Ademco Group, part of Honeywell’s Home and Building Controls business, announces that it has issued a Letter of Intent to sell the assets and loan portfolio of Security Resources LLC (SRC) to SAFE Financial LLC. Security Resources LLC of Clinton, Conn., has provided middle-market, collateral-based dealer financing to security dealers across the United States. In particular, the company has supported the growth capital needs of Ademco Group’s dealer base. “We believe the acquisition of Security Resources’ loan portfolio from Honeywell strategically fits our growth and revenue objectives extremely well,” says Paul Sargenti, president and CEO of SAFE Financial. “The combination of SAFE Financial’s and SRC’s financing capabilities will serve to enhance the availability of capital to our existing dealers and expand SRC’s ability to meet the continuing financing needs of security dealers in the U.S.,” adds John Brady, president of Security Resources.
