SAFE Security Refinances; Will Pursue Continued Growth With $130M in Capital
Paul Sargenti, president and chief executive officer of SAFE Security, San Ramon, Calif., announced that Bank of America leads a five bank syndicate that has refinanced SAFE Security’s senior debt facility. The new facility provided by the Bank of Montreal, One West Bank, Madison Capital, and US Bank in addition to the Bank of America provides SAFE Security with $130 million of capital to pursue its growth strategy.
SAFE Security has been making headlines ever since it was acquired by ICV Partners last year with its two-part acquisition of Pinnacle Security accounts, launch of a monitored DIY offering and expansion of its dealer program. SAFE Security is currently ranked No. 26 in the SDM 100.
“In concert with our equity partners at ICV, this expansion of our senior credit lines will provide the capital that SAFE needs to execute its long term growth strategy and stay on track with strategic acquisitions and geographic expansion,” said Sargenti, who founded the company in 1988. “It also gives us financial flexibility to provide the finest security services and monitoring to our customers nationwide.
The two acquisitions the company has completed thus far in 2013 have brought in approximately $1.6 million of RMR from now-all-but-defunct Pinnacle Security. To balance strong acquisition growth, the company is ramping up its dealer program with a $10,000 reward incentive program. Add to that the new SAFE@home™ division that will expand the company’s reach to a whole new market — and put it in competition with big box retailed Lowe’s, which recently launched a DIY security line.
Sargenti stated on multiple occasions that ICV Partners along with the company’s lender group will be a key source of support and stability as SAFE Security carries out this aggressive growth strategy.