Sell Your Security Integration Business in New York (2026): Valuation, PE Platforms & RMR + Qualifying-Agent Deal Mechanics

Commercial security integration is one of the most active LMM consolidation lanes in specialty contracting, and that matters if you own a security integration business in New York. Per Capstone Partners’ Security Solutions M&A Update (February 2026), sector M&A surged 24.1% YoY in 2025 to 242 disclosed deals with PE add-ons representing 45.9% of volume and PE platform transactions climbing 33.3% YoY to 20 deals. Fire and life-safety M&A jumped roughly 66.7% YoY in 2025 to ~125 deals; Pye-Barker Fire & Safety alone closed 41–57 acquisitions in 2025 (Capstone tally), with verified security-integration adds including Priority One Security (South Carolina/Tennessee). The 2025-2026 buyer pool is unusually concentrated and well-funded.

This guide covers what a New York security integration business is worth in 2026 and how to sell it well. We walk through 2024–2026 multiples by EBITDA tier (sub-$2M single-state, $2M–$5M regional with 20–40% RMR, $5M–$10M platform with 40%+ RMR, $10M+ multi-state with cleared-work or fire/security bundle), the RMR (recurring monthly revenue) premium that drives the single largest multiple expansion in the sector, the named buyer pool with CURRENT ownership detail (Pye-Barker took on ADIA + GIC minority investments January 2025 joining Altas majority and Leonard Green increased stake; Convergint is Leonard Green + Harvest Partners since Ares exited December 2021 NOT Ares + Harvest + Leonard Green; Everon is pure GTCR-backed since October 2, 2023 close with NO Apollo involvement; Allied Universal is CDPQ 40% + Warburg Pincus + J. Safra Group + management with Wendel fully exited April 2020; Vector Security is The Philadelphia Contributionship Mutual Holding Company NOT a PE platform; Security 101 was acquired by Morgan Stanley Capital Partners February 24, 2026), the security-integration subverticals (access control, video surveillance + VMS, intrusion alarm, perimeter, mass notification, visitor management, fire/life-safety integration, K-12/higher-ed, healthcare, data center, government/federal cleared work), the state low-voltage licensing stack (New York qualifying-agent regime plus ASIS / BICSI / NICET credentialing), the federal cleared-work regulatory overlay (DD-254 / NISPOM / DCSA Facility Clearance Level, NCCS submission via PIEE, ITAR/EAR), and the deal mechanics specific to security integration sales — RMR retention earnouts at 90% retention thresholds across 18–24 month measurement windows, manufacturer-partner change-of-control termination rights (Genetec, Lenel/S2, Software House, Brivo), qualifying-agent retention agreements, the post-October-3-2025 USDOT IFR plus SBA HUBZone January 16, 2025 update on DBE/HUBZone transferability.

CT Acquisitions runs confidential, buy-side processes. We are not a business broker — the buyer pays our fee, and a seller pays no commission, no retainer, and signs no exclusivity contract. For broader context, see our security integration hub guide, our fire protection hub guide (adjacent for fire/life-safety bundled operators), and our national sell-side hub. The free valuation survey takes about three minutes.

How New York security integration businesses are valued in 2026 — the tiered framework

The 2024-2026 commercial security integration market has bifurcated valuations sharply by recurring revenue mix and scale. Per Capstone Partners’ Security Solutions M&A Update (February 2026), sector M&A activity surged 24.1% YoY in 2025 to 242 disclosed deals, with PE add-ons representing 45.9% of volume and PE platform transactions climbing 33.3% YoY to 20 deals. Capstone’s broader middle-market index shows typical and premium EBITDA multiples landing around 6.8x and 9.8x respectively for 2026, while construction-services M&A specifically averaged 10.6x EV/EBITDA when paid by PE and 7.5x by strategics from 2018-2025. For commercial security integrators specifically, the working bands in 2025-2026 are: sub-$2M EBITDA single-state project integrators trade at 3.5x-5.5x EBITDA with owner-operator dependency and RMR penetration below 15%; $2M-$5M regional integrators with 20-40% RMR clear 6.0x-8.0x EBITDA; $5M-$10M platform-quality businesses with 40%+ RMR clear 8.0x-11.0x EBITDA; and $10M+ multi-state platforms trade at 11x-14x EBITDA with the strongest cloud-RMR, video-analytics SaaS, or fire/life-safety bundled operators reaching 15x+. Reference deals include STANLEY Security to Securitas at $3.2B (2022, ~12x EBITDA implied), ADT Commercial to GTCR at $1.6B (October 2023, becoming Everon), and the January 2025 ADIA/GIC minority equity injection into Pye-Barker alongside existing holders Altas Partners and Leonard Green & Partners.

