Industry Vet Buying Integrators For New Conglomerate (DFENDUS)

Author: Michael Budalich, Published on Dec 21, 2017

Industry veteran Dan Marston has started a new company, DFENDUS, with the specific goal of buying up integrators to form an operating conglomerate.

IPVM spoke with Marston to understand his strategy, the kinds of integrators he is after, and plans to expand beyond Canada, where the company is based.

In this report we outline Dfendus' plan, and how their approach compares to Convergint's integrator buying spree.

******** ********** ********** ******* * *** *******,*******, **** *** ******** **** ** ****** ** *********** ** form ** ********* ************.

**** ***** **** ******* ** ********** *** ********, *** ***** of *********** ** ** *****, *** ***** ** ****** ****** Canada, ***** *** ******* ** *****.

** **** ****** ** ******* *******' ****, *** *** ***** approach ******** ************'* ********** ****** *****.

[***************]

Founder **********

******* *** * **** ********** ** ********, **** ** ** with *******, *** **** **** ********* ***** *** ****** ******** the ******. *** ********** ** ********* **** ***********, ******* ********** roles ******** ***** *** **********-******* *********. ** ***** ** *** this ********** ** **** *** *** ******* ******** *** ***** integrators **** **** ** ********.

DFENDUS ********

*** ******* *** ****** ******* ** **** ********* *** ******* to **** *********** ******** ** ******* ***** ***** ******** ******** after ***** ********, ****** "* ******* *******" ** ***** ******** materials.

*******'* **** ** ** *** *** ******* ************ ** * $100M ******* "** **** ** ********", ** ** ******** ******* this ***** **** **** ** ************* *** **** ****** ************.

** ***** ** ****** *** **** ** ***** ** ******** an ********** *** ******** * ********, ******* *** ********* ** in-house ***** ****. ** ****** **** ***** ****** *** ******** associated **** ***** ************ *** ****** *** ***** **** ** become ********** ** ***** *** ********* *** ***** ***/**** **** processes. ******* ****** **** *** ***** ***** ** ** ******* as ** ****.

Typical ********** ******

******* ** ********* ******* ** *********** ** *** $**-$***** ******* range, ****** **** **** ** ********* ** ***** ** $*** in *******. **** ****** ** *** ** ***, **** * minimum ***** ****** $**,***/**. ** ***** ** **** ** ********** an ********** *********** ******. *********** **** **** ******** ******** ********* to ******** ***** ******** ********** ****** ***** **** ******* ********, quoting *** ********* ** ***** ****-****** ******* *** ** ********** interest.

******* ****** **** ******* *** * ***** **** ****** **** to ******* ********** ********** ******* **** **** ********** ** ***** large ******* ****** ********* ***** ******. ** ***** **** ***** owners ** ***** ********** ** ********** ****** ** **** ***** business **** **** ***** *** ********* ****.

********* *** ******* ** ********* ********-***** ***********, *** *** ******* evaluated **+ *********, *** ****** **** *** ****** **** ** acquisitions ** **** **** ********** **** **** ****** *** ** are ********* * **** *********** ******.

Guard ********** ********

** ******** ** ***********, ******* ** **** ******* ** ******* guard *********. **** *** *** ** *** ** *** ******** being * **** *** *** ** ***********, ********** ** ******** in ********** **** **** ****-**** ******** ********* *** *********.

Valuations ****

***** ********** *** ******** ** **** *******, *********** ****** ****** a ******* *** ******** *** ***, **** **** ********** ****** for ******** *** ********* ** ***** *** ******.

What ** ****** ****-****

******** ****** *** ******** ** **** ** *** *-* ***** post ****, ****** ** **** ***** **** *** ** **********. Marston ****** **** ******** ****** *** ****** *** ********* ********** to ** ******* *** ** **** *** **** **** ******* will *** ******* ** ****** *** ***** ***** *** **** or "**** ****" ***** ****. ******* ****** ****** **** ** acquisition ** *.* *****.

