Westec Security to Sell Home Division
Westec Security Group Inc., a Newport Beach provider of alarm systems and patrol services, has agreed to sell its residential division to Edison Select for an undisclosed sum.
The transaction, expected to be completed by Aug. 31, makes Industry-based Edison one of the largest home-security providers in the state. The industry has seen dramatic consolidation, with big companies paying handsome sums to enter the market, drawn by the prospect of offering homeowners services besides security.
Westec serves 150,000 accounts in 16 states. A lion’s share of Westec’s 2,800 employees in the residential division will be hired by Edison, said Michael Kaye, Westec’s chief executive. Westec now will focus on expanding its commercial division, which has less than 10,000 accounts.
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