Mace Security International announced that it has closed on the previously announced acquisition of Central Station Security Systems, a wholesale security monitoring company. This new acquisition will be part of a new division, Mace Security Services. The purchase price was approximately US$3.6 million consisting of $1.7 million in cash at closing, potential additional payments up to $1.4 million upon the settlement of certain contingencies as per the Stock Purchase Agreement and the assumption of approximately $500,000 of liabilities.
Mace has hired Peter Giacalone to serve as the President of Mace Security Services. Giacalone has more than 30 years of combined experience in both the electronic security and wholesale monitoring industries. Giacalone is currently the Chairman of the Central Station Alarm Association's Audio Verification Standards Committee and the Security Industry Association's Two Way Audio Verification Standards Committee. He is also a frequent guest speaker at the International Security Conference. Giacalone has also held senior management positions at Criticom International/King Central-Monital.
Mace has also hired Morgan Hertel as the Director of Operations of the central station. The new name for the wholesale central station is Mace CSSS. Hertel has more than 30 years of field and management experience in the security monitoring industry. Hertel is an active member of several security association committees (SIA, NBFAA, and CSAA), and often speaks at conferences on all subjects related to central monitoring stations, especially advanced services such as remote video and remote access. Prior to Mace, Hertel managed one of the leading central monitoring stations in the industry.
"We are very excited about this acquisition and with the addition of Peter and Morgan to our team,” said Dennis Raefield, CEO and President of Mace. “CSSS is an established company with excellent customer service and loyal customers, and we are confident that Peter will be able to spearhead more aggressive growth and develop a unique commercial dealer program that will support CSSS's and Mace's customers alike.”
Barry Epstein of Vertex Capital was the broker for Mace on this transaction.