Devcon wants to pave its way to a secure future. The company is focused on its Devcon Security Services subsidiary, which provides electronic security services primarily in Florida. Products include burglary, fire, medical, environmental, video and CCTV (closed-circuit television), and security access systems. The company provides services to more than 125,000 residential and commercial clients. In 2009 Devcon voluntarily deregistered its common stock, delisting from the NASDAQ Stock Market and ceasing to file statements with the SEC. Golden Gate Capital, a San Francisco-based private equity firm, purchased Devcon later that year.
Devcon is heavily dependent upon new residential construction, which has fallen off in recent years. In the company's home state of Florida, residential building permits declined more than 65% between 2007 and 2009. The acquisition by Golden Gate gives Devcon some deeper pockets to weather a decrease in revenue brought about by the softening of the housing market.
Devcon completed its three-year transformation from a construction and materials company to a security firm in 2007. The change was facilitated in part through the acquisitions of Florida-based security companies and divestitures of non-core operations. In 2009 the company acquired Guardian International and Coastal Security. It also sold its materials division, which produced stone and concrete in the Caribbean, as well as its construction division, which dredged harbors, built marine facilities and golf courses, and prepared residential, commercial, and industrial sites in the Caribbean and the Bahamas. – less