Platinum Protection has closed a round of debt financing with Boathouse Capital, a Philadelphia-based private equity firm, but has not released any figures. Platinum is a Utah-based home security with customers in 43 states. Boathouse Capital invests mezzanine debt and equity in lower middle market companies and, to date, has deployed over $1 billion.
PRESS RELEASE
Platinum Protection, a national home security provider, announced that it has closed on a significant round of debt financing with Boathouse Capital, a private equity firm based out of Wayne, PA.
“We welcome Boathouse as a strong and strategic institutional partner,” said Wendell A. Jacobson, Chair of Platinum Protection’s Board. “This funding will allow Platinum to solidify its position as a leader in the alarm industry for years to come.”
“The financing was structured to allow Platinum to deliver on our five year strategic growth plan and maximize shareholder value,” said Andrew Kindfuller, Platinum’s CEO. “Platinum is coming off an extremely successful year, in which we sold and installed over 26,000 alarms across the country. More importantly, our key metrics, such as average customer credit scores and activations collected, outperformed even our highest expectations,” Kindfuller reported. “Platinum is strong, stable and focused.”
“Platinum presented us a perfect opportunity to partner with a market leader,” stated Ken Jones, Managing Partner at Boathouse Capital, who is now a member of Platinum’s Board. “The management team is excellent and very focused, they are exercising strong financial discipline, and they have shown an ability to deliver according to plan,” said Jones, “We really like what we see in Platinum’s future.”
Platinum’s Co-Founder and VP of Sales, Chance Allred added, “Platinum just finished our most successful summer selling season with per-rep, per-office, and per-manager sales figures considerably higher than our competitors. We are off to a strong start recruiting our teams for 2011. We are excited about our future and thrilled to have Boathouse as our partner.”
This funding came about through the efforts and financial contacts of current board member and former Chairman of the board of Platinum Protection, Dan Dyer, who introduced the company to Boathouse Capital.
About Platinum Protection
Platinum is a nationwide home security company with customers in 43 states. They are the fastest growing company in the history of alarm summer sales, installing over 140,000 consumer accounts in its first four years in business. To find out more about Platinum Protection security products and services, please visit www.PlatinumProtect.com.
About Boathouse
Boathouse Capital, located in suburban Philadelphia, invests mezzanine debt and equity in high quality lower middle market companies in partnership with management teams and private equity funds. Their principals have a combined 50+ years of lower middle market investing experience and have deployed over $1 billion as a team. www.boathousecapital.com
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