NorthStar Alarm Services LLC, Orem, Utah, increased its credit facility to $80 million, doubling its facility since the company’s recapitalization 20 months ago, with Bank of America, Goldman Sachs, and The Beekman Group.
Bank of America remains the lead bank on the expanded credit facility and new participants include: The Private Bank, Chicago, Capital Source, Los Angeles, and Capital One, McLean, Va. NorthStar will use the additional financing to support the company’s anticipated growth over the next two years.
“In mid-2014, it became apparent that an increased credit facility would be necessary to support the growth we were experiencing — and it became essential after our acquisition of certain assets from Vision Security,” said Jason Christensen, CEO of NorthStar. “It’s exciting to see the growth of NorthStar and see that we are on track to accomplish the goals we set as a company two years ago.”
NorthStar has established itself as a key player in the security industry, doubling its RMR over the past two years from approximately $1 million to over $2 million. The company was ranked No. 34 on the SDM 100 in 2014.