HOLLYWOOD, Fla.--(BUSINESS WIRE)--Devcon Security Holdings, a leading nationwide provider of security systems, announced that it has secured a $215m financing package in connection with the refinance of its security subsidiaries (“Devcon” or the “Company”). The financing was led by CapitalSource Finance, LLC.
Robert Farenhem, President and Chief Executive Officer of Devcon said, “This refinance is a catalyst for our growth strategy and allows us to continue to grow unabated as we expand our service offering nationwide. We offer a full range of state-of-the art monitored security systems for residential and commercial customers. Customer service has and always will be the cornerstone of our business and we look forward to delivering on that promise across our more than 50 branches.”
Will Schmidt of CapitalSource added, “CapitalSource is pleased to extend our partnership with Devcon during such an exciting time in the company’s history. Devcon’s top tier operating performance and management’s solid execution on the expansion plan created strong demand for this loan among the industry’s capital providers. With the new financing in place, Devcon has capital and flexibility needed to execute on their plan for the next several years.”
Devcon was purchased by Golden Gate Capital (“Golden Gate”) in September 2009. Since that time, the Company has expanded from 9 branches in primarily the FL and NY marketplace to over 50 branches with a nationwide presence. Devcon continues to staff these branches with local security experts, most of whom have spent years in the industry and are leaders in their field with unparalleled experience.
Doug Bayerd, Vice President of Golden Gate commented, “We remain excited by the long term prospects of the business. The management team has proven their ability to grow a nationwide network of branches that combine innovative technology with best-in-class customer service. We will continue to support Devcon in their growth strategy and also continue to pursue additional opportunities in the Security space globally.”
Christopher B. Munday, a Golden Gate Operating Executive and Chairman of Devcon Security added, “Devcon has been able to substantially grow their business due to the unique value proposition that they represent to employees and the customer. Devcon allows its customer to “live confidently” knowing that we are taking care of the security of their family and their business. Our employees believe in this message and provide the platform to provide this service to our customers.”
About Devcon Security Services Corporation
Devcon Security Services Corp. is a leading provider of installation, monitoring and related electronic security services with more than 50 branches nationwide servicing over 125,000 commercial and residential customers. Devcon is the fastest growing alarm company in the country with its corporate headquarters located in Hollywood, Florida, and a National Operations Center in Irving, Texas.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with approximately $9 billion of assets under management. Golden Gate is dedicated to partnering with world class management teams and targets investments in situations where there is a demonstrable opportunity to significantly enhance a company’s value. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types. For more information, visit www.goldengatecap.com.
About CapitalSource Finance, LLC
CapitalSource Inc. (NYSE:CSE) is a commercial lender that provides financial products to small and middle market businesses nationwide and offers depository products and services in southern and central California through its wholly owned subsidiary CapitalSource Bank. As of March 31, 2011, CapitalSource had total assets of $9.3 billion and $4.7 billion in deposits. Visit www.capitalsource.com for more information.