CALHOUN, Ga.—Owen Security Solutions, a residentially focused company based here, received a $5 million senior revolving line of credit from Capital One, the financial institution announced today.
Justin Owen, company president, told Security Systems News that this funding will help the company expand organically and through acquisition. “This is going to allow us to have the ability to act quickly on an opportunity,” he said. “We’re excited about the potential out there.”
Owen noted that the credit facility is “really well-timed.” The company has an acquisition coming up that it wouldn’t have been able to complete without this line of credit, he said.
“Besides the acquisitions, we’re also doing some aggressive, organic, internal RMR growth and we’re going to use a little bit of that facility,” Owen said. “We really want to diversify and balance out our portfolio with the commercial side of the business. So, we’re doing some things with video and with access control and just focusing on the services aspect.”
Owen Security Solutions’ account base is currently about 70 percent residential, Owen said, adding that his goal is to make the business 50 percent residential and 50 percent commercial. “Most of our acquisitions have been 80 percent residential. So, we want to stay diversified and build up the commercial side of our business from [organic growth],” he said.
The company has more than 5,000 accounts and $178,000 in RMR.
This is the first time Owen Security has received a line of credit like this, according to Owen. The company started talking with Capital One at the beginning of the year, he said. “We feel like we’re in good hands with them and [we’ve] got good terms and good growth options,” Owen said.
Capital One also approved a $150,000 commercial card line for the company, which will allow the company to consolidate its various expenses and accounts, Owen said. “I think that’s going to save us some administrative time,” he said.
“Capital One is pleased to work with Owen’s experienced leadership to develop a financing solution that supports their business plan and focus on sensible growth,” John Robuck, managing director of Capital One’s security finance group, said in its announcement. “We look forward to working with them as they pursue future opportunities.”
Owen Security completed three acquisitions throughout 2016. “Our team surprised me at the way that they rolled those new customers in. We’ve been able to keep the attrition relatively low,” Owen said.
Owen Security’s footprint is in the Northwestern region of Georgia and the company doesn’t have plans to grow outside of that within the next three years. “We’ve got a ton of room for growth in that area,” he said.Topic: Residential Tags: Owen Security Solutions, Justin Owen, Capital One, John Robuck