Goldman Sachs Specialty Lending Group L.P. to Lead New Credit Facility
PROVO, Utah -- APX Alarm, one of the nation’s largest residential home services companies, today announced that it has completed a $565 million senior debt financing with a group of lenders led by Goldman Sachs Specialty Lending Group.The new financing represents a $125 million increase over the previous financing and provides more flexibility for the company.
The bank financing will be used to help fuel the continued growth of the company’s residential security and energy management services. APX currently services more than 450,000 customers throughout North America, which represents a 25% increase from the beginning of 2010.
“We are very pleased to complete the bank financing in what is still a volatile capital market environment,” commented APX Alarm’s Chief Financial Officer, Christopher A. Black. “The increased financing will allow us to deploy additional sales teams throughout North America.”
The company also announced that it has surpassed $20 million in Recurring Monthly Revenue (“RMR”) from its customer base. According to the SDM 100, APX is one of only four companies in the industry that has achieved over $20 million of RMR.
“Surpassing $20 Million in RMR is a significant milestone for our company,” stated Todd Pedersen, APX Alarm’s Chief Executive Officer. “It is validation from our customers that we are achieving our mission of protecting families.”
About APX Alarm Security Solutions Inc.
APX Alarm’s mission is to help families protect and secure their future. Now in its 11thyear of operations, APX Alarm is one of the fastest growing national residential security alarm companies providing world-class customer support and service to hundreds of thousands of customers throughout North America. APX Alarm is currently ranked #6 on the SDM list of the largest 100 residential security installation and monitoring companies.