Dynamark gets $15m in funding
HAGERSTOWN, Md.—Dynamark Monitoring, a wholesale central station based here, received a $15 million senior credit facility from Citizens Commercial Banking, a division of Citizens Bank.
“The line of credit is really meant for acquisitions and expansion of the business,” Trey Alter, Dynamark’s president and CEO, told Security Systems News. “We’re always looking for quality central stations and well-managed alarm companies that are looking to partner with a larger company, or owners [who] are looking to make a strategic exit.”
The company has a couple potential acquisitions it is looking at, Alter said.
“We’re primarily looking for another central station that can provide redundancy to our current facility here in Hagerstown, Maryland,” said Alter. Dynamark’s perfect acquisition opportunity would be near the West Coast, he said, “but I would never turn down an opportunity to look at a quality central station, wherever it was.”
Dynamark performs many different types of acquisitions, according to Alter. “Outside of central stations, we do acquisitions of entire operating companies, we do asset acquisitions of portfolios of accounts, and we do partial portfolio acquisitions,” he said.
“What’s most important is: you have to find out what the seller’s interested in, what meets their needs, and structure a deal around that,” he added.
The additional funding will also help the company grow organically, according to Alter. Specifically, Dynamark will be “making sure we’re reaching out to our customers, letting them know what the new and available technologies are, and offering those to the customers.”
This is the first time that the company has worked with Citizens. Dynamark first contemplated additional funding late in 2016, Alter said, and the transaction was finalized in August.
Greg Buscone, senior vice president and market manager of specialized banking at Citizens Commercial Banking, told SSN via email that the company developed a relationship with Dynamark over an “extended period of time, learning about the operations and getting to know the management team of the company.”
Buscone added that Citizens will work to meet Dynamark’s needs moving forward. “Citizens Bank’s Security Finance Group will work very closely with Dynamark’s management to evaluate financial, operational and banking service needs of the company on an ongoing basis to help our customer meet its financial goals,” Buscone said.
SPP Advisors represented Dynamark in the transaction.