Convergint Technologies Acquires ICD Security Systems
DENVER, CO (November 26, 2013) – Convergint Technologies (“Convergint” or the “Company”), a KRG Fund IV (“KRG”) portfolio company and leading independent provider of integration services for electronic security, fire and life safety, and building automation systems in North America, has announced its acquisition of China-based ICD Security Systems (“ICD”). Founded in 1997, ICD is a leading value-added security solutions provider serving global Fortune 500 companies by providing world class security services including system design, integration, support, and training. ICD possesses a highly skilled workforce of over two hundred professionals located in ten offices and operating in seven countries throughout the Pacific Rim.
Convergint continues to experience rapid growth and is dedicated to continuing its acquisition strategy that includes bolstering its geographic coverage and partnering with strong integrators that allow Convergint to better serve the needs of its multi-national customers. “Today a significant portion of our business involves servicing global customers, so the integration of ICD will allow us to better serve this important client base”, said Dan Moceri, CEO of Convergint Technologies.
“ICD is an important acquisition for Convergint. It is a significant step in the ongoing execution of the Company’s strategic plan which was created by the management team and KRG at the time of our initial investment in 2012”, said Ted Nark, Managing Director of KRG.
KRG made an investment in Convergint in August 2012, representing the 12th of 14 platform company investments to date in KRG’s $1.96 billion Fund IV. ICD is KRG’s 186th acquisition since inception.
About Convergint Technologies: Convergint Technologies is an industry-leading organization that designs, installs and services integrated building systems including electronic security, fire alarm and life safety, and building automation solutions. To learn more about Convergint visit www.convergint.com.
About KRG Capital Partners: Founded in 1996, KRG is a Denver based private equity buyout firm with $4.4 billion of cumulative capital either deployed or available for future investment, which includes approximately $1.1 billion deployed since inception by institutional equity co-investors. The Firm seeks investment opportunities for its partners where KRG can work in concert with owners and operating managers who are committed to expanding their companies and becoming industry leaders. The result is a partnership that focuses on creating a significantly larger enterprise through a combination of internal growth and complementary add-on acquisitions. For more information on KRG, please visit www.krgcapital.com.