Devcon International Corp. said Monday that it has acquired certain net assets of Adelphia Communications Corp.'s electronic-security-services unit, Starpoint Limited Partnership, and it has entered into a purchase agreement with the MSO to acquire the operation.
The deal was valued at approximately $42.8 million in cash. It is scheduled to close on or before Feb. 28, and it is subject to United States Bankruptcy Court approval, for which a hearing is scheduled later this week.
Starpoint was ranked as the 19th-largest electronic-security-services business in the United States by Security Dealer Magazine, and its assets include a full-service monitoring center in Naples, Fla., from which more than 57,000 subscribers' homes and businesses are monitored.
“The acquisition of Adelphia's security-services operation would make DSS a leader in the Florida electronic-security-services market,” Devcon International and Devcon Security Services Corp. president Stephen J. Ruzika said in a prepared statement.
“Opportunities exist to consolidate the operations of DSS and Adelphia Security, and we are optimistic that DSS will benefit from an increased market presence as a result of this platform acquisition,” Ruzika added.