electronic security industry across North America. SES, like FE Moran Security Solutions, serves the commercial alarm monitoring and systems integration market. The two companies combined further provide a unique specialization in serving large multi-site enterprise-wide national and regional clients.
“We are very excited to welcome FE Moran Security Solutions’ clients and electronic security team members to Securitas. Acquiring FE Moran Security Solutions provides Securitas Electronic Security with increased capabilities and expertise in the Midwest. Their talented team members, excellent client base and strong presence provide our North American electronic security business the opportunity to grow and expand within the region,” says Tony Byerly, President, Securitas Electronic Security, Inc.
“Our team has worked hard over the past 17 years to build one of the country’s leading electronic security providers, so finding the right home for our clients and our associates was extremely important. I am confident Securitas is the right home and is best positioned to not only care for what we’ve accomplished, but to take it to the next level,” said Brett Bean, President & CEO and Founder, FE Moran Security Solutions.
The acquisition-related costs are expected to be MSEK 60, mostly to be recognized in 2021. The acquisition is expected to be EPS accretive as of 2022 and will be consolidated in Securitas as of December 16, 2020.