Integrator profile	Typical multiple	What moves it
Sub-$2M EBITDA single-state project integrator	3.5–5.5x EBITDA	Owner-operator dependency, RMR penetration <15%, state-bounded customer base
$2M–$5M EBITDA regional, 20–40% RMR	6.0–8.0x EBITDA	Multi-state license footprint, named-tech bench, manufacturer certifications
$5M–$10M EBITDA platform, 40%+ RMR + cloud-RMR	8.0–11.0x EBITDA	SDM Top-100, ASIS/NICET-credentialed engineering, federal eligibility or vertical specialization
$10M+ multi-state platform	11–14x EBITDA (15x+ for fire/security bundle)	Bundled fire/life-safety + security, video-analytics SaaS, cleared-personnel staffing
RMR-only book (commercial monitoring)	40–60x RMR (or 8x–12x EBITDA)	UL-listed central station, clean attrition, long-contract commercial base

The pattern that matters: RMR is the single largest valuation driver, and the gap between project-only and recurring-mix operators is structural. A standalone $2M EBITDA single-state project shop with <15% RMR clears 4.0x-5.0x ($8M-$10M); the same EBITDA in a 40%+ RMR mix clears 7.0x-9.0x ($14M-$18M). Tuck into a $5M+ EBITDA platform at 11x-14x and the marginal EBITDA re-marks at 4-7 turns of expansion. Sellers who go to market with a competitive process - the named buyer pool of Pye-Barker, Convergint, Everon, Securitas, Pavion, Sciens, Cobalt, Security 101 is small enough that all bidders can be approached - capture 1-2 turns of premium versus a single-bidder negotiation.

The RMR (recurring monthly revenue) premium — the structural valuation driver

RMR (recurring monthly revenue) remains the single largest valuation driver in security integration M&A. Project-only installers trade at 4x-5x EBITDA versus 6x-9x for recurring-mix operators and 8x-12x+ for PE-ready RMR-heavy platforms. For pure monitoring books, the standard 2024-2026 RMR-multiple framework is approximately 28x-40x RMR for residential and small-commercial monitoring accounts, 40x-50x+ RMR for higher-quality commercial monitoring books with clean attrition, long contracts, and UL-listed central station coverage, and 45x-60x RMR for specialty or proprietary monitoring such as Sonitrol audio-verified, video-verified, or managed access control SaaS. The economic mechanics are sharp: EBITDA contribution per RMR dollar runs 4-6x project EBITDA margin, so a $100K-per-month RMR book at 65% gross margin contributes roughly $780K of annual EBITDA while the same revenue in projects might contribute $120K-$180K. Buyer-side EBITDA multiple uplift is roughly +1.5x to +3x for every 20 percentage points of RMR mix above 25%, so a 50% RMR operator routinely commands a 2.5x-3x premium over an equivalent project-only competitor. Cloud-hosted access control (Brivo, Genetec ClearID, Verkada) and video analytics SaaS are increasingly counted as RMR-equivalent by sophisticated buyers, and managed services contracts (24/7 health monitoring, predictive maintenance, cyber-hardening) are now categorized as RMR by Pavion, Convergint, and Everon underwriting.

Adjusted EBITDA add-backs and what New York platform buyers underwrite

Owner compensation normalization is the largest single add-back in security integration M&A. Founder W-2 plus bonus often runs $400K-$900K on a $3-7M revenue shop; buyers normalize to a $180K-$250K market replacement GM or COO comp. Owner-paid family members, vehicle allowances, club dues, and personal insurance routinely add another $50K-$150K. Inventory and parts obsolescence is non-trivial – legacy analog CCTV, end-of-life DVRs, discontinued access-control panels (Software House CCURE pre-9000, Lenel OnGuard older builds), and intrusion panels (Honeywell Vista pre-128BPT) often sit on the shelf at cost; buyers haircut 30-60% of pre-2018 inventory. Bonding capacity for federal and state contractor work ($500K-$5M per project bonds are common) is tied to the seller’s balance sheet and surety relationship; change of control triggers re-underwriting and can compress 60-90 days of project flow. Following the USDOT IFR effective October 3, 2025, every DBE certificate-holder lost certification and must undergo individualized social and economic disadvantage re-evaluation – DBE-status earnouts and contract assumability in security and access-control contracts on federal-funded transit/airport work are now uncertain. HUBZone moved to triennial recertification effective January 16, 2025. Truck fleet and tools depreciation add-backs are material: a 20-truck commercial shop carries roughly $1.2M-$2.0M of vehicle, lift, and tool capex on a 5-7 year cycle; buyers normalize maintenance capex to about 3% of revenue and add back the rest. Real estate carve-outs typically generate a $3-5M side transaction at market-rate triple-net lease back ($9-$16/sf depending on geography). Deferred service contract revenue, warranty reserves, and rework reserves on recently installed access control jobs are common $50K-$200K working-capital adjustments at close.

