LP INNOVATIONS ANNOUNCES DIVESTITURE OF SECUREX DIVISION
MILFORD, Mass. – December 17, 2007 – LP Innovations, the leading nationwide provider of loss prevention solutions for the retail industry, announced today that it has sold the assets of its Securex division to Sweden’s Securitas Systems US, Inc..
According to the terms of the agreement, Securitas Systems US, Inc. is now the exclusive distributor of Securex retail alarm and monitoring services to its customers throughout the U.S. The purchase price is between 5-6x EBITDA.
Representatives from LP Innovations and Securitas Systems US, Inc. state that the agreement is a strategic move that will enable both companies to focus their resources on expanding their core businesses.
“LP Innovations was founded as a retail loss prevention services company, and that’s where our passion still lies,” said Steven May, president and CEO of LP Innovations. “By focusing exclusively on this core competency, we will be able to expand the breadth of services that we’re able to offer our customers and more strategically grow our business within the U.S.”
Marty Guay, Securitas Systems USA chief operating officer, said, “Acquiring Securex’s regional and national monitoring and service accounts allows us to expand our global presence into the U.S. We look forward to providing Securex customers with the same innovation and quality of service that they’ve come to expect from Securex and LP Innovations.”
About Securitas Systems AB
Securitas Systems AB (publ) is a world leading security partner offering complete security solutions for customers with high security demands within market segments, such as banking, industry, defense, healthcare and retail. Services are based on modern technology and concepts include access control, video surveillance, intrusion protection and fire alarm systems.
About LP Innovations
LP Innovations is the only nationwide single-source provider of loss prevention solutions for the retail industry. Since 1998, LP Innovations has provided its rapidly-growing customer base with a variety of innovative solutions proven to reduce shrink and protect profit. From a nationwide network of loss prevention auditors and certified investigators, to a dedicated staff of data analysts, client service representatives, and more, LP Innovations provides its customers with best-in-class services, building stronger and more effective loss prevention programs. For more information, visit www.lpinnovations.com or contact us at 1-877-574-6682.
###