Bates Security on Pye-Barker acquisition: It’s also a “worthwhile proposition.”

YARMOUTH, Maine — Jeremy Bates started 2024 with no intention of selling Bates Security, the family-owned security and alarm systems company his parents founded 40 years ago. But what Pye-Barker Fire & Safety presented was an offer they couldn’t refuse.

On May 21, Pye-Barker added to its growing portfolio of companies by acquiring Lexington, Kentucky-based Bates Security.

“If you had asked me on January 2 whether we would sell our company, the answer would have been no,” Bates said. “But it so happened that on January 3, I was talking to an unrelated party about acquiring us. That caused me to plant a seed in my family by talking about it.”

Bates contacted his company’s broker, Mark Sandler of SPP Advisors, and told him he was considering bringing Bates Security to market.

Sandler immediately told Bates who the obvious choice for the buyer was.

“Within five minutes, he says, ‘Jeremy, the best bet is on Pye-Barker and no one else,’” Bates said. “The value proposition that Pye-Barker presents—no one is going to be able to match it. As far as I know, that’s true. We were very impressed with their entire operation, before and after the acquisition.”

Thanks to the aggressive acquisition strategy that Pye-Barker has been pursuing since 2016 – it has acquired nearly 200 companies, including 34 acquisitions in 2024 – Bates has been very impressed by what Bart Proctor, the company’s CEO, and Eric Garner, president of its division alarms, they did to make the transition easier.

“I know of a couple of security dealers who took my place and sold their company to Pye-Barker,” he said. “I did my due diligence and all the promises that Eric, Bart and his team made came true with those companies, so we felt very comfortable with that.”

Bates cited Pye-Barker’s existing business-as-usual approach of keeping all staff intact as an integral part of the sale and transition.

“We try to make it a fun, exciting place to ride hard and try to grow,” he said. “We’re trying to make this a good place to work, so under Pye-Barker we can continue to do that.”

Proctor sees Bates Security as “a very strong company” that wants to “take this to the next level,” and partnering with Pye-Barker gives the company a platform to do just that.

“We are extremely excited to have Jeremy and his team join us on board,” he said. “Jeremy and I had been talking for a while and just waiting for the right transition moment.”

Bates echoed those sentiments, calling it a “very, very exciting time for Bates Security.”

“We are starting a new chapter under the leadership of Pye-Barker – Bart and Eric – and they will bring many more resources to our disposal than I ever could have imagined developing them on my own,” he said. “I’m just really excited about all the things we can accomplish under the Pye-Barker umbrella.”

Read SSN’s interview with Pye-Barker CEO Bart Proctor.