Tucker’s Farm Corporation has acquired one of the largest family-owned locksmith businesses in the US, marking the Bermudian-based investment vehicle’s expansion into the security sector through its new tech-enabled holding company, The Badlands Security Company.

The acquired business, known as the “Platform Asset”, has operated for more than 70 years and services about 10,000 doors.

The deal is part of the Tucker’s Farm broader strategy to invest in technology-driven access control solutions.

“Badlands is an exciting addition to the Farm’s growing family of companies,” said Gabe Littman, chief operating officer of Tucker’s Farm Corporation. “We have a phenomenal partner in our Platform Asset and feel that we can incubate a world-class, tech-enabled access-control business with them and other partners. If there are any locksmiths out there that would like to join our family, please reach out!”

Hy Vaupen, founder of Vaupen Financial Advisors, which advised the Platform Asset, said: “I was impressed by the sincerely courteous and respectful way everything was handled from start to finish.

“Everyone at Tucker’s Farm acted as proper fiduciaries and demonstrated the honest character that they are at their core.

“That is a reflection of why I believe this transaction will translate into a highly successful business and personal relationship, and move this company to the next phase of its evolution.”

Quilvest Capital Partners provided debt financing for the acquisition. “We are pleased to partner with Tucker's Farm and the founding family of the Platform Asset and look forward to being a part of the growth story going forward,” said Charles Davis, a partner at Quilvest. “We value Tucker’s Farm's partnership-centric approach and are eager to continue our long-term relationship with them.”

The acquisition is the latest in a series of deals by Tucker’s Farm, which has recently closed transactions across various industries, including aesthetics, franchising and speciality services.

Harris Williams & Co. served as financial adviser, and Taft Stettinius & Hollister LLP provided legal counsel to Tucker’s Farm Corporation.