Tyco International has reached an agreement with Oceania Capital Partners Limited (OCP) to acquire OCP's Signature Security Group for US$172 million. Tyco intends to combine Signature Security's Australian and New Zealand operations with its ADT Security business under the ADT name.
Signature Security is a provider of electronic security services in Australia and New Zealand, providing security installation and monitoring services to more than 90,000 premises with annual revenue of approximately $80 million. ADT, part of Tyco's security solutions business, is the largest electronic security provider with approximately 9 million customers around the world and 2010 revenue of US$7.7 billion.
“This acquisition provides us with the opportunity to strengthen ADT's business in the Australian and New Zealand security markets while advancing our strategy for growth in the global security industry,” said Ed Breen, Chairman and CEO for Tyco. “Signature Security is an excellent strategic fit with our ADT business, providing us with increased scale and attractive operating synergies.”
According to Robert Zhu, President, ADT Asia-Pacific, both ADT and Signature are managed businesses with strong operating platforms and a shared focus on providing customer service.