Platform-versus-tuck-in arbitrage — the 2.5 to 3 turn expansion

Multiple arbitrage is the structural play in security integration. A regional integrator with $2M EBITDA trades at 5x-6x ($10-12M). Rolled into Pye-Barker, Convergint, or Everon (financed at platform multiples of 14x-17x on aggregated EBITDA), the same EBITDA dollar is implicitly valued at $28-34M – a 2.5-3x lift on the seller’s franchise that becomes the buyer’s equity creation. Why security is consolidating now is structural: RMR predictability has become the dominant equity story, lender appetite for asset-light recurring-revenue services has compressed sponsor cost-of-capital, and platform-level multiples have stayed elevated. Technology complexity outruns the independent shop – cloud-hosted access control (Brivo, Verkada, Genetec), AI video analytics (Avigilon, Eagle Eye), edge-compute identity systems, and managed cyber-physical convergence require engineering depth that $2-5M integrators cannot fund. Cross-sell from fire/life-safety into security is structurally accretive – Pye-Barker, Sciens, and Pavion are bundling fire alarm inspections plus security plus monitoring plus access into single annuities. Per Capstone Partners’ February 2026 update, fire and life-safety M&A jumped roughly 66.7% YoY in 2025 to ~125 deals, and Pye-Barker alone closed 41-57 acquisitions (depending on source) in 2025. Strategic acquirers (Securitas, Johnson Controls, Honeywell) compete with PE on every meaningful deal. Customer side-pressure for fewer vendors is driving consolidation faster than the underlying business growth rate. The arbitrage window is open in 2025-2026 because lender markets are healthy, RMR-multiples remain at decade-highs, and the long tail of $1-5M EBITDA independents is being aggressively rolled.

Who is buying New York security integration businesses in 2024–2026 — named platforms with CURRENT ownership

The active institutional buyer set for commercial security integration in the lower middle market ($1-25M EBITDA) is unusually concentrated. Pye-Barker Fire & Safety (Atlanta) is the dominant consolidator, majority-owned by Altas Partners and Leonard Green & Partners; in January 2025, Pye-Barker took on minority investments from the Abu Dhabi Investment Authority (ADIA) and GIC, joining Altas (retained majority) and Leonard Green (increased stake). Pye-Barker acquired 41-57 fire alarm, fire sprinkler, suppression, and security companies in 2025 by Capstone’s count and bills itself as the largest fully integrated fire/life-safety/security provider in the US; verified security-integration adds include Priority One Security (South Carolina/Tennessee smart-security integrator). Convergint Technologies is the #1 SDM Top Systems Integrator for the 8th consecutive year (2025) at ~$2.6B revenue, owned by Leonard Green & Partners and Harvest Partners following the December 2021 sale of Ares Management’s stake. Everon (formerly ADT Commercial) is owned by GTCR following the October 2, 2023 close of the $1.6B carve-out from ADT Inc. (~$1.5B net to ADT), with 5,000+ employees, 100 offices, and 300,000+ customer locations; verified 2024-25 adds include DIGIOP, Apex Integrated Security Solutions (Idaho), Customized Service Concepts, and the September 2025 acquisition of ADT’s B2B multifamily business for $55M. Securitas Technology (Securitas, Sweden NYSE/STO:SECU-B) acquired STANLEY Security from Stanley Black & Decker in July 2022 for $3.2B and rebranded the combined business; December 2025 acquisitions of Sonitrol Ft. Lauderdale and Level 5 Security Group expanded Florida coverage. Allied Universal (manned guarding plus electronic security) is owned by CDPQ (40%, since December 2019), Warburg Pincus, J. Safra Group, and management – Wendel fully exited in April 2020. Pavion is Wind Point Partners-backed (since June 2020) with 20+ acquisitions including Corbett Technology Solutions, RFI Enterprises (2023), Premier Security Solutions, Integrated Security and Communications (NJ, 2024), and AFA Protective Systems across 70+ US locations and 23 countries. Sciens Building Solutions is backed by The Carlyle Group (majority taken from Huron Capital) with 26+ acquisitions to date; 2025 deals include Fire Security & Sound Systems (NY), Alarmtechs (Katy, TX), Key Security Designs (Pleasant Hill, CA), and Southern Fire Control (Pembroke Pines, FL). Cobalt Service Partners (Alpine Investors) launched in December 2023 with 19+ acquisitions (Piedmont Door Solutions, Automated Door Ways, Toepfer Security, Industrial Door Company, Homeland Safety Systems, Digi Security Systems, LEK Technology Group) focused explicitly on commercial access, video surveillance, alarms, commercial doors, and security gates. Security 101 was acquired by Morgan Stanley Capital Partners on February 24, 2026, joining the LMM platform set; the West Palm Beach company ranks #8 on SDM 2025 Top Systems Integrators and is itself an active acquirer (Electronic Security Concepts, AV-Worx, True Security East Bay). Vector Security is owned by The Philadelphia Contributionship Mutual Holding Company (since December 2022 acquisition; structural ownership rather than PE) and is a top-10 North American provider with recent deals including Carolina Video Security (October 2025). Johnson Controls (NYSE:JCI) and Honeywell (NYSE:HON) are strategic acquirers with selective LMM appetite, primarily for fire/security bundled platforms with vertical specialization.

