SSC Security Services completes acquisition of Logixx Security
By Canadian Security StaffNews logixx Logixx Security SSC Security Services
SSC Security Services Corp. recently announced that it has completed the acquisition of all of the common shares of Logixx Security Inc. from its corporate owner Avante Logixx Inc.
Pursuant to the share purchase agreement announced by the company in March, SSC acquired all of the issued and outstanding common shares of Logixx for a total purchase price of approximately $23.95 million in an all-cash transaction, subject to standard working capital, debt and other closing adjustments.
Doug Emsley, chairman, president and CEO of SSC, commented in a company statement, “The acquisition of Logixx by SSC is a key outcome of our strategic decision to use our balance sheet to create a truly national security business in Canada. This is the third in a series of acquisitions over the past 18 months, and it is the one that really gives us scale and a national presence from coast to coast. We funded it with cash on hand and no dilution to shareholders, completing our transformation into a debt-free well-funded national physical and cyber security company.
“I want to welcome the Logixx team to SSC. We look forward to working with you as we grow the business for many years to come.”
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