IRVINE, Calif.--(BUSINESS WIRE)-- Opus Bank (the “Bank”) announced today that it provided senior corporate acquisition financing to Sentinel Offender Services, LLC (“Sentinel”), a leading provider of services that aid local and state governments in monitoring and managing offenders on probation or parole. The acquisition financing provided to Sentinel was used for its acquisition of G4S Justice Services, LLC, which was a wholly owned subsidiary of G4S, plc, the UK based international security solutions group. The acquisition enabled Sentinel to significantly grow their security business, nearly double their revenues, and greatly enhance their earnings and valuation.
Stephen H. Gordon, Chairman and Chief Executive Officer of Opus Bank, stated, “Over the past several years, banks have backed away from providing capital funding to entrepreneurs and small and mid-sized businesses, including those companies acquiring other companies, thereby creating a void where successful and resilient entrepreneurs and businesses are left with few options. Opus Bank sees this as an opportunity and is targeting this void by providing capital funding to the entrepreneurs and business owners who have a vision to expand and grow their companies.” Mr. Gordon added, “Consistent with our unique approach to banking, we are supporting Sentinel with multiple Opus Bank resources, including our Treasury Management and Payment Solutions division, which is providing Sentinel with numerous automated payment channels for its clients and an extensive suite of cash management products, services, and solutions to service Sentinel’s offices across the country.” Mr. Gordon concluded, “At Opus Bank, we understand the passion and dreams of entrepreneurs and business owners; we share that dream. The infusion of capital funding is a driving force for new jobs and rebuilding healthy, vital, and vibrant communities.”
Bob Contestable, President of Sentinel, commented, “This is a transformational acquisition for Sentinel, as well as the industry. Our acquisition of an in-market competitor could not have been completed without the vision and support of Opus Bank, a strong relationship-based bank that believes in and understands entrepreneurial passion and spirit.”
The senior debt provided by Opus Bank was accompanied by mezzanine financing provided by Bison Capital Asset Management, LLC.
Opus Bank was advised in this transaction by the law firm of Buchalter Nemer. Sentinel was advised in this transaction by its financial advisors, EuroConsult, Inc. and Squar, Milner, Peterson, Miranda & Williamson, LLP, and its legal advisor, Freeman Freeman & Smiley, LLP.
About Opus Bank
Opus Bank, headquartered in Irvine, CA, is an FDIC insured California-chartered commercial bank with $2.4 billion of total assets, $1.6 billion of total loans, and $1.8 billion in total deposits, as of June 30, 2012. Opus Bank provides high-value, relationship-based banking products and exceptional service to its clients comprised of small and mid-sized commercial businesses, entrepreneurs, real estate investors, professionals, and consumers. Opus Bank offers a wide range of loan products, including commercial and industrial, commercial real estate, multifamily residential, conforming and jumbo single-family residential, and consumer loans; and is a Small Business Administration (“SBA”) Preferred Lender. Opus Bank operates 57 banking offices, including 34 banking offices in California and 23 in the Seattle/Puget Sound region in Washington. Opus Bank has announced plans to open new banking offices in Gig Harbor, located in Pierce County, and Mount Vernon, located in Skagit County, Washington. For additional information about Opus Bank, please visit our website: www.opusbank.com.
About Sentinel Offender Services, LLC
Sentinel Offender Services, LLC is a leading provider of services that aid local and state governments in monitoring and managing offenders on probation or parole. Sentinel’s services are designed to pro-actively rehabilitate low-level offenders, reduce cost and burden to the correctional system, decrease the population of new entries to incarceration, and reduce overall recidivism. Sentinel is headquartered in Irvine, CA, with offices throughout the United States.
Mr. Stephen H. Gordon
Chairman & CEO
Mr. Jeff L. Leonard
SVP, Director of Communications
Source: Opus Bank