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ICV Partners SAFE Security acquires 16,000 accounts

The newly purchased accounts represent $650,000 of Recurring Monthly Revenue (RMR) and help SAFE expand its footprint throughout the United States and Canada. 

“We continue to identify high quality accounts that are accretive value additions to the SAFE portfolio,” said Paul Sargenti, President and CEO of SAFE Security. “With this acquisition, we have more than doubled SAFE’s account base since 2012, which significantly strengthens our size and geographic reach in the market. Our goal now is to successfully integrate these new accounts into the SAFE family with minimal disruption and provide the highest standard in security services to these new subscribers.”

Cory D. Mims, a Managing Director of ICV, said, “SAFE has completed several acquisitions that complement its organic growth and we continue to benefit from a robust pipeline of high quality companies from which to select quality accounts. We are very pleased with the continued growth of SAFE. ICV will continue to support the management team as they build the company into a leading provider of security alarm monitoring services.”

Earlier this year, SAFE Security purchased 35,000 security alarm monitoring subscriber accounts from Utah-based Pinnacle Security, representing approximately $1.6 million of RMR.  Additionally, the company successfully completed the refinancing of its senior credit facility with a new $130 million senior credit facility led by Bank of America to provide additional borrowing capacity for acquisitions. In addition to Bank of America, debt financing for the Alarm Funding transaction included U.S. Bank, Bank of Montreal, Madison Capital, and OneWest Bank.