Apx Alarm expands
PROVO, Utah--ApxAlarm completed a new $215 million credit facility and is preparing to break ground on a new 17-acre corporate campus, Apx chief operating officer Alex Dunn told Security Systems News on Sept. 5.
Apx, which has grown in a few short years to become one of the largest residential security companies in the country, expects to install more than 185,000 new customers in 103 markets in 2008 alone. According to its estimates, the company has an average growth rate of 105 percent since it began operations in 1999. The majority of ApxÃ¢â‚¬â„¢s sales are done in door-to-door sales during the summer months. During the summer season, its employee base numbers 4,000.
The credit facility included a group of lenders and is led by Goldman Sachs Specialty Lending Group. The facility will Ã¢â‚¬Å“provide a funding source to help fuel the growth the company has had over the past few years,Ã¢â‚¬Â Dunn said. Ã¢â‚¬Å“Some of the money from the credit facility will be used for new buildings,Ã¢â‚¬Â on the new campus.
As Security Systems News went to press, Apx was preparing to break ground on the new campus on Sept. 11. The new offices will be located near its current location here in Provo.
Ã¢â‚¬Å“Initially we are building two buildings that combined have 125,000 square feet. There are also two additional building pads for two more buildings on the campus with an additional 110,000 square feet,Ã¢â‚¬Â Dunn said. Ã¢â‚¬Å“As we continue to build our customer base, more and more space is dedicated to customer support functions,Ã¢â‚¬Â he added.
The first two buildings will be complete by January 2010.