Capital One announced today that it provided a five-year, $10 million senior revolving line of credit to Bates Security and Sonitrol of Lexington, a family-owned business headquartered in Lexington, Ky. John Robuck, managing director of the security finance lending practice originated the transaction. The company also chose Capital One as its primary depository bank and commercial card provider.
“We decided to strengthen our relationship with Capital One because of its longstanding support for the security business,” said Jeremy Bates, the company’s president. “We have turned to John and his team many times over the years for their perspective, and we are looking forward to tapping their insight even more in the future as we continue to grow our business.”
Bates Security has delivered electronic security, fire, access, video and locksmith services to a variety of governmental, commercial and residential customers for more than 33 years, the company described. It recently branched out from its Kentucky base by opening a sales, service and installation office in Jacksonville, Fla. “Bates Security has a dynamic business model,” Robuck said. “This new capital puts the company on a trajectory for further growth.” Bates Security intends to continue to use the facility to fund organic expansion in the Jacksonville area, and take advantage of acquisition opportunities in both Kentucky and Florida.