SAN RAMON, Calif. — A month after it purchased 24,000 subscriber accounts from Pinnacle Security, SAFE Security has acquired an additional 11,000 accounts from the summer sales model company.
The accounts, created between 2008 and 2010, represent $500,000 of recurring monthly revenue (RMR). The firm will monitor all new acquired subscribers at its San Ramon, Calif.-based monitoring center SAFE Monitoring Technologies.
“This completes Phase II of the Pinnacle account transaction,” SAFE President and CEO Paul Sargenti says. “When added to the prior close last month, [this transaction] brings the total amount acquired from Pinnacle to about $1.6M of RMR. This is a great addition to SAFE’s existing portfolio and we look forward to providing the highest standard in security services to these new subscribers.”
The latest deal marks another development in the company’s growth strategy, according to Sargenti.
“These acquisitions typify the tremendous support we’ve received from our partners at ICV Capital Partners and our lender group led by the Bank of America and consisting of US Bank, Bank of Montreal, Madison Capital, and One West Bank,” he says.
Investment banking services for both Phase I and Phase II of the Pinnacle acquisition were provided by Security Performance Partners, a business and financial advisory firm for the electronic security industry.
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