***** *** ******** **** ******* ***** *** ******** *****, *** with ******** ********** ********* ** *****, ******* **** **** ** achieve **** ***** ************ ******* ****-****** **********, ******* **** **** business-related ********* *** ** ************ ** *******' ********* ******.

Future ******* ******** ********

***** *** ******* **** *** **** ** ********* **** *** the ******** ********* ** ******* ****** ***** *** ******* **** and ********, ******* **** **** *** ****** ** *** ****** if ** ***** **** ***** ** ********** *** *** ********** operation.

DFENDUS **** ********

** ******** ***** **** ********* *** * **** **** **** strategy *** *******, ******* *** ******** ******* ***** ******** *** company ***** **** ** ***, ** **** ** * ****** national/global ********** ** ******* ******** ** **** ***** ** *** future.

Compared ** *********** ** **********

*******' ******* ************** ** **** **** *** ***** ** ******* smaller ***********, ***** **** ******** **** **** **** ***** ** attract ** ********** ** ***** ****** *********. ** ********* ** Martson, *********** ******** ** ******* ***** **** ****** **** **** autonomy **** ***** ******** ** **********, ** ******* **** *** have ********* ***** ** ****** * ******** ***** ** ******** strategy *** *** ********** ***.

Comments (12)

Jeremy Ellis

12/21/17 03:35pm

*** **** **** ** ** ** ******* *** “***” *********** onboard ***** * **** **** **** *** *********. **** *****, those ****** *** **** *** **** ***** *** ***** ** the **** **** ********** ********. **** *****, **’* *** ***** the ***.

Undisclosed #1

12/21/17 05:32pm

"*** ******* *** ****** ******* ** **** ********* *** ******* to **** *********** ******** ** ******* ***** ***** ******** ******** after ***** ********, ****** "* ******* *******" ** ***** ******** materials."

*** ********** ** *** *** '****** ******* ** **** *********' group ** ********* **?

Rodney Thayer

12/21/17 06:26pm

***** ****-** ****** **** ** **** ****** ** ******** *** unstellar ***********. **** **** ************** *** *** *** ***** *** there's ********* *** *** **** *** *** ****** **** ** any **** ********* ** ******** ****** ********. * ********** ********** brand **** ***** **** **** *** ***** **** **** ** suck **** *** *** ***** *** *** ********. (******** *** customer? ***'** ****** ** ***** *****....)

Undisclosed Integrator #2

12/21/17 06:30pm

*********** **** **** ******** ******** ********* ** ******** ***** ******** operations ****** ***** **** ******* ********, ******* *** ********* ** other ****-****** ******* *** ** ********** ********.

***, **** ********* **** *** **** *********. *** ** **** of *** **** ** ** **** ****** ********* *** *** "branches" *** ** ******** *** *****, **** ** **** ****** a ******** ** ** * *********** *********** ** ******* ***** the **** ******** ** *** ************.

Lee Jones

Support Services Group | 12/21/17 08:31pm

(******** **** ** ******* ********)

******* ******, *** *** **********, ******* *** ******** ****** ** Convergint *** ******* ….***** ******** ******* **-****** ****** ********. ***** ******** *********** **** ******* ******* **** ********** **-******** Response, *** ******* ******** *** ********* *********** **** ********** ******** models. **** ******* ** ********** (******** **** ** ******** *****). Law *********** ** *** ** ** ****** **** ** *** same *********, *** ***** ********* *** ****** ****** **** ******** of ***** ******** ****… ***** ** * ****** ******, **** lots ** **-********** ******** ******. ** ******* ********** **** ** looking ** **** ****** “***********” ******.