Security integration subverticals and vertical-specialization premium

The discrete sub-segments inside commercial security integration price differently. Commercial access control (HID Global, Lenel S2/Carrier, Genetec Synergis, Software House CCURE 9000, AMAG, Verkada, Brivo cloud-native, Avigilon Alta, ButterflyMX) is the highest-margin sub-vertical; cloud-hosted variants count as RMR. Video surveillance, CCTV, and video analytics (IP cameras, NVRs, VMS such as Genetec Security Center, Milestone XProtect, Avigilon Control Center, Verkada) with AI analytics layer for motion classification, license plate, and behavioral detection – project margin compressed by hardware commoditization, with managed-services attach as the value. Intrusion alarm with UL-listed central station monitoring and commercial-grade panels (Honeywell Vista/Pro-Watch, DSC, Bosch) is a high RMR contribution sub-vertical. Perimeter security and fence-line detection (fiber-optic, microwave, radar, drone detection) serves critical-infrastructure, data center, and federal markets with high average selling price and deep engineering moat. Mass notification and emergency communication (IP speakers, digital signage, school PA integration) surged on recent K-12 funding cycles. Visitor management (Envoy, Sine, Traction Guest, HID Origo) is SaaS-RMR friendly. Integration with fire/life-safety is bundled by Pye-Barker, Sciens, Pavion, Convergint, and Everon and commands a multiple premium. Vertical specializations include K-12 and higher-ed security (grant-funded, recession-resistant), healthcare and hospital security (infant abduction systems such as Hugs and MyChild, wander management, asset tracking, OR access, HIPAA overlay), data center security (rack-level access, biometric, sub-floor sensors – hyperscaler tailwind continuing through 2026), and government and federal contractor security (cleared-personnel work under DD-254/NISPOM, facility clearance, classified spaces, SCIFs – highest barrier to entry, highest multiples).

New York security integration market context

New York has strong enterprise and financial-services demand plus multifamily security density in NYC. Sciens acquired Latham-based Fire Security & Sound Systems in January 2025. Pavion acquired Millstone NJ-based ISC (Integrated Security and Communications) in 2024 for tri-state strength. Real estate and property-management RMR concentration is among the highest in the country. New York state requires separate Department of State licensing for security/fire alarm installers; New York City layers on additional FDNY Certificate of Fitness requirements for fire alarm work. The qualifying-installer transfer mechanic is straightforward but FDNY requalification can take 60-120 days post-close.

State low-voltage licensing, federal regulatory stack, and how it applies to a New York sale

State low-voltage licensing varies wildly. Texas requires a Texas Private Security Bureau license (DPS) with two exams (technical plus Texas code). California requires the C-7 Low Voltage Systems Contractor license from CSLB for systems at or below 91 volts. Florida requires an Electrical Contractors’ Licensing Board Certified Alarm Systems Contractor (Class I or II) with 6 years’ experience, Florida law/safety exam, $10K+ net worth, and credit report. Georgia requires a Low-Voltage Contractor License from the State Board of Low Voltage Contractors with sub-classifications (Alarm/Security, Telecommunications). Virginia is administered by the Department of Criminal Justice Services (DCJS) with separate exams for electronic security businesses. North Carolina is administered by the NC Alarm Systems Licensing Board. License transferability is non-uniform – most states do NOT transfer on stock sale; the qualifying agent or qualifying individual remains licensed but the business license requires re-application or notification within 30-60 days. Buyers structure asset deals with the qualifying-agent individual retained on payroll through earnout (typically 18-24 months). ASIS International credentials matter: CPP (Certified Protection Professional), PSP (Physical Security Professional), and PCI (Professional Certified Investigator). BICSI’s RCDD (Registered Communications Distribution Designer) is the gold standard for structured cabling and converged systems design. UL listings (UL 2050 for central stations handling federal/classified monitoring; UL 681 and UL 1981 for monitoring station operations) gate certain federal work. NICET fire alarm certification levels I-IV are commonly required by the Authority Having Jurisdiction (AHJ) and NICET-certified tech shortage is acute. Federal and classified work requires DD Form 254 (NCCS submission via PIEE), NISPOM (32 CFR Part 117), DCSA-administered Facility Clearance Level (FCL), plus ITAR/EAR for any export-controlled tech. Cyber-physical convergence requires CISA guidance for OT/IoT security, NIST SP 800-82 for industrial control systems, and SOC 2 Type II for managed-services books. The trade associations are ESA (Electronic Security Association), SIA (Security Industry Association), TMA (The Monitoring Association, formerly CSAA), and NSCA. Post-USDOT IFR (October 3, 2025), every DBE lost certification pending individualized social/economic disadvantage re-evaluation, and HUBZone moved to triennial recertification effective January 16, 2025 – set-aside contract assumability is now materially uncertain.

How this applies to a New York security integration sale

A New York security integration sale to a strategic or PE-backed buyer triggers four sequential regulatory workstreams. First, the state low-voltage licensing stack (New York-specific qualifying-agent / qualifying-individual requirements) must be reconciled, with the seller’s qualifying agent retained on payroll through earnout (typically 18-24 months) while the buyer’s qualifying agent obtains state-specific endorsement. Second, manufacturer-partner agreements (Genetec, Lenel/S2 Carrier, Software House CCURE, Brivo, Verkada, AMAG, Avigilon) all contain change-of-control termination rights that must be pre-cleared with each manufacturer before close – failure to do so can void certification post-close and freeze the seller’s ability to bid, install, or maintain on those platforms. Third, where federal cleared work is in scope, the DCSA Facility Clearance Level (FCL) review, DD-254 (NCCS submission via PIEE) updates, and cleared-personnel transition planning apply. Fourth, bonding capacity for federal and state contractor work ($500K-$5M per project bonds are common) is tied to the seller’s balance sheet and surety relationship; change of control triggers re-underwriting that can compress 60-90 days of project flow. For a New York seller, plan for 90-150 days from LOI to close with manufacturer-partner pre-clearance and qualifying-agent transition planning as the binding operational constraints (plus 60-90 days incremental if FCL or cleared-personnel work is in scope).

