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Goldman, Beekman see value in NorthStar

The Utah summer-model company says those two new equity partners will enable it to grow faster
 - 
05/22/2013

OREM, Utah—The fact that Goldman Sachs and The Beekman Group are NorthStar Alarm Services’ new equity partners is a “vote of confidence” in that summer sales company, according to Henry Edmonds, president of The Edmonds Group, which facilitated the transaction.

NorthStar Alarm partners with Goldman Sachs; gets up to $40m cash infusion

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Wednesday, May 15, 2013

NorthStar Alarm Services is recapitalizing with a group of new investors including Goldman Sachs and The Beekman Group, and also has expanded its credit facility to $40 million with Bank of America and Zions Bank, the Orem, Utah-based company announced today. The deal, which was six months in the making, is great for NorthStar and is another indication that Goldman likes the security space.

In a communication to employees, company president Jason Christensen said, “We believe that this is an ideal partnership, with Goldman’s previous success and experience in the alarm industry and Beekman’s proven track record of developing a culture of excellence within its management teams. This partnership will also provide NorthStar with even more capital flexibility to support our projected growth as well as additional industry expertise and resources that will enable the company to continue its path of excellence within this industry. … The future of NorthStar is brighter than ever!”

Founded in 2000, NorthStar provides home security/ home automation services in 18 states across the nation. The company said it has grown by more than 30 percent each year over the past six years and its RMR currently exceeds $1 million.

Goldman’s specialty lending group has indicated in the past it likes the security space. Companies it previously has lent to include ASG Security and Vivint—until the Blackstone group acquired Vivint last year for more than $2 billion.

The Beekman Group is a leading private equity firm dedicated to bringing financial and operational resources to lower middle-market companies.

John Troiano, managing partner at Beekman, said in a statement: “This is an impressive company with a talented management team and a well-defined culture built on the core values of integrity, accountability and service.  We are excited to partner with NorthStar during its next phase of growth and development.”

I’m hoping to learn more about what the new partnership means for NorthStar, Goldman and The Beekman Group. Stay posted!

SAFE Security acquires 11,000 Pinnacle accounts

 - 
03/11/2013

SAN RAMON, Calif.—SAFE Security, a security alarm company based here, has acquired approximately 11,000 security alarm monitoring accounts from Utah-based Pinnacle Security, according to a company statement. The subscriber accounts represent $500,000 of RMR.

SAFE Security: $130 million refi to aid growth

 - 
03/06/2013

SAN RAMON, Calif.—SAFE Security completed a $130 million senior debt refinancing in late February with five lenders led by Bank of America. The new credit facility is an increase of $55 million, or 73 percent, over SAFE’s previous financing of $75 million.

SAFE Security gets $130m refi

 - 
03/04/2013

SAN RAMON, Calif.—A five-bank syndicate led by Bank of America has refinanced SAFE Security’s senior debt facility with a $130 million capital infusion, according to a company statement. The capital will be used toward the company’s growth strategy.

ADS increases line of credit with Bank of America

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12/13/2012

NASHVILLE, Tenn.—In conjunction with new leadership changes, ADS Security has increased its line of credit with Bank of America from $25 million to $40 million, according to a company statement.

Battered but unbowed

 - 
Tuesday, August 7, 2012

Wayne Wahrsager’s New York Merchants Protective Co. Inc.—an alarm company in existence for more than 100 years—is no more as the result of a $20 million breach-of contract lawsuit filed against the company and Wahrsager last year by Bank of America.

But Wahrsager tells me he is still very much a player in the security industry—and planning to launch a new alarm company in October with $50 million in funding behind it.

“You just brush yourself off and start all over,” he told me this week.

It seems that what Wahrsager experienced over the past year and half would have had most people down for the count.

First, in January 2011, came the Bank of America lawsuit contending it was owed more than $19.2 million for the default of a loan.

Then, four months later, Wahrsager got fired from his job as president of NYMP and pretty much literally got thrown out of the company’s Freeport, N.Y.-based office by the receiver a judge appointed to run the company. The receiver changed the locks at the office to keep Wahrsager out but he just took his office door off its hinges and continued coming to work until a judge ordered him gone that May.

Then, last October, the judge approved the sale of NYMP’s assets to pay off creditors. The sale to Professional Security Technologies of New Jersey was completed earlier this year, Wahrsager told me.

He’d been involved NYMP since 1988, but the previous owners were cousins so it was a family business that turned 100 years old in 2010, he said.

Wahrsager contends that the company went for far less than it was worth, and that if Bank of America had been willing to work with him, he would have repaid the loan “100 cents on the dollar.” He said he’s still a named defendant in the lawsuit, which is still pending.

But Wahrsager said he’s working as a consultant for Bellmore, N.Y.-based Commercial Fire & Security, which he said was formed about a year ago.

And he’s involved in the start up of a new company that he said has a group of investors behind it and is expected to launch by the end of October if all goes as planned. The company may be called Commercial Fire & Security—the new company may acquire the existing one—or take on a new name, he said. It will be based somewhere on Long Island, Wahrsager said.

Stay tuned—it looks like another round for Wayne Wahrsager.

Security Networks ups credit facility by $100 million

Super-regional looking at 38 percent CAGR, again
 - 
05/02/2012

WEST PALM BEACH, Fla.—Security Networks, a super-regional based here, announced April 30 that it has extended its credit facility by $100 million, bringing the total to $250 million.

ASG ups credit facility to $250m

CapitalSource leads deal; Super-regional expects to make eight to 10 acquisitions in 2012
 - 
04/25/2012

BELTSVILLE, Md.—ASG Security now has a quarter of a billion dollars on hand, thanks to a recent $20 million extension of its previous $230 million credit facility, the company announced April 25.

First Midwest launches alarm lending practice

Jessica Richardson, industry veteran, leads group
 - 
03/26/2012

ITASCA, Ill.—Joining a growing number of lenders and investors with a specific interest in the security industry, First Midwest, which has $7.8 billion in assets, announced March 23 that its security alarm lending group is up and running and ready for business.

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