******: *** *****; ******* ******** *****; ******@***.***

Avatar

Michael Silva

Silva Consultants | 12/21/17 10:09pm

*** ***** ** **** ******* *********** ********* ** ***** ******. Period.

** **** *****, *** **** ****** **** ***** ***** *** company ***** ** *********** ******, ** *** ***********, **** ****** the **** **** ** ***. *** ******** ** **** **** with * ***** ** * ******** ***** **** ** *** remaining ********* *** **** ******* ** *** * ******** *** could **** **** ***** *** ******* ** *** *********.

* **** **** **** **** *** **** *** **** ***** over *** **** ** ***** **** **** *** **********.

Chad Rohde

In reply to Michael Silva | 12/22/17 12:12am

* *****. ******** ***** ** ***% ** *** ****. *** not **** ********* ******* ** ***** ************. * ** ****** amazed **** * **** ** *** ************ **** ******* ****** Time ******. *** ***'* ******* *** ****** ** ********* ******** it ****. * ***'* ******* **** **** ***** *** ********* that **** ******* **** *** *** *** ** ******* **** customer *******. *** * **** *** **** *** *** *********** award ***** **** *** ***** ***** ******* **** ****.

Chad Rohde

12/22/17 12:01am

******* ****** **** ******** ****** *** ****** *** ********* ********** to ** ******* *** ** **** *** **** **** ******* will *** ******* ** ****** *** ***** ***** *** **** or "**** ****" ***** ****.

*'** ***** ***** ** ******* ** *******. *** **** ********* alone ***** **** ** **** ******** ****. *** * **** stereotyped ***** ****** ** *****.

Avatar

Brian Karas

IPVM | In reply to Chad Rohde | 12/22/17 12:13am

** *** ********* ** ***** ***** *********** **** ** ** agreement **** * ********* *** *** ********* **** ***** **** "We **** *** $*, ******** *** ******** ***** ****** *********** of ** ***** *% *** *** **** *** *****". ** some ** ***** ***** "*" ** *** *********, ** ***** factors ******* **** ****** *** *** ******* ***** ***** ** with **** **** *** ****** **** ******. *******/******* *** ****** "if ** ***** ** *** $*, *** **** *** $*".

Chad Rohde

In reply to Brian Karas | 12/22/17 01:18am

* *** ****** **** ** **** ** ***** *** ********** your **************. * **** ***'* **** *** **** ** ********* yourself ****** *** ********** *** ********* **** ****** ** ** unspoken ****.

*'* ******** *** ********** ** *******, *** ** *** ******** comments * *** ******* ** *** **** ******** ****** *** by ******:

"** ** ********** ****** **** ***, * .........."

**

"*'* *** ***** ***, * ....."

***** ******** *******'* **** ** ** ******. ***** **** * business **** *** ***** ** *** ******** ********** ** *** outcome. *** ***** ******* ******* ** **** *****'* ******** **. It ***** ** ***** **** *** ******** ** ********* *** at *** *** ** *** *** **** **** *** ***** to *** ** ***.

**** * ****, **** *** ******** **** **** ******. * tend ** **** ***** ****** ***** **** ****. ** * was ****** **** ************ **** ** ****, *** ** ***** the **** *** ******* ** *** **** **** ******* ** me. :)

Jeremy Ellis

In reply to Chad Rohde | 12/22/17 04:53am

*** ******** ** * ****** ***** **** ****** * *******. The **** ** ** ***** ** * *** - *** RMR **** *****, **** (** *** ***** ** *** ****** respected ******** ****** * ***** ****) *** ***** **** *** tree ** **** ** *** *** ***** *** **** ******. You ******** *** ** *** ***-******, **** ******, *** ******* Accounting **** **** ******* **** *** "****" ******** **** *** worth *** *** - *** *********** *****. ** *** ***, you *** ** ******* ** *** **** ******** *** ******* on *** ****** *** *** ****** *** *****. *** *** Clawback. *** *** ******** ** ******.

John Honovich

IPVM | 06/14/18 05:45pm

******: ******* ******** ** **** **** **** ************** ******** ********* **********, *******.

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