Gores Group Sells Security CompanyWednesday, April 9, 2014
Gores Group on Wednesday said it has sold an Alabama security products company to Cornerstone Detention Products in the same state.
The Westwood investment firm led by billionaire financier Alec Gores said it acquired Montgomery, Ala.-based Norment Security Group in 2007 and has worked to beef up its line of locks, fire alarm systems and similar products sold under the Airteq, Trentech and ECS brand names. Norment also provides facility maintenance and other services. Cornerstone is in Huntsville.
“The acquisition of Norment makes Cornerstone Detention the forerunner in the detention market and positions us to take advantage of an expanded global footprint and stronger distribution channels while enhancing our product and service offering,” Cornerstone Chief Executive Mitch Claborn said in a statement.
Financial terms were not disclosed.