Financing positions Interface for growth
By Chelsie Woods
Updated Thu September 15, 2005
EARTH CITY, Mo.--Interface Security now has $100 million in cash on hand to pursue the expansion efforts it first eluded to late last year when the company combined operations with Greater Alarm.
In a prior interview with Security Systems News, Mike Shaw, chief executive officer of Interface Security, said the company planned to expand along the West Coast, in states such as California. Shaw said the company could also look at moving into Colorado, Nevada or Utah.
The $100 million senior revolving credit facility came from CapitalSource. It marks one of the largest financial commitments made by CapitalSource in the security industry, according to Bill Polk managing director of the security lending group for finance firm.
Interface Security gained a significant presence in California when it bought Irvine-based Greater Alarm. The company brought $25.4 million in annual revenues, five offices and 153 employees to the table. The deal is considered one of the largest purchases by Interface Holdings, the parent company of Interface Security, which has completed 20 acquisitions of smaller security companies over the years.
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