Argyle secures $15 million in financing
SAN ANTONIOÃ¢â‚¬â€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 Ã¢â‚¬Å“will enable us to continue executing our business plan as well as increase our bonding capacity,Ã¢â‚¬Â 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 nationÃ¢â‚¬â„¢s largest providers of detention equipment products and service solutions, as well as turnkey, electronic security systems.