Corbett Technology Solutions (CTSI) has agreed to acquire AFA Protective Systems, a US-based fire and security systems provider, for $743.5 per share.

Established in 1873, AFA Protective Systems has been known for providing central station alarm service. In 1968, the Kleinman family had acquired a controlling stake in AFA in 1968.

During the last 50 years, AFA Protective Systems is said to have developed as one of the major fire and security monitoring, service, and integration company in the eastern US.

Currently, the central station alarm service provider caters to more than 28,000 customers across the East Coast through 17 branch locations with national account coverage throughout the country.

Joe Oliveri — Corbett Technology Solutions President and CEO said: “We are extremely excited to have AFA join the CTSI family.

“AFA’s team has established a world-class business with a renowned reputation that has flourished over a half century under the ownership of the Kleinman family. We look forward to further supporting AFA’s best-in-class service offerings using our increased scale to provide opportunities for both customers and employees alike.”

Corbett Technology Solutions, which is based in Chantilly, Virginia, is engaged in providing nurse call, audiovisual, collaboration, conferencing, sound, fire, security, and communication systems.

The portfolio company of Wind Point Partners caters to private, public, and institutional clients.

Robert Kleinman — AFA Protective Systems Chairman and CEO said: “This transaction is a win for all parties. CTSI’s added resources and similar services, combined with the geographical fit and customer relationships of both companies, should open new opportunities to deliver AFA’s capabilities to an even broader audience of customers.

“In turn, CTSI will be able to provide enhanced offerings to AFA’s existing account base, as well as new opportunities for many individuals across AFA’s team. Finally, we are confident that we have maximized the return to our shareholders, most of whom have been with and supported us for many decades.”

The financial advisor for AFA Protective Systems was Mesirow, while Killeen Law served was the legal counsel. On the other hand, Winston & Strawn was the legal counsel to Corbett Technology Solutions.

The closing of the deal is contingent on receipt of certain regulatory approvals as well as other customary closing conditions.

  AFA Protective Systems, Chantilly, Corbett Technology Solutions, Joe Oliveri, Killeen Law, Robert Kleinman, USA, Virginia, Winston & Strawn