Intelligent Monitoring Group has announced a significant strategic acquisition in New Zealand, entering into a binding agreement to acquire all shares in BlueSky Holdco Limited—comprising Tyco NZ and Red Wolf—from Johnson Control Luxembourg European Finance S.a.r.l, a subsidiary of Johnson Controls International. The acquisition strengthens IMG’s presence in the New Zealand security and fire protection markets and materially expands its commercial footprint.
Tyco NZ is one of New Zealand’s leading fire protection service providers, operating under the Wormald brand, while Red Wolf is a specialist high-security provider with a strong customer base across government, council and commercial sectors in Wellington. Together, the two businesses deliver recurring service, maintenance and installation work across 12 branches with more than 300 staff. The acquisition complements IMG’s existing ADT New Zealand operations, which are strongest outside Wellington.
IMG will pay NZ$45 million in cash, subject to customary working capital, cash and debt adjustments at completion. The combined Tyco NZ and Red Wolf businesses are expected to contribute pro forma FY26 revenue of NZ$89.5 million and EBITDA of NZ$10.9 million before any cost synergies, transaction costs or restructuring charges.
Once the acquisition is completed, IMG expects pro forma consolidated annualised revenue of approximately $318 million and EBITDA in the range of $53 million to $57 million, based on guidance provided at the company’s 2025 AGM. This represents a pro forma EPS uplift of 24.6 to 28.3 per cent compared with the lower end of the company’s previous guidance range.
Completion is not expected before 28 February 2026. IMG will fund the acquisition through debt drawn from existing approved NAB banking facilities, including its $35 million NAB Acquisition Facility, supplemented by operating cash flow.
Managing Director Dennison Hambling said the acquisition represents a major step in strengthening IMG’s position across Australasia. “This is a unique opportunity to materially enhance our commercial footprint in New Zealand by way of a broad, significant and historic leading service provider. This acquisition not only adds a very stable business with a strong recurring revenue base but will allow us to introduce our leading security products to commercial NZ in a significantly enhanced and more rapid fashion, as we have 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. 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.”
IMG’s acquisition continues the company’s strategy of scaling its operations through selective, earnings-accretive transactions funded through disciplined capital management.
