Industry Veteran Richard Ginsburg Joins Central Security Group as CEO
One of the security industry’s most successful executives to lead Top 10 provider, building on its notable platform and position in growing marketplace
TULSA, Okla.--(BUSINESS WIRE)--Central Security Group (“CSG”) announced today that Richard Ginsburg, former Chief Executive Officer (CEO) of Protection 1 and Guardian International, has been named CEO and a member of its board of directors effective immediately.
“The increased consumer demand in home automation and security services makes this an ideal time to take the well-positioned CSG platform and expand within this ever-changing and evolving market. The opportunities for the CSG team moving forward are exhilarating.”
With more than 25 years of leadership and operating experience in the security and home automation space – and most recently leading one of the largest operating restructurings in the industry – Ginsburg will bring his proven track record of service, innovation, strategic execution, and value creation to CSG.
“I am extremely excited to lead the talented CSG team as well as partner with the hundreds of CSG authorized dealers across the United States. It is rare when you find a company in today’s consolidated marketplace that has the benefit of CSG’s size, a solid base of authorized dealers, and a top-tier, experienced employee team,” said Ginsburg. “The increased consumer demand in home automation and security services makes this an ideal time to take the well-positioned CSG platform and expand within this ever-changing and evolving market. The opportunities for the CSG team moving forward are exhilarating.”
Founded in 1999, CSG is one of the fastest growing security and home automation platforms in the United States. The company partnered with growth equity investor Summit Partners in 2010 to help expand its dealer network and grow its subscriber base. Today, CSG is the 8th largest security monitoring company in the United States (ranked by residential subscribers). Among CSG’s many assets are Guardian Security, Oklahoma’s largest security provider for more than 30 years; a state-of-the-art monitoring and customer care center in Tulsa; and a branch network throughout the Sun Belt.
At Protection 1, Ginsburg led a transformation of the company and built its industry-leading position, in part, by energizing the employee base at all levels; creating operating efficiencies; cutting attrition dramatically; becoming the first national monitoring company to offer interactive security services; and launching a commercial national account business. Under Ginsburg’s leadership, Protection 1 grew to become the second-largest security company in the industry, and in 2010, the company was acquired for nearly $900 million. Prior to Protection 1, Ginsburg was CEO at Guardian International, a company he founded at age 24. He most recently served as a managing director at G3 Capital Partners, an early-stage investment company.
About Central Security Group
Central Security Group is the 8th largest residential security monitoring company in the United States. It serves approximately 200,000 customers primarily in the Sunbelt states. The company has achieved positive net growth every year since its founding in 1999. The company has a network of hundreds of authorized dealers as well as a robust branch network that services its customers. The company also owns Guardian Security, Oklahoma’s largest security company for over 30 years, and maintains a state-of-the-art monitoring and customer service center at Cityplex towers in Tulsa, Okla. For more information, visit www.centralsecuritygroup.com.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that has raised nearly $15 billion in capital. Summit has invested in more than 385 companies in technology, healthcare and other growth sectors. These companies have completed more than 130 public offerings, and more than 140 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.