ICV Partners said its portfolio company SAFE Security completed the refinancing of its existing senior credit facility with a new $130 million debt facility led by Bank of America. The new credit facility, $55 million more than the previous $75 million debt facility, provides additional borrowing capacity for future acquisitions.

In addition to Bank of America, the refinancing syndicate included Madison Capital, Bank of Montreal, U.S. Bank, and OneWest Bank.

SAFE also announced the acquisition of an additional 11,000 security alarm monitoring subscriber accounts from Utah-based Pinnacle Security, representing approximately $500,000 of Recurring Monthly Revenue (RMR). With this acquisition, SAFE has more than doubled its revenues since the acquisition by ICV Partners in December. SAFE last month acquired approximately 24,000 security alarm monitoring subscriber accounts from Pinnacle, representing $1.1 million of RMR.

Cory D. Mims, a managing director of ICV, said, “We are pleased that SAFE was able to successfully execute this refinancing which significantly increases the capital available to us as we support management’s vision for growth. This demonstrates the financial community’s confidence in SAFE’s business model and its senior management team and we continue to work closely with CEO Paul Sargenti and his team to pursue additional acquisitions that will further build the company.”

Paul Sargenti, president and CEO of SAFE, “We received strong market demand for the new facility and as a result the syndication was oversubscribed. This refinancing enables SAFE to take advantage of favorable rates in the credit markets and also meaningfully improves our financial flexibility.”