Tyco to buy Collegeville security firm

Tyco International Ltd. said yesterday that its ADT security business had agreed to acquire FirstService Security, of Collegeville, for about $187 million.

FirstService Security, a division of FirstService Corp., provides integrated security systems for homes and businesses.

It has annual revenue of $200 million and employs 2,400 people at 17 offices in the United States and Canada.

Out of the total workforce, 150 work in Southeastern Pennsylvania - in offices in Collegeville, Valley Forge and Reading, said Ann Lindstrom, director of corporate communications at ADT Security Services Inc.

ADT calls the deal a strategic acquisition, giving ADT Security access to new markets in the banking sector in Canada and in the petrochemicals industry in Canada and the United States, Lindstrom said.

Frank Brewer, 48, FirstService Security's chief executive officer, began his career selling electronic security systems for ADT Security.

He founded Security Services & Technologies (SST) in 1995. FirstService Corp. bought 70 percent of SST in 2004. Today, FirstService Security operates under the SST brand name in the United States and under the name Intercon in Canada. Shares of its parent company closed yesterday at $23.65, up 48 cents in Nasdaq trading.

ADT, based in Florida, has annual sales of $4.1 billion and 22,000 employees at 228 offices in the United States and Canada. Tyco shares rose 22 cents to close at $44.50 on the New York Stock Exchange.

The deal is expected to close as soon as regulatory approval is received.