NEW YORK — ICV Partners (ICV), an investment firm focused on lower middle market companies, has acquired San Ramon, Calif.-based SAFE Security for an undisclosed amount.
“The security alarm industry has 20 years of stable growth and our exciting new partnership with ICV will help accelerate our growth initiatives in existing and new markets,” SAFE Security CEO Paul Sargenti says. “ICV has a long history of successfully partnering with founder-owned companies and we look forward to working with them.”
Founded in 1988, SAFE Security provides monitoring services, installation, maintenance and other related services to homeowners and businesses nationwide. The company purchases, finances and serves residential and commercial security alarm monitoring contracts, in addition to installing alarm systems. In April, the firm launched the SAFE Dealer Network to help independent dealers strengthen their businesses.
SAFE Security’s ability to grow its customer base despite economic turmoil appealed most to ICV Partners, according to Cory Mims, managing director for ICV.
“The security alarm industry is highly fragmented and stable; it has demonstrated resilience through the last recessionary period,” he says. “We are confident that with a stable source of capital and additional expertise from ICV we can work with Paul and his strong management team to further grow the company.”