For Immediate Release
Marriott & Co. Serves as Exclusive Financial Advisor to Home Care Delivered, Inc.
Richmond, VA, December 12, 2013
Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Home Care Delivered, Inc. (“HCD” or the “Company”) in its financing transaction that closed on December 6, 2013. The transaction included financing provided by Capital One Bank and F.N.B. Capital Partners, L.P. Proceeds from the new capital investment were used to recapitalize the Company and position it for future growth. Terms of the transaction were not disclosed.
Based in Glen Allen, Virginia, HCD is a rapidly growing specialty medical distributor that partners with physicians, home health care providers and other healthcare practitioners by providing medical supplies delivered directly to their patients’ homes anywhere across the U.S. HCD has contracts with insurance companies across the country including Medicare, most Medicaids, managed care plans and hundreds of commercial plans. HCD offers a wide array of name-brand products across multiple chronic care categories, including incontinence, diabetes, ostomy, urology, wound care and oral nutritionals, many of which are disposable in nature. These products are instrumental in assisting people to return home from a hospital stay and extend their ability to remain in the home setting. Founded in 1996, HCD has a long successful operating history and today employs over 150 employees. HCD and its leadership have been recognized for their success numerous times over the years, including being awarded a spot on Inc. Magazine’s “Inc. 5000” ranking of the nation’s fastest-growing private companies and having Gordy Fox, Chairman, CEO and President of HCD, being selected as a finalist for the Ernst & Young Entrepreneur of the Year Award.
Gordy Fox, Chairman, CEO and President of HCD, said, “Marriott & Co. did a tremendous job of managing an efficient transaction process for HCD, and we are extremely grateful for the high level of quality, integrity and professionalism that Justin and his team displayed from start to finish. We are extremely pleased to have two excellent new financial partners in Capital One Bank and F.N.B. Capital Partners as a result of this transaction, and we feel that HCD is now perfectly positioned to capitalize on the many growth opportunities that we see in the current healthcare environment.”
“It was an absolute pleasure working with HCD on this important transaction,” said Justin Marriott, Managing Director of Marriott & Co., “Gordy and the rest of the HCD team have built an impressive business over the past 17 years and we are happy to have helped them to secure such solid financial partners for the company going forward.”
About Home Care Delivered, Inc.:
Headquartered in Glen Allen, Virginia, HCD is a rapidly growing specialty medical distributor that partners with physicians, home health care providers and other healthcare practitioners by providing medical supplies to their patients, delivered directly to their homes anywhere across the U.S. HCD has contracts with hundreds of insurance companies to include Medicare, state Medicaid plans and commercial payors throughout the US. HCD offers a wide array of name-brand products across multiple chronic care categories, including incontinence, diabetes, ostomy, urology, wound care, and oral nutritionals, many of which are disposable in nature. These products are instrumental in assisting people to return home from a hospital stay or extending their ability to remain in the home setting. HCD has 5 offices in the US and distribution that enables next-day delivery for 96% of the US population. Since its founding in 1996, Home Care Delivered has served thousands of customer an is proud of its track record of providing customers with the highest quality medical supplies and for consistently providing efficient home delivery, caring customer service and educational resources that provide peace of mind to our customers knowing their needed medical supplies are a call away.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. is a premier, independent boutique investment banking firm focused on advising closely-held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
Thor Industries, Inc. (NYSE: THO) today announced that it acquired the assets of innovative recreational vehicle maker Livin’ Lite through a wholly-owned subsidiary. The purchase is subject to customary closing conditions and is expected to be completed by August 30, 2013.
“We are pleased to welcome Livin’ Lite to the Thor family of RV brands. Adding such a creative RV maker to Thor’s strong stable of brands will enable us to expand our industry-leading position in new product development into camping trailers and truck campers,” said Bob Martin, Thor President and Chief Executive Officer. “We see many opportunities for expanding Livin’ Lite’s market presence through the Thor dealer network, and the ability to leverage their lightweight aluminum and composite construction technology in other Thor products. This transaction represents a solid example of executing our strategic plan to grow our RV presence through the acquisition of brands and technologies that complement our existing business.”
