Crescent Capital’s European specialty lending strategy provided unitranche financing to support the acquisition of Spy Alarms by Phoenix Equity Partners. Crescent also provided an acquisition facility to support Spy Alarms’ ongoing buy-and-build strategy. Terms of the financing were not disclosed.
Spy Alarms is a provider of electronic security and fire alarm services to both domestic and commercial customers. The company supplies, maintains and monitors security and fire alarm systems across London and South East England, and currently has approximately 30,000 customers.
“We were attracted to this opportunity to support the growth of Spy Alarms due to the company’s strong recurring revenue through monitoring and maintenance contracts, stable demand and its loyal customer base driven by the company’s high level of service,” Christine Vanden Beukel, managing director and head of Crescent’s European specialty lending strategy, said. “We believe Crescent’s flexible capital solutions are especially attractive to leading sponsors like Phoenix Equity Partners as they work to support high-growth portfolio businesses like Spy Alarms.”
Crescent Capital is a global credit investment manager with approximately $28 billion of assets under management. The firm focuses on below investment grade credit through strategies that invest in marketable and privately-originated debt securities, including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities.