Protos Security, a provider of security guard services and a portfolio company of Southfield Capital since February 2019, has acquired Security Resources (SRI).
SRI provides security services through a combination of internally managed guards and a network of security guard companies, at locations anywhere in the US, Canada and Puerto Rico. The company’s customers include retailers, property management companies, health care providers and social services organizations. SRI, founded in 1996, is headquartered in Cherry Hill, NJ with additional offices in New York and Philadelphia (www.securityresources.net).
Protos is an outsourced provider of security guards and an electronic management system that allows its customers, which include many Fortune 500 companies, to outsource the onboarding, managing and tracking of security guards at multiple locations. Protos, headquartered in Daleville, VA, manages thousands of security guard locations in the US, Canada and Puerto Rico (www.protossecurity.com).
“Over the last 20-plus years, SRI has blossomed into one of the leading names in the security services space and they have built a highly respected business with a great client roster,” said Andy Cook, a partner at Southfield Capital. “We believe that combining SRI with Protos’ industry-leading technology will enable us to deepen client relationships and provide a broader array of comprehensive security and loss prevention solutions.”
SRI’s co-founders, Joseph Malone and Bob Bond, will remain in their existing leadership roles with the company post-close. “Southfield’s vision to create an industry-leading security services firm committed to delivering extraordinary services to our clients matched perfectly with our philosophy,” said Messrs. Malone and Bond in a released statement. “We are very excited to be merging with Protos and look forward to sharing best practices while enhancing our service offering for all of our clients.”
Southfield Capital makes control investments in companies that are active in the outsourced business services sector and have EBITDA of $4 million to $12 million. In August 2017, the firm held a final close of Southfield Capital II LP with approximately $200 million in capital commitments. The close was at the fund’s hard cap and exceeded its original target of $175 million. Southfield Capital was founded in 2005 and is headquartered in Greenwich, CT.
Monroe Capital, which provided the debt financing for the buy of Protos in February 2019, provided the debt financing for this add-on acquisition. Chicago-based Monroe was founded in 2004 and has additional offices in Atlanta, Boston, Los Angeles, New York, and San Francisco.
© 2019 Private Equity Professional | August 28, 2019