Newly formed Securadyne Systems and Pamlico Capital have completed the acquisition of Dallas-based security systems integrator SecureNet Inc. Terms of the acquisition were not released. Dallas-based Securadyne was founded in February 2012 in partnership with Pamlico. Pamlico is based in Charlotte, N.C.
Securadyne Systems, LLC (“Securadyne”) and Pamlico Capital (“Pamlico”) announced today that they have completed the acquisition of SecureNet, Inc. (“SecureNet”), a leading Dallas-based security systems integrator. The SecureNet acquisition is the first for Securadyne, a newly formed systems integration company founded by security industry veterans Carey Boethel and Ken Francis. Securadyne was founded in February 2012 in partnership with Pamlico to create an innovative security systems integrator capable of offering a broad portfolio of enterprise-class security technology solutions and value-added managed services. Pamlico is a middle market private equity group with experience in the security space and a history of partnering with proven executives to build market-leading companies.
Carey Boethel, President and CEO of Securadyne, is a 19-year veteran of the security industry with extensive experience in organizational leadership, strategic planning, mergers and acquisitions, and field operations. Prior to founding Securadyne, he most recently led Siemens’ Security Solutions Business Unit within the United States and Canada as its VP and Business Unit Head. Under Boethel’s leadership, Siemens experienced significant growth and profitability and was the recipient of SDM’s “Systems Integrator of the Year” award in 2010, which recognizes the top US-based security systems integrator in the areas of operational excellence, innovation, and customer service. Ken Francis, Chief Operating Officer of Securadyne, has more than 20 years’ experience in the security industry and has worked for leading companies such as ADT, AMAG, and GE Security, where he was responsible for leading the company’s Integrated Systems Product Group. Francis joins Securadyne from his most recent position as the worldwide VP of Sales & Marketing for UTC’s Security Products Group.
“We are extremely pleased to be acquiring the top independent security systems integrator in the state of Texas and to be partnering with Brian Bergstrom and the SecureNet team. SecureNet’s culture of integrity, operational excellence and outstanding customer service makes them an excellent fit for what we want to create with Securadyne,” Boethel stated. “We believe there is a significant opportunity to build a unique solutions provider with a focus on leveraging emerging IP and cloud-based technologies, and we are looking to partner with a select group of progressive market leaders like SecureNet that want to be part of pursuing that vision. We have the team, resources, and strategy to create something truly differentiated, and we are actively talking to potential partners in other geographies about becoming part of Securadyne.”
Ranked 36th among companies listed on the 2011 SDM Top Systems Integrators Report, SecureNet provides security solutions to middle market and Fortune 500 customers alike through branch offices across Texas and Oklahoma. The SecureNet organization will retain its brand name for the foreseeable future and will continue to be led by its well respected management team. Brian Bergstrom, CEO of SecureNet, will join the Securadyne management team as General Manager of the company’s Texas and Oklahoma operations. Bergstrom noted, “I am excited to be part of what Securadyne is building and to offer both our employees and our customers the opportunity to grow with us as we expand the operation’s footprint, scale and innovative new service offerings. We are proud of what we have built at SecureNet and view the partnership with Securadyne as a great way to build upon our history of success.”
Pamlico will support Securadyne’s strategy with equity capital to execute a select number of additional acquisitions of leading market players in targeted geographies that will drive additional scale and vertical market expertise. “We are excited to partner with Carey and Ken in building Securadyne into a significant player in the security systems integration space,” said Stuart Christhilf, Principal at Pamlico. “Their experience, passion, and vision for what Securadyne can become are exactly what we look for in a management team when building out a platform. We have had success investing in the security space previously, and believe that ongoing technological changes are currently driving real opportunities for systems integrators to generate significant recurring revenue. SecureNet is a tremendous initial platform acquisition for us, and we look forward to helping the team execute on their growth strategy.”
About Securadyne Systems
Headquartered in Dallas, Texas, Securadyne Systems is a newly-formed security solutions provider. In addition to traditional security systems integration, Securadyne will offer a broad range of hosted and managed electronic security solutions with an emphasis on risk mitigation and business process improvement. The company will look to focus on enterprise-class solutions leveraging the power of emerging IP and cloud-based technologies to support the needs of a broad base of clientele.
Headquartered in Dallas, TX and founded in 1995, SecureNet, Inc. is a leading security systems integrator and provider of security, wireless and networking solutions. SecureNet has branch offices throughout Texas and Oklahoma and services a diverse customer base across the US and beyond. The company’s core mission is to provide customers with the highest level of customer service, quality products, and the highest return on investment by using the latest proven technologies in electronic security management systems and installing them properly, the first time. SecureNet ranked 36th among companies listed on the 2011 SDM Top Systems Integrators Report, which ranks security systems integrators by total annual revenue. For additional information on SecureNet, please visit www.securenetinc.com.
About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies. Pamlico Capital seeks growth equity and buyout investments alongside proven management teams in its target industries, which include business & technology services, communications, and healthcare. The firm, based in Charlotte, NC, currently manages over $2 billion in assets and has invested in excess of $3.5 billion in over 200 middle market companies since its inception.