SAFE Security Receives $25M Loan From Prospect Capital
SAFE Security plans to use the funds provided by Prospect Capital to grow organically and make more acquisitions.
SAN RAMON, Calif. – SAFE Security has received a $25 million loan from Prospect Capital Corp., to support continued organic and acquisition-driven growth.
Founded in 1988, SAFE Security bills itself as one of the few fully national alarm companies with operations in 50 states, Puerto Rico and Canada. Investment firm ICV Partners (ICV) acquired the firm in 2012, which helped the firm remain acquisitive.
Among its transactions were 16,000 CastleRock Security residential and commercial alarm monitoring subscriber accounts from Alarm Funding Associates, and 35,000 subscriber accounts from Pinnacle Security, as well as the acquisition of Safeguard Security.
Additionally, SAFE Security focuses on excellence in customer service and provides a full range of monitoring, billing, collection, and marketing services for dealers in its SAFE dealer network.
“We appreciate the opportunity to work with ICV to provide financing to support the growth of SAFE, a leading, national alarm monitoring company with a powerful base of long standing customer relationships,” says David Moszer, a Managing Director of Prospect Capital Management.
Currently with over $7 billion of capital under management, Prospect has closed over $3.1 billion of new originations so far in calendar year 2014.
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