Cennox Plc announce that Sterling Bank Services (a Cennox Group company) has acquired PSSI International Inc, a Project Management, Electronic Security, and Installation Company for government, financial, and commercial industries.
The purchase will support the expansion of Sterling Bank Services’ service portfolio allowing for greater ATM installation and vault capacity as well as complimenting its' vendor management reduction programs and security offerings.
The purchase of PSSI fits into Sterling’s mission to provide authentic, end-to-end solutions at a service level unparalleled in the industry. By acquiring PSSI, a southern California-based company with a national footprint, Sterling strengthens its capacity and geographic presence to implement excellent service for financial, security, and operational equipment needs.
“This acquisition of PSSI will strengthen our ATM installation and security capabilities across the United States,” commented Clive Nation, CEO of Cennox. “Moving forward, a number of our other services also will expand as we integrate our companies. Our clients will continue to receive the high quality solutions they have come to expect.”
“By teaming up with a leader in the financial services industry, PSSI is able to leverage Sterling Bank Services’ national network and vast resources to enhance our presence and impact a larger network of customers,” said Dennis Hamm, Director of PSSI.
PSSI will continue to operate under that name but as a Sterling Bank Services company.
The Cennox Group has experienced an impressive period of growth over the past few years, a result of strong organic development, the release of new ATM security products and a strategic acquisition plan. This pattern of growth is one Cennox will look to sustain with the ongoing help from the Business Growth Fund, a successful partnership which continues to bear fruit since our joining in June 2012.
The financial backing and ongoing support received from the Business Growth Fund, has been instrumental in allowing Cennox to achieve our key objectives with greater speed than would have been possible without their help.
In the last three years BGF have invested over £500 million in fast growing, successful UK companies and Cennox was one of their early investments. The announcement today is great news too for the Business Growth Fund. It is further testament to the success their leverage and assistance can yield to an organization eager to expand their operations.