Colorado Springs defense contractor buys Florida security firm
By WAYNE HEILMAN | The Gazette (Colorado Springs, Colo.) | Published: July 9, 2019
COLORADO SPRINGS, Colo. (Tribune News Service) — Colorado Springs-based defense contractor Vectrus on Monday announced it paid $44 million for an Orlando, Fla.-based provider of integrated electronic security systems to the federal government.
Vectrus bought Advantor Systems from Infrasafe and McCarthy Capital as part of its strategy to help manage Department of Defense facilities and operations. Advantor employs 150 and generated $35 million in revenue last year to provide command, control and communications networked security technology at more than 2,000 customer locations, Vectrus said Monday in a news release.
“Bringing decades of knowledge, experience and technology that protects some of our nation’s most critical facilities and bases, this acquisition extends our maintenance of facilities to the electronic protection and security of facilities,” Vectrus CEO Chuck Prow said in the release. “This thereby increases our scope and strengthens our value proposition to clients as a fully integrated provider and partner in their installations and facilities of the future.”
The acquisition is the second company Vectrus has acquired since it was spun off from Exelis Inc. in 2014. Vectrus paid $36 million in January 2018 for Sentel, an Alexandria, Va.-based military engineering, logistics management and intelligence support contractor employing 600 when it was acquired. Vectrus expects to generate about $1.3 billion in revenue this year and won a $1.38 billion contract in April to provide logistics and other services to regional commands in the Middle East and Asia over the next 10 years.
Advantor designs and sells its own and third-party software and hardware, installation services, service contracts and design/training services in the U.S., Caribbean, Europe, Middle East, Korea, Japan and Western Asia. Customers include the Air Force, Air National Guard, Army, Navy, U.S. departments of Homeland Security and State, U.S. forces in Korea and Japan’s Ministry of Defense. The company provides security products and services to more than 50% of major Air Force bases in the U.S. and provides security for Japan’s F-35 Joint Strike Fighter program.
Advantor’s products include integrated monitoring systems, intrusion detection systems, access control systems for doors and alarms, video management systems to capture, organize, store and distribute security video, ID badging systems that capture images, signatures and fingerprints as well as administer user information and print ID cards. The company is one of just three providers meeting the Air Force’s Integrated Base Defense Security System requirements.
The company was founded as Advantor Products in 1965 and changed its name to Advantor Systems in 1997. Infrasafe owns both Advantor Systems and Veristream, a web-based visitor management system provider.
Vectrus stockholders cheered the deal, bidding up the company’s stock $2.47, or 6%, to a record price of $43.92 in trading Monday on the New York Stock Exchange, its fourth consecutive daily record.