Select Security’s $55 Million Senior Credit Facility to Help Launch Company’s DIY Project
June 23, 2016
Select Security, one of the nation’s largest independently owned electronic security and life safety systems providers, announced a new $55 million senior credit facility with the Goldman Sachs Specialty Lending Group. The facility will be used to retire previous debt and provides funding to execute on an aggressive acquisition plan.
“The additional financial resources now available means we can quickly ramp up our growth plans,” said Select Security President, Steve Firestone. “Coupled with the investments we’ve made in our people and infrastructure over the past few years, we anticipate we will look like a different company as we expand within our existing footprint and add new territories.”
Patrick Egan, company founder and CEO, said, “This deal with Goldman Sachs Specialty Lending Group is the largest I’ve ever participated in. Select Security has a proven track record of performance, a highly experienced senior leadership team, past acquisition growth success and several targeted acquisitions.”
The deal was led by Mark Gronowski, managing partner of Barnes Associates, an investment banking firm that serves the electronic security industry. In addition to funding Select Security’s growth through acquisitions, the credit facility will also be used to launch the company’s new DIY project using the Mace brand.
Select Security was founded in 2003 and was ranked No. 37 on the 2016 SDM 100. With multiple local offices covering Pennsylvania, Ohio, Kentucky and West Virginia, Select Security offers integrated security and fire alarms, video surveillance and access control, along with home security, life safety, and home automation systems.