SAFE Security Adds $650K RMR With CastleRock Accounts Purchase
SAN RAMON, Calif. — SAFE Security has purchased more than 16,000 CastleRock Security residential and commercial alarm monitoring subscriber accounts from Alarm Funding Associates.
The accounts represent $650,000 in recurring monthly revenue (RMR) and help the firm expand its footprint throughout the United States and Canada, SAFE Security President and CEO Paul Sargenti says.
“With this acquisition, we have more than doubled our account base since 2012,” he says. “We are well equipped to assimilate them and look forward to providing the highest standard in security services to these new subscribers.”
Established in 1988, SAFE Security provides monitoring services, installation, maintenance and other related services. The latest transaction complements SAFE’s other growing revenue channels, such as the SAFE Dealer Network, which provides dealers with co-branded contracts and marketing materials.
The firm, which purchased 11,000 accounts from Pinnacle Security earlier this year, also credits the support of ICV Partners and its lender group for aiding in the SAFE’s expansion.
“Major operational changes in the past few years, combined with a steadfast management discipline have resulted in an intelligent growth and expansion potential that SAFE is well able to handle,” Sargenti says. “We are grateful for the support given to us by our partners at ICV Capital Partners and our lender group lead by the Bank of America and consisting of US Bank, Bank of Montreal, Madison Capital, and One West Bank, for this and Pinnacle Security account acquisitions.”
SSI continues to report on this story.
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