OREM, Utah—NorthStar Alarm Services has increased its credit facility to $80 million, doubling it in 20 months, according to CEO Jason Christensen.
“The new credit facility is to support our growth goals over the next few years,” Christensen told Security Systems News.
Bank of America was the lead bank for the financing. Other participants included The Private Bank, Capital Source and Capital One.
In January, NorthStar acquired certain assets of Vision Security, extending its security customer base into Maryland, Virginia, Pennsylvania and Minnesota. NorthStar now offers services in 24 states for a total RMR of more than $2 million.
No acquistions are in the near future, however, Christensen said. "We're really focusing on growing organically."
When it earlier recapitalized—20 months ago—the company set a five-year goal of 100,000 accounts. "At that time we were at 20,000, today we're at 43,000," Christensen said, adding that he is assured the end goal can be met.
Topic: Residential Tags: NorthStar Alarm Services, credit facility, Security Systems News