Deal mechanics specific to New York security integration sales

Asset deals dominate sub-$10M EBITDA security-integration transactions because of (a) license-transfer risk on stock sales, (b) successor liability for warranty/E&O claims, and (c) bonded-job liability. Stock deals are reserved for larger platforms with sophisticated reps and warranties insurance. RMR retention earnouts are the standard structure – typically 18-24 month earnout tied to RMR retention thresholds (90% retention = 100% earnout), with net-net attrition counted (cancellations less new MRR adds within the transferred book). Tech-platform transferability matters: Genetec, Lenel/S2, Software House, and Brivo all have channel partner agreements with change-of-control termination rights, and buyers pre-clear partner status (failure to do so can void manufacturer certification post-close). Service-contract assignability hinges on master service agreements that often contain anti-assignment clauses – common-law and state statute typically permit assignment for asset deals but with customer notification requirements. Key-person risk centers on NICET-certified techs, qualifying agents (state license-holders), and ASIS/CPP/PSP-credentialed sales engineers; retention bonuses (typically 10-30% of base, vesting 12-24 months) are now market-standard. Insurance carve-outs typically run E&O at $2M-$5M, cyber at $3M-$10M (for managed services), general liability at $2M-$5M, plus auto fleet and workers’ comp. Environmental exposure is generally low – lithium battery storage (for backup power) and CCTV recycling can trigger state-level e-waste requirements. License-transfer mechanics are state-by-state: in TX/FL/GA/CA/VA/NC, the qualifying agent must remain through transition (typically 6-24 months post-close) while the buyer’s qualifying agent obtains state-specific endorsement. Sellers should expect 60-90 day pre-close planning around bonded job flow, qualifying-agent retention, manufacturer-partner agreements, and state-license filing windows.

The security integration succession wave — why New York owners are selling now

The structural sell-side moment in security integration in 2024-2026 has three converging drivers. Median tech-trade age (low-voltage, electricians, NICET-certified) is roughly 46-48 years old per BLS occupational data, and owner-operators of $2-10M EBITDA shops founded in the 1985-2005 window are 60-72 today. NICET-certified shortage is acute – NICET reported in 2024 that fire-alarm Level III/IV demand outpaces certified supply by roughly 3x in major metros. Why now: (1) RMR-multiple cycle remains at decade-highs, (2) lender appetite for asset-light services is healthy, (3) Pye-Barker, Convergint, Everon, Securitas, Sciens, Pavion, Cobalt, and Security 101 (MSCP) compete on every meaningful deal, driving auction-grade pricing, and (4) generational tech transfer is non-trivial – owners who sit out 2025-2026 may face a thinner buyer pool and lower multiples if rates compress LBO appetite in 2027-2028. The 2024-2026 deal velocity proves the structural moment: Capstone tracks 242 security solutions deals in 2025 (+24.1% YoY), 125 FLS deals (+66.7% YoY), with PE platform volume +33.3% YoY. Pye-Barker closed 41-57 deals in 2025; Pavion 20+; Sciens 26+; Cobalt 19+; Securitas Technology multiple US deals; Security 101 was acquired by MSCP in February 2026. The wave is real, named, and unprecedented – owner-operators of $1-25M EBITDA commercial integrators have the strongest exit market in the sector’s history.

Why a New York security integration sale needs vertical-specific advice

National advisors who treat a commercial security integrator as a generic specialty-construction or low-voltage business will miss the levers that materially move price. The RMR mix and retention (RMR penetration above 25% is the binding tier-break – every 20-point bump in RMR mix above that threshold adds 1.5x-3x of EBITDA-multiple premium); the monitoring station structure (UL-listed central station relationship, attrition rate, contract duration); the manufacturer-partner footprint (HID, Lenel/S2, Genetec, Software House CCURE, Brivo, Verkada, AMAG, Avigilon Alta, ButterflyMX) and the change-of-control termination clauses embedded in each channel partner agreement; the credentialed-staff bench (NICET fire alarm Level I-IV, BICSI RCDD, ASIS CPP/PSP/PCI) with retention bonuses typically 10-30% of base vesting 12-24 months; the state qualifying-agent transfer mechanic (New York-specific requirements for license retention or re-application); the cleared-work overlay (DCSA Facility Clearance Level, DD-254 submissions via NCCS PIEE, ITAR/EAR for export-controlled tech); the post-October-3-2025 USDOT Interim Final Rule that de-certified every DBE pending individualized social-and-economic-disadvantage showing combined with the SBA HUBZone triennial-recertification update effective January 16, 2025 (set-aside contract assumability is now materially uncertain); and the technology-platform convergence story (cloud-hosted access control, AI video analytics, edge-compute identity systems, managed cyber-physical convergence) that platform buyers are pricing into multi-year roadmaps are all security-integration-specific diligence items. A New York seller advised by someone who understands the CURRENT buyer cap tables (Pye-Barker cap table now Altas + Leonard Green + ADIA + GIC since January 2025; Convergint is Leonard Green + Harvest Partners since Ares exited December 2021 not Ares + Harvest + Leonard Green; Everon is pure GTCR-backed since October 2, 2023 close – NO Apollo involvement; Allied Universal is CDPQ 40% + Warburg Pincus + J. Safra Group + management with Wendel fully exited April 2020; Vector Security is The Philadelphia Contributionship Mutual Holding Company since December 2022 NOT a PE platform; Security 101 was acquired by Morgan Stanley Capital Partners on February 24, 2026), the Pye-Barker pace (41-57 deals in 2025 by Capstone’s count), the Sciens Building Solutions Carlyle Group backing, the Cobalt Service Partners Alpine Investors thesis (commercial access + video + alarms + commercial doors), and the Convergint #1 SDM Top Systems Integrator status (8th consecutive year, ~$2.6B revenue) negotiates as an equal — not as someone being educated by the buyer’s diligence team at their own expense.

