IMG to buy Tyco NZ and Red Wolf

Intelligent Monitoring Group (IMG) has entered into a binding agreement to acquire all the shares in BlueSky Holdco Limited (Tyco NZ and Red Wolf) from Johnson Control Luxembourg European Finance S.a.r.l (a subsidiary of Johnson Controls International plc) for NZ$45 million (A$40 million).

Tyco NZ is a fire protection service company and Red Wolf is a high-level security provider, with both businesses providing ongoing service, maintenance and installations for commercial customers across New Zealand under the Wormald and Red Wolf brands.

Tyco NZ boasts nationwide coverage through 12 branches and over 300 staff, while Red Wolf has a "strong presence" in the Wellington Government, council and commercial markets, complementing IMG's existing ADT NZ footprint (which is strongest outside Wellington).

Tyco NZ's operations are backed by recurring service contracts, which make up 75% of its annual revenue, with a diversified customer base across commercial, industrial, healthcare, education, marine, aviation and critical infrastructure and "strong regulatory tailwinds driving essential, non-discretionary demand".

RedWolf adds a standalone commercial security provider, supported by security-cleared staff and ISO-aligned processes, certified across major global security platforms and in possession of a "high-recurring-revenue base driven by monitoring, maintenance and asset-management contracts".

Once the acquisition is complete, IMG said it expects a stronger earnings base with higher-quality recurring revenue and improved margin mix; a significantly larger trans-Tasman platform with expanded customer reach and a growing base of 217,000+ monitored and serviced sites; and a strengthening of enterprise value, positioning the business for continued scalable growth.

MD Dennison Hambling said the acquisition not only adds a very stable business with a strong recurring revenue base, but will allow IMG to introduce its security products to commercial NZ in a significantly enhanced and more rapid fashion, as it has been seeking to do in Australia.

"Having been part of the JCI stable, like ADT, these businesses are well known to each other and will entail little disruption on a change of ownership," said Hambling.

"This acquisition is another significant, accretive step forward in building IMG into a serious industrial company with significant profitability, a strong balance sheet and material growth prospects across Australasia”. 

Completion of the acquisition is not expected to occur before 28 February 2026.

Earlier this year, IMG moved to strengthen its Queensland presence through an $8.9 million acquisition of security systems provider KOBE.

KOBE, established in 1999, provides advanced security systems for government, mining, industrial, retail and other commercial customers primarily in Queensland.