AMP Smart Completes Growth Capital Investment Round
The investment, together with AMP’s renewed senior debt facility, provides the company with a growth capital structure in excess of $60 million.
AMERICAN FORK, Utah — AMP Smart, a provider of residential security and smart home services, has completed a growth capital investment round with Seacoast Capital and St. Cloud Capital. The investment, together with AMP’s renewed senior debt facility, provides the company with a growth capital structure in excess of $60 million, according to an announcement.
Based here, AMP Smart currently operates in 21 U.S. states, from California to New York. The company, an Alarm.com dealer partner and provider of panels and other smart home gear by Qolsys, was founded in 2008 by brothers Allen Bolen (CEO) and Dave Bolen (COO).
“As a leading provider of professionally installed and monitored home automation and security, we’re excited to reach more consumers in our nationwide expansion. This investment was completed during challenging economic conditions and is a testament to the strength of AMP’s vision and execution,” says Dave Bolen.
Allen Bolen adds, “We take a lot of pride in creating a culture of success for our team members, and we believe that as we continue to invest in them, the company will naturally continue to grow. This philosophy has gotten us to where we are today, and we’ll put new capital to work by developing an increasing number of outstanding sales representatives and sales managers that are passionate about our mission: To make life easier and safer.”
The announcement included additional prepared statements:
Steve Trundle, CEO of Alarm.com (Nasdaq: ALRM), comments the investment round demonstrates confidence in AMP Smart from the capital markets. “They are not just a leading installer but also a frontrunner in driving customer engagement with smart home technology. AMP’s customers rank well above average in terms of their level of engagement with their smart home. Alarm.com is excited to expand our partnership with AMP as it continues to grow and deliver great service.”
“In today’s middle market, it’s rare to find a business such as AMP with experienced leadership, an enviable market position and a superb corporate culture,” says Jeff Holland, a partner at Seacoast Capital. “Allen, Dave and their team have built on their core sales experience and people-development skills to build a business that is impactful, growing and the envy of the industry,” adds Patrick Gengoux, a vice president at Seacoast.
Ben Hom, managing partner at St. Cloud Capital, says, “AMP’s customer and team-based culture is something I wish all of our portfolio companies could emulate. This will serve them well as they continue their U.S. expansion.”
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