SAFE Security, San Ramon, Calif., acquired approximately 11,000 security alarm monitoring subscriber accounts representing $500,000 of recurring monthly revenue (RMR) from Utah-based Pinnacle Security. The vintage accounts created between 2008 and 2010 are similar to the 24,000 accounts acquired by SAFE from Pinnacle in early February.
“This completes Phase II of the Pinnacle account transaction, and when added to the prior close last month brings the total amount acquired from Pinnacle to about $1.6 million of RMR,” said Paul Sargenti, SAFE’s president and chief executive officer who founded the company in 1988. “This is a great addition to SAFE’s existing portfolio and we look forward to providing the highest standard in security services to these new subscribers.”
Sargenti noted that, “these acquisitions typify the tremendous support we’ve received from our partners at ICV Capital Partners and our lender group lead by the Bank of America and consisting of US Bank, Bank of Montreal, Madison Capital, and One West Bank.” Investment banking services for both Phase I and Phase II of the Pinnacle acquisition were provided by Security Performance Partners.
Along with the subscribers acquired in Phase I, the new subscribers will be monitored at SAFE Monitoring Technologies, SAFE’s state of the art monitoring center located in San Ramon, California.