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Capital One provided $25M line of credit to Hanover surveillance company

Capital One was the sole lender and administrative agent for a $25 million, five-year revolving line of credit to Eyewitness Surveillance, a Hanover-based firm that provides remote interactive video surveillance solutions to mid-sized-to-large automotive dealerships, metal recycling yards and other fixed industrial facilities.

Eyewitness will use the line of credit, which closed in connection with an investment from LLR Partners, to refinance existing debt and provide future growth capital needs. LLR Partners is a middle-market private equity firm headquartered in Philadelphia. The firm has raised more than $2 billion distributed among four funds for investments in security as well as business services, education, financial services, health care and software.

“This transaction is a perfect example of how security firms using the latest video technologies are attracting the attention of private equity capital,” said John Robuck, Capital One’s managing director of security finance, in a news release. “Thanks to its cutting-edge applications and its forward-leaning management team, Eyewitness has been able to build exciting video solutions.  We look forward to working with LLR and the company as they continue to focus on growth opportunities.”

Founded in 2004, Eyewitness Surveillance has grown by applying advanced algorithms and object detection analytics to its video systems. The tools are customized for specific locations, allowing security professionals to identify and respond appropriately to targeted behavior. For example, at auto dealerships, Eyewitness uses analystics to deter criminal activity and measure customer foot traffic, to improve employee responsiveness and manage assets. In addition, Eyewitness’ systems can help dealerships mitigate false liability claims and damage to lot inventory.

Capital One was able to use a streamlined approval process to meet the transaction’s tight deadline. “Timely execution was paramount for us,” said Michael Levenberg, vice president of LLR Partners.  “Capital One closed the deal in less than 30 days from term sheet to execution.”

 


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