The 18–24 month pre-sale playbook for New York security integration businesses

Owners who reach the top of the multiple range almost always prepared deliberately. With 12–24 months of runway, prioritize:

• Push RMR mix above 30% (ideally 40%+). Project-only shops clear 4x-5x EBITDA; 25-40% RMR shops clear 6.0x-8.0x; 40%+ RMR platform-quality clears 8.0x-11.0x. The single largest valuation lever is converting one-time project work into recurring monitoring, managed access control, video analytics SaaS, or service agreements. Every 20 RMR points above the 25% threshold adds 1.5x-3x of EBITDA-multiple premium.
• Document the RMR book line by line. UL-listed central station relationship, contract duration distribution, attrition by customer segment, MRR by service line (monitoring, managed access, video analytics SaaS, service agreements), gross margin per RMR dollar. Buyers price RMR at 40x-60x for clean commercial books with low attrition – a clean reconciliation defends the upper end of the band.
• Pre-clear manufacturer channel-partner status. Genetec, Lenel/S2 Carrier, Software House CCURE, Brivo, Verkada, AMAG, Avigilon Alta, ButterflyMX, HID Global – every channel partner agreement has change-of-control termination rights. Initiate manufacturer-partner conversations 6-12 months pre-LOI to confirm continuity post-close. Failure to do so can void certifications and freeze the buyer’s ability to bid, install, or maintain on those platforms.
• Lock down credentialed-staff retention. NICET fire alarm Level III/IV techs are in 3x undersupply per NICET’s 2024 estimate; BICSI RCDD-credentialed designers and ASIS CPP/PSP-credentialed sales engineers are scarce. Retention bonuses (10-30% of base, vesting 12-24 months) for at least three to five named individuals pre-LOI neutralize the largest key-person diligence risk.
• Normalize owner compensation and inventory. Founder W-2 plus bonus often runs $400K-$900K on a $3-7M revenue shop – normalize to a $180K-$250K market replacement GM/COO comp. Audit pre-2018 inventory (legacy analog CCTV, end-of-life DVRs, discontinued access-control panels like Software House CCURE pre-9000 and Lenel OnGuard older builds, intrusion panels like Honeywell Vista pre-128BPT) and write down 30-60% of obsolete stock pre-LOI to neutralize buyer haircuts.
• Audit the qualifying-agent transfer mechanic. Most states do NOT transfer the business license on stock sale; the qualifying agent or qualifying individual remains licensed but the business license requires re-application or notification within 30-60 days. Plan the seller’s qualifying-agent retention (typically 18-24 months on payroll through earnout) and the buyer’s qualifying-agent endorsement timeline pre-LOI.
• Where federal cleared work is in scope, audit FCL status. DCSA Facility Clearance Level review, DD-254 (NCCS submission via PIEE) updates, and cleared-personnel transition planning take 60-180 days. Sellers with active FCL attract strategic-acquirer competition from Convergint, Everon, Pavion, and Securitas (all of whom maintain cleared-work bench depth) plus PE platform demand from Pye-Barker and Sciens.
• Document warranty and rework reserves. Underreserving for callback and warranty on recently installed access control jobs is a common $50K-$200K working-capital adjustment at close. Pre-close reconciliation of deferred revenue (annual prepaid service agreements) and warranty reserve neutralizes this adjustment.
• Real-estate optionality on the warehouse. Most $2-10M EBITDA integrators own or hold-lease an 8,000-25,000 sf warehouse. Carve owner-occupied real estate into a separate entity at LOI and lease back via a 15-20 year triple-net at market rent ($9-$16/sf depending on geography) – this typically generates a $3-5M side transaction.

For broader framing, see our security integration hub guide, our fire protection hub guide, our quality of earnings report explained, and our lower middle market buyer mandate report.

