Golden Gate Capital Acquires Devcon

Devcon International announced that it has completed the sale of the Company and all of its subsidiaries to Golden Gate Capital, effective Sept. 30.

Devcon said it will continue to serve its customers without interruption. The closing of the transaction represents the culmination of a recapitalization process that began in October of 2008.

Robert Farenhem, President and Chief Executive Officer of Devcon said, "We are delighted to have Golden Gate as a partner. The closing of this transaction will significantly strengthen Devcon's presence in the electronic security marketplace. We will be seeking to expand our market presence and focus on growth."

John Gilligan, Principal of Golden Gate Capital, said, "We are excited to partner with Devcon's existing management team to build a significant platform for future growth. With ample access to capital from our current fund, we believe Devcon is well positioned to take advantage of those growth opportunities. This investment demonstrates Golden Gate's continued commitment to the security space, and we are happy that Devcon joins Pinnacle Security in our portfolio."

Christopher B. Munday, a Golden Gate Operating Partner and Chairman/CEO of Pinnacle Security, will join the board of Devcon Holdings as Chairman. Munday said, "We enthusiastically welcome Devcon as a part of the broader Golden Gate security portfolio and look forward to finding ways for both organizations to work closely together in this exciting area of growth. This strong platform also positions us perfectly to pursue additional opportunities in the Security space globally."

Devcon's subsidiary, Devcon Security, is a provider of installation, monitoring and related electronic security services.

Golden Gate Capital is a private equity investment firm.

More Information:

http://www.devcon-security.com

http://www.goldengatecap.com

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