News Release: Select Security Announces New $55M Senior Credit FacilityJune 24th, 2016
Lancaster, PA – Select Security, one of the nation’s largest independently owned electronic security and life safety systems providers, announces a new $55 Million senior credit facility with the Goldman Sachs Specialty Lending Group. The facility will be used to retire previous debt, and provides funding to execute on an aggressive acquisition plan.
“The additional financial resources now available means we can quickly ramp up our growth plans,” said Select Security President, Steve Firestone. “Coupled with the investments we’ve made in our people and infrastructure over the past few years, we anticipate we will look like a different company as we expand within our existing footprint and add new territories.”
“This deal with Goldman Sachs Specialty Lending Group is the largest I’ve ever participated in. Select Security has a proven track record of performance, a highly experienced senior leadership team, past acquisition growth success, and several targeted acquisitions.” said company Founder and CEO, Patrick Egan.
The deal was led by Mark Gronowski, Managing Partner of Barnes Associates, the premier investment banking firm serving the electronic security industry. In addition to funding Select Security’s growth through acquisitions, the credit facility will also be used to launch the company’s new DIY project using the world renowned Mace brand.
Select Security was founded in 2003 and has quickly grown to be one of the largest and most respected security and life safety solution providers in the markets it serves with a focus on being a Compelling Place to Work, Shop, and Invest. With multiple local offices covering Pennsylvania, Ohio, Kentucky, and West Virginia, Select Security offers integrated security and fire alarms, video surveillance, access control, along with home security, life safety, and convenient home automation systems. Select Security offers monitoring services through its secure network of four redundant monitoring centers that are each Underwriters Laboratories (UL) listed, Factory Mutual (FM) approved, and have earned the coveted 5-Diamond certification from the Central Station Alarm Association.
The company has been named a national finalist for three years in a row for the coveted “Installer of the Year” award handed out by Security, Sales & Integration Magazine, winning the award in 2014, due in part to its world-class customer care department, and has twice been included on the INC 5000 list of fastest growing companies and is a recurring member of Security Dealer Magazine’s annual list of the top 100 largest security systems companies.