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Devcon secures $215m credit facility

July 13, 2011Tess Nacelewicz

HOLLYWOOD, Fla.—Devcon Security, a super-regional that has rapidly expanded into a national player in the past year, yesterday announced a new $215 million credit facility that includes $110 million in new financing. The new financing package more than doubles what was available to the company previously. “We're ecstatic,” Robert Farenhem, president and CEO of Devcon, which is based here, told Security Systems News. “This is a fairly substantial increase in availability over...

Bank of America, CapitalSource Finance, CIT, Devcon Security, Doug Bayerd, Golden Gate Capital, Robert Farenhem, The PrivateBank, Will Schmidt