Clairvest Group Inc. Acquires Second Largest Electronic Security Operations In Australasia.TORONTO--(BUSINESS WIRE)--March 17, 1997-- (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CVG CVG Convergys Corp CVG Corporación Venezolana de Guayana CVG Clear Vertical Grain (woodworking) CVG Carrier Group CVG Corporacion Venezolana de Guyana CVG Comprehensive Video Group (South Hackensack, NJ, USA) ) Clairvest Group Inc. ("Clairvest") (TSE-CVG) -- Clairvest announced that in a $23 million transaction, Signature Security Group and its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. (collectively "Signature") acquired the electronic security assets of Securitas Limited ("Securitas") in New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. and of Tempo Services Limited ("Tempo") in Australia to become the second largest electronic security company in the Australasia region. Both Tempo and Securitas are leading guard and security firms in their respective markets. The acquired assets, which will initially have annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue of approximately $20 million, comprised ADT's regional operations prior to mid-1994 when they were sold as part of ADT's security strategy to focus on North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Clairvest also announced that in contemplation of this acquisition, it invested $12.5 million in Signature, a partnership between Clairvest and Jim Covert James Paul "Jimbo" Covert (born March 22, 1960 in Conway, Pennsylvania) is a former professional American football offensive tackle in the National Football League for the Chicago Bears. of which Clairvest owns an 80 percent fully diluted interest. Clairvest and Covert formed Signature to participate in the growing and consolidating international electronic security industry. Clairvest and Signature believe that the Australasia region presents an attractive industry opportunity due to the fragmented and under-penetrated market combined with burglary rates that double those of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Signature intends to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. these opportunities by introducing many of the marketing and management innovations which have led to the significant industry growth in America over the last ten years and by executing a regional consolidation strategy. Bank financing for the combined transaction was provided by Toronto-Dominion Australia. Jim Covert, President and C.E.O. of Signature, was the founder of SecurityLink, a firm which grew into the third largest electronic security firm in the world with revenues in excess of U.S.$250 million. SecurityLink was sold to Ameritech in December 1994 and Mr. Covert remained as President and C.E.O. until June 1996. Previously, Mr. Covert was a Secret Service agent in the White House under Presidents Nixon, Ford and Carter, after which he led California-based API Alarm Systems Inc. through dozens of successful acquisitions before buying his own security firm in 1987. Clairvest Group Inc. is a merchant bank backed by leading Canadian entrepreneurs that invests and assists in the development of carefully selected, high potential companies. It contributes financial and strategic support to accelerate the growth and development of its investment partners in order to create long-term value for all shareholders. Clairvest's investment partners include public companies such as Consoltex, Datamark and Voxcom, as well as private companies such as National Rubber, Sparkling Spring Water and Western Co-Axial. CONTACT: Clairvest Group Inc. Graham L. Rosenberg, 416/ 925-2379 ext. 239 416/ 925-5753 (FAX) |
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