DTT Closes $80 Million Facility With Capital One, Acquires LP Innovations
DTT, a provider of video-based managed service solutions to the hospitality and C-Store industries, announced the closing of an $80 million debt facility led by administrative agent Capital One and CapitalSource, a division of Pacific Western Bank. The facility will be utilized primarily for the acquisition of LP Innovations Inc. (LPI), a loss prevention provider to the retail industry and for additional growth capital.
“We are very excited to join forces with the LPI team led by Steve May. LPI is a venerable Loss Prevention company with over 20 years of excellence in the retail industry,” said Sam Naficy, CEO and founder of DTT. “The merger makes DTT the first and only company that can provide clients with a full suite of LP solutions across multiple industries, merging standard LP solutions together with leading-edge solutions, including BI Tools, POS integration, video analytics and remote audits.”
The acquisition of LPI will enable DTT to continue developing innovative data analysis and risk mitigation technology and to maintain its position as the leading provider of managed loss prevention solutions in all of retail, the company described.
“At LPI, we are focused on protecting the investments of our clients” said Steven May, president of LPI. “Our solutions are a great fit for DTT’s service offerings, and as a result of this merger, we will now be working together to deliver the value of our combined companies to our customers, helping them grow their businesses and increase their operational efficiency.”
John Robuck, managing director and head of security finance at Capital One, said, “We continue to enjoy the long-standing partnership with DTT and we’re excited to play a role in this significant expansion opportunity for the business.”