Plant Equipment, CML to merge
PSAP equipment vendors Plant Equipment and CML Emergency Services today announced their intent to merge, creating a combined company with about 500 employees that will have an installed base of more than two-thirds of the U.S. public-safety market.
Golden Gate Capital, a $2.6 billion private equity firm that is Plant Equipment’s majority owner, will buy CML and immediately merge the two companies. Terms of the deal, which is expected to close within 30 days, were not disclosed. Golden Gate Capital also will be the majority owner of the combined company.
Plant Equipment President and CEO Tim Fuller will serve as CEO of the combined company, and CML CEO Steve Panyko will serve as the new company’s chief operating officer.
During a conference call with reporters, Fuller said the timing “couldn’t be better,” particularly as both companies design their next-generation solutions for IP-based platforms.
“We’re in a position now to more tightly integrate the products from Plant with the products from CML, as well as our product road maps roll forward,” Fuller said. “Those integration benefits will be very visible to end-user communities, especially in the public-safety market.”
Panyko echoed this sentiment.
“This is a real opportunity to seamlessly integrate offerings and provide one much more powerful offering as time goes on,” he said.
In addition to the public-safety market, the combined company will have a strong foothold in the private-security market, which “dwarfs” the size of the public-safety opportunity, Fuller said.
Golden Gate Capital became Plant Equipment’s majority owner in May. Initial discussions regarding a possible merger with CML began in June, Fuller and Panyko said.
