Wittenbach, an Argosy Portfolio Company, Acquires The Gilbertson Group
WAYNE, Pa., Nov. 14, 2022 /PRNewswire/ — Argosy Private Equity, a lower middle market private equity firm, today announced the acquisition of The Gilbertson Group by Argosy’s portfolio company, Wittenbach Business Systems Inc.
The Gilbertson Group (TGG), a second-generation family-owned, UL-Listed company has been providing security solutions to financial, education, healthcare, commercial, pharmaceutical, government, retail, and property management customers for over 30 years. TGG specializes in physical & electronic security systems integration, retail delivery solutions and security consulting, working with the financial and commercial sectors of the Mid-Atlantic region, while also supporting customers throughout the U.S. and Canada.
For over four decades, Wittenbach has delivered cash automation, physical security and electronic security products to regional community and nationally known banks, credit unions and financial institutions with over 2,000 branches. The company’s branch transformation solutions help improve operational efficiencies, increase productivity, reduce costs, and ensure regulatory compliance. Based in Maryland, the company services customers such as Truist, M&T, Huntington Bank, and many others throughout the Midwest and East Coast.
The acquisition of The Gilbertson Group will further enhance the growth of Wittenbach by providing increased density in an important region for Wittenbach and its customers. The company will be enabled to better serve their combined customer base, execute cross-selling opportunities in the FI space and expand into new areas such as government and the wider commercial electronic security sector.
Integration is already underway. The Wittenbach and TGG management teams, along with Argosy, are actively working on executing Argosy’s Value Acceleration Methodology (VAM™) acquisition toolkit to integrate the operations, realize synergies between the companies, and continue to grow the combined company.
Argosy Private Equity Invests in Wittenbach Business Systems
On April 19, 2021, Argosy Private Equity invested in Wittenbach Business Systems. This is the second investment in Argosy’s sixth lower middle-market fund.
Founded in 1974 and headquartered in Sparks, Maryland, Wittenbach is a provider of cash management electronic security, and physical security solutions to local financial institutions, and retail customers. Wittenbach developed an industry-leading reputation for quality and customer service, allowing the Company to capitalize on the emergence of electronic security solutions and continually be at the forefront of the latest cash handling and security technology.
“Wittenbach Business Systems is very excited about our new partnership with Argosy Private Equity. Argosy is committed to upholding the Wittenbach culture of “Our customers are first; Our employees are second; the company is third. If we take care of the first two, company success will follow.” We believe Argosy’s investment in Wittenbach’s growth opportunities will make this partnership a success”, said Roger Wittenbach, Chairman and Founder, Wittenbach Business Systems
“We are thrilled to be partnering with Roger Wittenbach and the rest of Wittenbach’s senior leadership team to continue to fuel the company’s growth. We look forward to working with the entire Wittenbach team leveraging components of our Value Acceleration Methodology (VAM™). Wittenbach has a unique customer first culture that Argosy looks for in its investments”, said Don Charlton, Partner, Argosy Private Equity.
Argosy, with management, has begun execution of its VAM™ strategy, starting with implementing growth initiatives outside of the current operations in the Mid-Atlantic and Southeastern regions of the U.S. The growth strategy includes leveraging the Company’s deep, experienced management team to execute geographic expansion, pursuing accretive acquisitions in this very fragmented market, and increasing wallet share with current customers by capitalizing on Wittenbach’s comprehensive product & service offering.
Argosy continues to source platform investments for its sixth fund to partner and invest with lower middle market niche manufacturing and business to business services companies that have a substantial ability to grow.
M&T Bank Awards Wittenbach Five Year Service Contract for Physical and Electronic Security
M&T Bank has awarded Wittenbach a five year service contract renewal based off Wittenbach’ s proven track record of excellence in supporting The Bank. Wittenbach will remain the sole provider of Electronic and Physical security Maintenance and new equipment for M&T Bank. Wittenbach is partnering with Brown Security Services (BSS) in New York for complete coverage of the M&T Bank footprint. M&T Bank is among the 15th largest US headquartered commercial banks and has over 750 branches throughout The Northeast and Mid-Atlantic.