Argyle secures $15 million in financing

SSN Staff  - 
Thursday, April 24, 2008

SAN ANTONIO—Systems integrator Argyle Security announced April 24 it has received a $15 million stock investment from Mezzanine Management, an independent investment firm. Argyle will issue roughly 18,750 shares of preferred stock, with each share convertible to 100 shares of common stock at $8 a share.
Argyle has been an active acquirer since beginning operations in July 2007, having most recently bought Peterson Detention, FireQuest, and Com-Tec Security for a total of roughly $14 million in January.
The capital from Mezzanine “will enable us to continue executing our business plan as well as increase our bonding capacity,” said Sam Youngblood, president of Argyle Security USA.
Argyle Security, Inc. currently has two reporting segments: Argyle Corrections and MCS-Commercial. Argyle Corrections is the controlling entity for ISI-Detention, PDI, Com-Tec and MCS-Detention. Argyle Corrections Group is one of the nation’s largest providers of detention equipment products and service solutions, as well as turnkey, electronic security systems.