Eastern Bank provided acquisition and working capital financing to help fund Lynn, Mass.-based Wayne Alarm Systems’ acquisition of Lexington, Mass.-based Lexington Alarm Systems.
The transaction facilitates the combination of two well-established security alarm companies into one premier electronic security alarm and life safety solutions company serving Boston and its surrounding communities.
“Eastern Bank is proud to be the banking partner for Wayne Alarm for this wonderful strategic combination of Wayne Alarm and Lexington Alarm Systems,” said Greg Buscone, group head commercial banking for Eastern Bank. “Ralph W. Sevinor and Wayne Alarm Systems is the first Security Alarm client of the recently formed Security Alarm Lending Group at Eastern Bank. The team has many years of experience from a previous institution and is very pleased to have specialty knowledge in RMR lending at Eastern Bank. The security alarm industry has changed over the years given new technologies and customer demands. Eastern Bank’s team is poised to be at the forefront of the industry needs for today and into the future. Eastern has a pipeline of many other transactions to follow.”
“Eastern’s team of industry sector specialists were true partners in making this happened and can honestly say that without Eastern’s full understanding of our industry and assistance, the process would have been significantly more difficult,” said Ralph W. Sevinor, president of Wayne Alarm Systems.
