ADS gets $30m. revolver
NASHVILLE, Tenn.--ADS Security based here, on June 10 announced the completion of a $30 million revolving credit facility with The PrivateBank, based in Chicago. The revolver refinanced existing debt and will provide working capital for acquisitions.
“What this says about ADS in today’s tough banking environment is that banks have a lot of confidence in what we’ve been doing,” said Mel Mahler, ADS chairman and CEO. “Experience in lending to the security industry, flexibility in customizing the financing to meet our specific needs and outstanding customer service were key in our decision to work with The PrivateBank.”
According to ADS CFO Ernie McDaniel, the credit facility speaks to ADS’ strong financial standing and positions the company well for future growth. “We’re always looking for acquisitions,” McDaniel said. “Bankers who understand the business are certainly willing to lend to good-performing companies. Deals are still getting done. This financing means that for some period of time, we’ll have the availability to run the business and acquire good companies if acquisition opportunities come down the pike.”
The PrivateBank Security Industry Group managing director Sean Forrest feels ADS was the right investment. “Our strategy is to team up with the best operators in the business,” Forrest said in the statement. “Mel Mahler and his team have a long track record of growth, success and integrity and we are pleased to be their partner.”
Established in 1989, ADS serves more than 70,000 businesses, industrial facilities and residences throughout the southeastern U.S. ADS provides a burglar and fire alarms, as well as video surveillance and access control systems.