Common mistakes New York security integration owners make when selling

• Anchoring on revenue rather than adjusted EBITDA, RMR mix, and retention. Revenue multiples are not a useful primary lens because gross margin in security integration ranges 30-45% depending on project mix and 55-75% on pure RMR books. RMR-mix penetration is the binding multiple-tier break.
• Failing to pre-clear manufacturer channel partners. Genetec, Lenel/S2 Carrier, Software House, Brivo, Verkada all have change-of-control termination rights – sellers who don’t initiate these conversations pre-LOI can void certifications post-close and create $100K-$500K of re-certification cost plus 6-12 months of frozen bid pipeline.
• Soliciting outdated buyer lists. Pye-Barker added ADIA + GIC in January 2025 (Altas still majority, Leonard Green increased stake); Convergint is Leonard Green + Harvest Partners since Ares Management exited December 2021 (NOT Ares + Harvest + Leonard Green); Everon is pure GTCR-backed since October 2, 2023 (NO Apollo involvement); Vector Security is The Philadelphia Contributionship Mutual Holding Company since December 2022 (NOT a PE platform); Security 101 was acquired by Morgan Stanley Capital Partners February 24, 2026 (the freshest LMM platform). Outdated cap tables waste buyer outreach cycles.
• Ignoring the qualifying-agent transfer mechanic. Most states do NOT transfer the business license on stock sale – the qualifying agent or qualifying individual remains licensed but the business license requires re-application within 30-60 days. Asset deals with the qualifying agent retained on payroll through earnout (typically 18-24 months) are the market norm for sub-$10M EBITDA shops.
• Treating bonding as un-portable. A documented surety relationship is a transferable asset in the economic sense – sureties underwrite the post-close balance sheet and management, so a credible buyer can preserve or expand the line. Sellers who let the incumbent surety lapse pre-close lose that premium permanently.
• Underestimating credentialed-staff retention risk. NICET III/IV techs, BICSI RCDD-credentialed designers, and ASIS CPP/PSP-credentialed sales engineers are scarce and lateral-hireable. Buyers require 12-24 month retention agreements with 10-30% retention bonuses for at least three to five named individuals; sellers without these agreements pre-LOI face material price discounts.
• Ignoring DBE / HUBZone certification status post-USDOT IFR. The October 3, 2025 USDOT Interim Final Rule de-certified every DBE pending individualized social-and-economic-disadvantage re-evaluation; the SBA HUBZone January 16, 2025 update shifted to triennial recertification. Set-aside contract assumability is now materially uncertain – sellers should not anchor valuation on DBE / HUBZone certifications surviving the change of control.
• Underreserving warranty and rework on access-control jobs. Recent installs (Software House CCURE 9000, Lenel OnGuard, Genetec Synergis, Brivo OnAir, Verkada Command) commonly have callback issues for 12-24 months post-install. Underreserving creates a $50K-$200K working-capital adjustment at close.

Companion guides for New York security integration owners

• National security integration sell-side hub — full sector framework, buyer pool with CURRENT ownership detail, and subvertical pricing stratification.
• Fire protection hub — adjacent for fire/life-safety bundled operators where multi-trade integration commands a premium.
• Quality of earnings report explained — how the RMR-book documentation, owner compensation normalization, inventory haircuts, and warranty-reserve reconciliation are documented in a sell-side QofE.
• Business broker vs investment banker — why a $10M+ security integration deal needs an M&A advisor rather than a Main Street broker.
• Lower middle market buyer mandate report — what Pye-Barker, Convergint, Everon, Securitas, Pavion, Sciens, and Cobalt are actually paying in 2026.

New York security integration sale 2026 outlook

The 2024–2026 window is the structural sell-side moment for US commercial security integration, and New York is no exception. Capstone Partners tracked 242 security solutions deals in 2025 (+24.1% YoY), 125 fire and life-safety deals (+66.7% YoY), with PE platform volume +33.3% YoY. The named buyer pool is small, well-funded, and competing on every meaningful deal: Pye-Barker closed 41-57 deals in 2025; Pavion 20+; Sciens 26+; Cobalt 19+; Securitas Technology multiple US deals (Sonitrol Ft. Lauderdale + Level 5 Security Group December 2025); Security 101 was acquired by Morgan Stanley Capital Partners February 24, 2026 and is itself an active acquirer. RMR-multiple cycle remains at decade-highs, lender appetite for asset-light recurring-revenue services is healthy, and technology complexity (cloud-hosted access control, AI video analytics, edge-compute identity, managed cyber-physical convergence) is outrunning the independent shop. A New York seller running a competitive process across the named buyer pool in 2026 captures the cycle premium; one who waits past 2027 risks selling into a thinner buyer pool if rate compression cools LBO appetite.

Frequently asked questions

What multiple should I expect for a New York security integration business?

Sub-$2M EBITDA single-state project integrators in New York typically clear 3.5–5.5x EBITDA in a competitive process; $2M–$5M regional integrators with 20–40% RMR clear 6.0–8.0x; $5M–$10M platform-quality businesses with 40%+ RMR clear 8.0–11.0x; $10M+ multi-state platforms clear 11–14x EBITDA with the strongest fire/life-safety bundled, cleared-work, or video-analytics SaaS operators reaching 15x+. Pure commercial monitoring books trade at 40–60x RMR with UL-listed central station coverage and clean attrition the binding underwriting criteria.

Who is most likely to buy my New York security integration company?

