Terms of the transaction were not disclosed.
Upon completion of the acquisition and subsequent preparations, the alarm companies and their more than 100,000 subscriber accounts will be migrated to COPS and monitored by its network of six UL listed and TMA Five Diamond-certified monitoring stations located throughout North America.
The migration of the Security Partners dealer accounts is scheduled to be completed by early fall and will bring COPS’ total monitored account base to more than 3.5 million.
“We are extremely excited about welcoming the Security Partners dealers to the COPS Monitoring family,” says COPS Monitoring’s president Jim McMullen. “We look forward to contributing to each company’s success by delivering exceptional service and a stable foundation on which they can continue to grow their businesses.”
Security Partners is headquartered in Lancaster, Pa., and operates monitoring facilities in San Antonio and Las Vegas. The company, operated by Patrick Egan, owed approximately $14 million to a lender, which filed for “receivership” in a state court in Pennsylvania, Ken Kirschenbaum reported recently in his security industry newsletter, The Alarm Exchange.
The purchase of the wholesale monitoring business follows Brinks Home’s deal for Egan’s security dealer company, Select Security, this past December.
Monitronics Int’l, dba Brinks Home, acquired approximately 30,000 residential and small business and 8,000 large commercial alarm monitoring contracts from Select Security, totaling approximately $2 million in recurring monthly revenue (RMR).
Brinks Home took ownership of the alarm monitoring contracts through an earn out structure that included a $10 million upfront payment and a 50-month earn out period.