My Alarm Center Emerges From Chapter 11 Under Restructuring Plan
The company says it expects to soon execute on several acquisitions focusing on regions where it has a strong geographic footprint.
NEWTOWN SQUARE, Pa. — Secure Home Holdings — which operates five affiliates including nationwide security provider My Alarm Center — has successfully completed a deleveraging and recapitalization transaction.
Secure Home Holdings filed for Chapter 11 protection in Delaware in April. Completion of the restructuring plan makes available the capital to considerably scale the company’s organic sales engine, restart its acquisition programs and execute on other long-term plans for strategic growth, according to an announcement.
The company previously stated that all of its senior lenders and other key stakeholders agreed to support a prepackaged plan of reorganization to eliminate approximately $235 million of legacy debt obligations.
The company received commitments from its senior lenders for $15 million of fresh capital to continue providing uninterrupted service to its customers during the restructuring, while also meeting its financial obligations to vendors and employees.
The company’s largest unsecured creditors included various interests of investment management company Invesco Ltd., which was owed more than $39 million, and Goldman Sachs Specialty Lending Group, which was owed nearly $34 million.
My Alarm Center’s other security brands are Alarm Monitoring Service of Atlanta; Fort Worth, Texas-based Hawk Security Services; Los Angeles-based ACS Security; and DIY wireless system provider LivSecure. Together the brands staff around 475 employees, including call center personnel, security guards, monitoring and central station dispatch staff, service technicians, sales representatives and administrative staff.
“The company is backed by strong new ownership including funds managed by Invesco as controlling shareholder. Our new owners share the management team’s strategic vision of continuing our core mission to provide an outstanding experience for all of our partners, customers, and employees as well as growing the business through the creation of high-quality profitable accounts,” states CEO Amy Kothari.
My Alarm Center has been a leader in acquisitions of accounts and businesses in the residential home security industry for more than 20 years. The company’s acquisition vehicle, Alarm Capital Alliance, focuses on small and midsized security companies.
The announcement states the company expects to soon execute on several acquisitions focusing on regions where it has a strong geographic footprint, including the Philadelphia Tri-State area, Atlanta, Dallas, Fort Worth, Houston, San Antonio, Los Angeles and Seattle.
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