ADT Acquires Queensland Security Integrator – ADT, through its parent Intelligent Monitoring Group, has entered into a binding agreement to acquire Queensland-based security integrator Kobe for $A7 million.
Under the terms of the agreement, IMG will pay an initial cash consideration of $6.98 million, with a second deferred payment estimated at $1.92 million. The second tranche is subject to adjustments based on working capital, cash, and debt amounts at completion and will be determined by Kobe’s actual EBITDA for the financial year ending June 30, 2026.
The acquisition is expected to be immediately accretive to IMG’s earnings per share (EPS) and is projected to contribute approximately $2.5 million in pro forma EBITDA for the 2025 financial year. This represents an acquisition multiple of 3.5 times EV/EBITDA.
Kobe was founded in 1999 and specialises in providing security systems to government, mining, industrial, retail, and other commercial customers, primarily in Queensland.
With 20 staff based in Brisbane, Kobe services include electronic security installation, design and procurement, servicing and maintenance, component supply, and consultancy. Speciality services include access control, alarms, CCTV and video intercoms.
The acquisition will be executed through IMG’s subsidiary, ADT Security Group Pty Ltd, and is expected to be completed this quarter, pending customary conditions.
According to Dennison Hambling, managing director of IMG, the acquisition is part of IMG’s strategy to expand its national footprint in the commercial and enterprise sectors.
“This acquisition represents another step in IMG’s strategy, through ADT, to build a comprehensive network of security technicians across Australia and New Zealand to support our enterprise and commercial customers,” Hambling said.
Hambling said that ADT’s commercial business has grown significantly under IMG’s ownership, from $2 million in revenue prior to acquisition to an annualised rate of over $55 million by the end of December 2024. The addition of Kobe is expected to further bolster ADT’s growth as it aims to return to historical revenue levels of $125 million annually.
IMG has also provided guidance for adjusted EBITDA to reach or exceed $38 million for the 2025 financial year, excluding contributions from recent acquisitions. KOBE is expected to add $2.5 million to this figure.
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“ADT Acquires Queensland Security Integrator Kobe For $A7 Million.”
