CHEVY CHASE, Md. – Alarm industry lender SLP Capital has been purchased by commercial finance lender CapitalSource Inc. in an asset purchase valued at $75.2 million.
The acquisition, completed in early April, could be a lifesaver for a company that has been struggling since its main benefactor – Citizens Bank – put the clamps on what it was providing to SLP and its customers.
“Citizens reduced its lending to SLP and SLP had to squeeze its clients,” says security industry financial analyst Jack Mallon, publisher of Mallon’s Security Report. “This is a very positive thing for the industry.”
