Ackerman Security closes $75 million credit facility
ATLANTA—Ackerman Security Systems announced this week that it closed a new $75 million credit facility.
The five-year financing is led by RBS Citizens. Capital One is the syndication agent and TD Bank also participated.
The super-regional, based here, last month announced its plan to double its revenue in five years.
“The financing allows for continued and aggressive internal account generation, the possibility of entering new markets and the possibility of acquisitions, which potentially all drive the company’s next 5-year growth initiatives,” Jim Callahan, company president, told Security Systems News in an email interview.
Ackerman closed on the new $75 million credit facility on June 8. It comprises the company's total senior debt, Callahan told SSN.
He said that RBS Citizens and TD Bank have been in the security space for years, Capital One is a newer lender in the space, having only entered it last year.
“RBS Citizens is happy to support the continued growth of Ackerman Security Systems. This company is a great fit for our Electronic Security Specialized Banking group. We are proud to add Ackerman to the growing number of customers served by RBS Citizens Capital Markets,” Jane Westrich, senior vice president, RBS Citizens, said in a prepared statement.
Founded in 1967, Ackerman serves residential and commercial clients here and in the Washington, D.C. area, where it opened an office in 2010. It also serves multi-site commercial clients throughout the nation.
The company has 85,000 customer sites and $2 million in RMR. “While our internal cash flow supports most of our growth, availability of specialized bank financing has enabled us to grow our account base at a pace of over 20 percent per year over the last several years,” Jeff Cohen, CFO, said in a statement.