Business & Finance
Business and Finance
Business and Finance
Fri, March 25, 2011
Thu, March 24, 2011 Pinnacle Security Closes $275 Million Financing Package
OREM, UT--(Marketwire - March 24, 2011) - [ Pinnacle Security ], a leader in the North American residential security market, today announced it has secured a $275 million financing package which includes an opportunity for future expansion to $400 million as the company grows. Bank of America Merrill Lynch served as the Sole Lead Arranger and Book Manager for the financing.
"This financing is a testament to our stability and strong outlook for further growth," said Kelly Walker, chief executive officer, Pinnacle Security. "Pinnacle enjoys a solid partnership with Golden Gate Capital and together we have built a strong, growing company with the potential and the means to move forward as a leading security company in the industry."
Pinnacle Security, founded in 2001, entered a strategic partnership with Golden Gate Capital in 2008, which enabled the company to become a fully-integrated security provider and hold accounts. Since that time, Pinnacle has rapidly grown its customer base and its market reach throughout North America.
"We are pleased with the great support we have received from our existing lenders as well as the new lenders, all of whom are experienced in the security industry," said Sean Forrest, chief financial officer, Pinnacle Security. "These partnerships and this latest infusion of growth capital provide us with the capacity to expand our customer base and continue to make long-term investments in the business."
"This refinance begins the next chapter of growth for Pinnacle Security and we are excited to continue to support the company with our approximately $9 billion of capital under management," said Prescott Ashe, managing director, Golden Gate Capital. "Pinnacle Security is one of many investments that Golden Gate Capital has made in growing successful companies backed by exceptional management teams. We are looking forward to continuing to assist management in maintaining their leading edge in the security industry."
Pinnacle maintains relationships with the premier manufacturers in the industry and collects customer data that allows the company to advise and work with manufacturers to provide new technologies and features that set Pinnacle's customer offerings apart.
"We've had a strong relationship with Pinnacle since 2007 and we're pleased to provide the capital to allow the company to achieve its growth objectives," said David Stang, senior vice president, Bank of America Merrill Lynch.
The company has maintained a significant growth projection over the past several years, working with hundreds of thousands of customers across North America.
About Pinnacle Security
Pinnacle Security is an industry leader in providing quality residential and commercial security solutions to help individuals realize the peace-of-mind that comes from protecting the things that matter most. Pinnacle is headquartered in Orem, Utah and has sales offices throughout North America. For more information, please visit [ www.pinnaclesecurity.com ].
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 Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with more than 5,800 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (
