$75 Million Credit Facility Supports Continued Growth for Ackerman Security
Ackerman Security Systems closed a $75 million five-year financing led by RBS Citizens as lead agent with Capital One as syndication agent and TD Bank as a major participant.
According to Jim Callahan, president, “This credit facility will provide Ackerman with the financing it needs to continue its growth strategy. This includes funding for additional initiatives we are considering such as entering new markets or acquisitions.”
Ackerman provides residential and commercial security solutions in Atlanta and Washington D.C., and it serves multi-site commercial customers throughout the United States. The company reported it grew four-fold since 2005 to more than 85,000 customer sites and $2 million in recurring monthly revenue. Its growth has been primarily through expanding market share using a direct sales force of over 100 professional representatives.
Jeff Cohen, chief financial officer, said, “We were delighted with the work of RBS Citizens in this financing and each of our bankers are highly experienced specialists in the security sector who have added a lot to this relationship. This financing gives us tremendous flexibility and options. While our internal cash flow supports most of our growth, availability of specialized bank financing has enabled us to grow our account base at a pace of over 20 percent per year over the last several years making us one of the fastest growing of the top 25 companies in the industry.”
After operating primarily in the Atlanta market for more than forty years, Ackerman successfully entered the Washington, D.C. market in 2010 and became a significant competitor there in two years. This new market initiative was supported very efficiently by the company’s field operations which are entirely paperless using electronic documents, advanced enterprise software and wireless communications technology.
“RBS Citizens is happy to support the continued growth of Ackerman Security Systems. This company is a great fit for our Electronic Security Specialized Banking group. We are proud to add Ackerman to the growing number of customers served by RBS Citizens Capital Markets,” said Jane Westrich, senior vice president, RBS Citizens.
Bruce Turry, chief executive officer, stated, “This financing gives a tremendous boost to our long term growth strategy. It will enable us to offer more advanced systems and advanced technology to our customers. We are gratified by the confidence our banks have in our strategy and the strength of our company.”