Texana Security closes loan with CapitalSource
SAN ANGELO, Texas—Texana Security, a full-service security company located here, has closed on a $7 million, three-year revolving loan with CapitalSource.
“It’s a company we’re pleased to be financing,” said Bill Polk, managing director for CapitalSource. Polk said that CapitalSource liked Texana’s capabilities and management team, which is lead by industry veteran Sean O’Keefe.
“They’re a very strong service company,” Polk said, “using our financing they’ll be well positioned to build out their platform.”
Texana, which has 60 employees and “just north of 230,000 in RMR,” according to CEO O’Keefe, will use the funding for acquisitions and organic growth. The company serves residential, commercial and government customers and has a UL-certified central station. Its account mix is 50-50 residential and commercial. Its residential work is solely custom and O'Keefe said Texana's found a niche providing integrated systems to power companies and municipal court buildings. Texana’s footprint is Texas, but it has several large chain companies, “which puts us in about 12 states,” O’Keefe said.
In addition to its headquarters here, Texana has offices in Dallas/Ft. Worth, Midland/Odessa and Abilene.
O’Keefe founded Texana Security in 2007 with Luther King Capital Management, a provider of investment advisory services and capital to lower middle-market businesses, as his investment partner.
Early on Texana did two major acquisitions, of San Angelo Security, which had been in business since 1961, and of Supreme Security in Abilene. In the past 18 months, Texana has acquired several books of accounts including Security Concepts of Dallas and Interactive Technologies in Houston. O’Keefe said he’s interested in expanding the company’s footprint and said “the Southwest is the middle of our strike zone.”
O’Keefe has been in the security industry for 30 years. He opened Brink’s Home Security’s "second or third" branch office and was Brink’s first national sales manager. He was one of the founders of Westinghouse Security and he opened and managed 38 branches for Westec during their national expansion in the late 1990s. “This is not my first rodeo,” he said.
He said he’s extremely happy to be working with CapitalSource for the first time, which will “help us grow the company and be a great source of industry knowledge.”