Avante Logixx closes acquisition of ASAP

Toronto-based Avante Logixx announced Monday it has closed its acquisition of A.S.A.P. Secured for $10.5 million.

The deal, which was first announced Nov. 13, was funded using the proceeds from the private placement offering of unsecured convertible debentures issued to Fairfax Financial Holdings Limited.

“It is with great pleasure that I welcome the ASAP team to Logixx Security Inc., a platform company of Avante Logixx,” said Craig Campbell, CEO of Avante, in a company statement.

ASAP’s Han Koren will join the company as president of Logixx, according to the statement, and ASAP will be integrated into the Logixx brand over the coming months. “This combined entity provides us scale and a national platform to target large, national accounts where we can offer a one-stop shop security solution,” added Campbell.