Monroe Capital has provided a $27 million senior secured credit facility to support the acquisition of Norment Security Group by Cornerstone Detention Products, Inc. Based in Montgomery, Alabama, Norment is a detention contractor.
Monroe Capital LLC today announced the funding of a $27 million senior secured credit facility to support the acquisition of Norment Security Group by Cornerstone Detention Products, Inc.
Based in Montgomery, Alabama, Norment is one of the oldest and most respected detention contractors in the industry and the security group includes the successful brands of Airteq®, Trentech® and ECS®. In addition, Norment is a leader in the facility maintenance and service operations.
Cornerstone Detention Products, Inc. has become one of the leading providers of services and engineered detention products, furnished and installed, in the United States and Canada. The company specializes in the engineering, design, distribution, installation and project management of institutional detention equipment and products for the jail and prison industries at the federal, state, county, private and local levels. The combined strength of Cornerstone and Norment will position the new company as a diversified leader in the industry.
About Monroe Capital
Monroe Capital is a private investment firm providing senior and junior debt and equity co-investments to middle-market companies in the U.S. and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital prides itself on its flexible investment approach and its ability to close and fund transactions quickly. Monroe is committed to being a value-added and user-friendly partner to owners, senior management and private equity sponsors.