GE Sells Stake in SAFE Security
GE Capital, a major unit of General Electric Co., has sold its entire stake in SAFE Security to Los Angeles-based private equity firm Rustic Canyon/Fontis Partners. SAFE Security’s founder and CEO, Paul Sargenti, will retain a significant ownership interest.
Attorneys from the Los Angeles-based law firm Mitchell Silberberg & Knupp LLP (MS&K) represented SAFE Security during negotiations for a new $25 million senior credit facility with Bank of America. MS&K also assisted SAFE’s management team in the final negotiations and closing of its acquisition of California Security Alarm, a San Ramon, Calif.-based company that is a UL-Listed central station with approximately 4,200 accounts.
Rustic Canyon/Fontis Partners has invested an undisclosed amount of new equity capital in SAFE Security and has assumed a majority ownership position.
“This transaction marks a new beginning for SAFE Security, one that will build upon a solid foundation, unleash the company’s growth potential and provide us with an ability to offer an even wider array of quality products and services to our customers nationwide,” says Sargenti. “By enhancing our financial flexibility, SAFE Security will be in an excellent position to execute on its long-term growth plan, which includes geographic expansion and strategic acquisitions.”
SAFE Security was founded in 1988 and operates in 44 states. The company purchases, finances and serves residential and commercial security alarm monitoring contracts, in addition to installing alarm systems.
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