GE Capital sells its interest in SAFE Security
GE Capital announced April 20 that it had sold its entire stake in SAFE Security, one of the larger full service security alarm companies, with accounts in 44 states. SAFE Security is involved in purchasing, financing and servicing residential and commercial security alarm monitoring contracts, as well as installing alarm systems. SAFE Security has recently streamlined its operation with initiatives such as software upgrades, and consolidation of monitoring stations. Bank of America provided a $25 million senior credit facility as part of the transaction between GE Capital and private equity firm Rustic Canyon/Fontis Partners, LP. Rustic Canyon/Fontis Partners has also invested an undisclosed amount of new equity capital SAFE Security, and while the firm has assumed a majority ownership position, SAFE Security's founder and CEO Paul Sargenti will remain in the picture with a significant ownership interest.