The most likely acquirers fall into three buckets: dominant fire/life-safety + security consolidators (Pye-Barker Fire & Safety since the January 2025 addition of ADIA + GIC alongside Altas Partners majority and Leonard Green increased stake; Sciens Building Solutions backed by Carlyle Group; Pavion backed by Wind Point Partners), commercial security integration platforms (Convergint Technologies backed by Leonard Green + Harvest Partners; Everon backed by GTCR since the $1.6B ADT Commercial carve-out closed October 2, 2023; Securitas Technology following the $3.2B STANLEY Security acquisition July 2022; Cobalt Service Partners backed by Alpine Investors since December 2023 launch; Security 101 acquired by Morgan Stanley Capital Partners February 24, 2026), and selective strategic appetite from Johnson Controls (NYSE:JCI) and Honeywell (NYSE:HON) plus Vector Security (owned by The Philadelphia Contributionship Mutual Holding Company – mutual-insurance parent, NOT a PE platform). For most $3M–$10M EBITDA New York sellers, three to five of these will run real diligence in a well-run competitive process.

How long does a New York security integration sale take?

Plan for 6–9 months from go-to-market to closing. Marketing and IOI collection is typically 45–60 days; LOI through definitive agreement is another 60–90 days; manufacturer-partner pre-clearance (Genetec, Lenel/S2, Software House, Brivo, Verkada) and qualifying-agent transition planning add 30–60 days on top of standard close mechanics. For federal cleared work with active DCSA Facility Clearance Level, add another 60–180 days for FCL review and cleared-personnel transition.

Asset sale or stock sale for a New York security integration deal?

Asset deals dominate sub-$10M EBITDA security integration transactions because of license-transfer risk on stock sales (most states do NOT transfer the business license on stock-control change), successor liability for warranty/E&O claims, and bonded-job liability. Stock deals are reserved for larger platforms with sophisticated reps and warranties insurance. The decision is driven by buyer tax preference (basis step-up on asset deals), seller tax preference (capital-gain treatment on stock), and the qualifying-agent continuity analysis.

How does the RMR retention earnout work in a New York deal?

RMR retention earnouts are the standard structure – typically 18-24 month earnout tied to RMR retention thresholds (90% retention = 100% earnout), with net-net attrition counted (cancellations less new MRR adds within the transferred book). Sellers who actively grow MRR through the earnout window can exceed the 100% threshold and unlock upside; sellers who let attrition run cap the earnout or trigger clawback. The RMR retention earnout is the single largest negotiating point at close and structures buyer-seller alignment through the transition.

What happens to my qualifying agent at closing?

State low-voltage licensing typically requires the qualifying agent or qualifying individual to remain licensed – most states do NOT transfer the business license on stock sale. The buyer either retains the seller’s qualifying agent on payroll through earnout (typically 18-24 months) while the buyer’s qualifying agent obtains New York-specific endorsement, or structures the deal as an asset purchase with the qualifying agent remaining a key employee. Pre-LOI conversations with the seller’s qualifying agent on retention terms, compensation, and post-close role are essential.

How does federal cleared work change my New York valuation?

Sellers with active DCSA Facility Clearance Level (FCL) credentials and cleared-personnel bench depth command a meaningful multiple premium. Convergint, Everon, Pavion, and Securitas Technology all maintain cleared-work bench depth and compete aggressively for FCL-cleared New York integrators. Add Pye-Barker and Sciens for fire/security bundled cleared-work operators. The FCL premium typically runs 1.0x-2.0x of EBITDA above non-cleared peers; for SCIF/intelligence-community work, the premium can extend to 2.0x-3.0x of EBITDA.

This guide reflects 2026 US commercial security integration M&A market conditions and CT Acquisitions’ direct work with active strategic and PE buyers. Multiples are directional, not a guarantee; every integrator is underwritten on its own RMR mix and retention, monitoring station relationships, commercial access control manufacturer-partner footprint (HID, Lenel S2, Genetec, Software House CCURE, Brivo, Verkada, AMAG, Avigilon Alta), video surveillance and VMS bench (Genetec Security Center, Milestone XProtect, Avigilon Control Center, Verkada), intrusion-alarm panel base (Honeywell Vista/Pro-Watch, DSC, Bosch), credentialed staff (NICET, BICSI RCDD, ASIS CPP/PSP/PCI), state qualifying-agent license stack, cleared-personnel staffing (DCSA Facility Clearance Level where applicable), adjusted EBITDA, and growth profile. State low-voltage licensing (Texas DPS Private Security Bureau, California CSLB C-7, Florida ECLB Certified Alarm Systems Contractor Class I/II, Georgia Low-Voltage Contractor License, Virginia DCJS, NC Alarm Systems Licensing Board), ESA / SIA / TMA / NSCA trade-association standards, UL 2050 central-station listings, DD-254 / NISPOM for cleared work, OSHA 29 CFR 1910 general industry standards, CISA OT/IoT guidance and NIST SP 800-82, SOC 2 Type II for managed-services books, and the USDOT October 3, 2025 Interim Final Rule plus SBA HUBZone January 16, 2025 triennial-recertification update on DBE / WOSB / SDB / HUBZone transferability are in active transition — confirm current requirements with qualified specialty-construction and electronic-security counsel before relying on them in a transaction.