Bates Security, Sonitrol Receive $10M Revolving Line of Credit From Capital One
Bates says it will use the credit facility to fund organic expansion and take advantage of acquisition opportunities in both Kentucky and Florida.
BETHESDA, Md. — Capital One announces it is providing a five-year, $10 million senior revolving line of credit to Bates Security and Sonitrol of Lexington, Ky.
John Robuck, managing director of the Security Finance lending practice originated the transaction. The company also chose Capital One as its primary depository bank and commercial card provider.
“We decided to strengthen our relationship with Capital One because of its longstanding support for the security business,” says Jeremy Bates, the company’s President. “We have turned to John and his team many times over the years for their perspective, and we are looking forward to tapping their insight even more in the future as we continue to grow our business.”
In business for over 33 years, Bates Security delivers electronic security, fire, access, video and locksmith services to a variety of governmental, commercial and residential customers.
The company recently hired Russ Ackerman, an industry veteran with more than 30 years of experience, to manage residential and small business sales for its Jacksonville, Fla., branch .
“Bates Security has a dynamic business model,” Robuck said. “This new capital puts the company on a trajectory for further growth.”
Bates Security intends to continue to use the facility to fund organic expansion in the Jacksonville area, and take advantage of acquisition opportunities in both Kentucky and Florida.
“We see the credit facility as opening a variety of different opportunities for us,” says Bryan Bates, the company’s vice president and manager of its Florida office. “When used strategically, we believe it can help us fully realize the potential of the company our Mom and Dad worked so hard to create.”
Bates Security has racked up a number of SAMMY Awards for excellence in marketing over the years. The company most recently took home a SAMMY Award for Best Social Media Campaign earlier this year at ISC West.
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