Citizens Bank Provides Credit Facility to Alarm Detection Systems
October 1, 2015
Citizens Bank is providing a $26 million senior secured credit facility to Aurora, Ill.-based Alarm Detection Systems.
Founded in 1968, Alarm Detection Systems is a family-owned and operated company that installs and services fire alarms, CCTV and access controls. The credit facility will be used for general corporate purposes and to finance a portion of the acquisition of Safe Systems, a privately owned security alarm company located in Colorado.
“As a longtime client, we continue to be impressed by how quickly and effectively the Citizens team is able to complete transactions like this one,” said Terry Olah, executive vice president and CFO of Alarm Detection Systems. “The funds will be used to execute our long-term growth strategy.”
Greg Buscone, senior vice president and market manager of specialized banking at Citizens, said, “Alarm Detection Systems has a great business and we’re excited to be able to offer our expertise in security alarm industry financing to help them achieve their strategic and financial goals.”