SAFE Security, San Ramon, Calif., acquired from Alarm Funding Associates more than 16,000 CastleRock Security residential and commercial alarm monitoring subscriber accounts, representing approximately $650,000 of recurring monthly revenue (RMR).
“These accounts fit very nicely into our U.S. and Canada footprint,” said Paul Sargenti, SAFE’s president and chief executive officer who founded the company in 1988. “With this acquisition we have more than doubled our account base since 2012. We are well equipped to assimilate them and look forward to providing the highest standard in security services to these new subscribers.”
Sargenti commented, “The CastleRock Security acquisition highlights the beginning of SAFE’s 25th year in the security alarm industry. SAFE is firmly positioned as a full service alarm company and this purchase complements our other growing revenue channels.”
The addition of this RMR to SAFE’s existing portfolio parallels the organic growth from its dealer program, SAFE Dealer Network.Sargenti concluded, “Major operational changes in the past few years, combined with a steadfast management discipline have resulted in an intelligent growth and expansion potential that SAFE is well able to handle. We are grateful for the support given to us by 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, for this and Pinnacle Security account acquisitions earlier this year.”