Founded by former Heartland executive Scott Tuttle, Wakarusa, Indiana -based Livin’ Lite is known for its advanced lightweight aluminum construction applied to a variety of smaller RVs, including travel trailers, toy haulers, camping trailers and truck campers. Livin’ Lite also markets its products in partnership with a number of leading consumer brands including Jeep®. Having recently been named to Inc. magazine’s list of fastest growing companies for the third consecutive year, Livin’ Lite is expected to generate sales of approximately $24 million for calendar year 2013.
“We are excited to join forces with Thor, the leading company in the RV industry, and we are looking forward to the new growth opportunities we should see as a result,” said Scott Tuttle, President, CEO and founder of Livin’ Lite. “We have worked diligently to grow Livin’ Lite over the past five years and expect to extend that growth as we bring the distribution, operational and financial strengths of Thor to bear on our business. As the newest company to join Thor, we also expect to add to our combined development efforts as we apply our proprietary technology to a broader array of existing product lines and bring our combined market strength to camping trailers and truck campers.”
Thor expects to offer Livin’ Lite’s current 35 models to its current dealer network upon closing of the transaction. The Company expects Livin’ Lite will continue to operate out of its existing Wakarusa facilities with minimal disruption to its current business resulting from the acquisition.
About Thor Industries, Inc.
Thor is the sole owner of operating subsidiaries that, combined, represent the world’s largest manufacturer of recreation vehicles and a major builder of commercial buses.
This release includes certain statements that are “forward looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward looking statements involve uncertainties and risks. There can be no assurance that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, price fluctuations, material or chassis supply restrictions, legislative and regulatory developments, the costs of compliance with increased governmental regulation, legal issues, the potential impact of increased tax burdens on our dealers and retail consumers, lower consumer confidence and the level of discretionary consumer spending, the level of state and federal funding available for transportation, interest rate increases, restrictive lending practices, recent management changes, the success of new product introductions, the pace of acquisitions, the impact of the divestiture of the Company’s bus businesses, asset impairment charges, cost structure improvements, competition and general economic conditions and the other risks and uncertainties discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2012 and Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended April 30, 2013 . We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any change in our expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Richmond, VA, March 25, 2013 Marriott & Co., a premier independently owned middle market investment banking firm based in Richmond, VA, is pleased to announce the promotion of Matt Improta to Associate at the firm. Matt, who joined Marriott & Co. in 2010, has nearly 3 years of investment banking experience and focuses on providing industry-leading service to the firm’s middle market advisory clients.
“Marriott & Co. is pleased to recognize Matt’s important contributions to the firm with this well-deserved promotion,” said Justin Marriott, Managing Director and Founder of Marriott & Co. “Matt’s strong analytical skills and hard work ethic coupled with the transactional experience gained working on a number of closed transactions since joining the firm make him an invaluable member of our team, and I look forward to his continued efforts to help build upon our successful investment banking platform.”
Prior to joining Marriott & Co., Matt graduated from the University of Richmond where he received a Bachelor of Science degree in Business Administration with a concentration in Finance and a minor in Economics. Matt previously held a summer position at Dominion Resources as a Corporate Finance Analyst. He was also a Senior Manager on the Student Managed Investment Fund for 2009-2010 at the University of Richmond.
“I thoroughly enjoy working with the talented and motivated team here at Marriott & Co., and it is a rewarding experience to work closely with such great and diverse clients to achieve their strategic objectives. I am also really excited about several new clients that have recently engaged us and we will be bringing to market in the next 60 days. We continue to be working at a fast pace which really keeps work exciting and challenging,” said Matt Improta.
About Marriott & Co.:
Marriott & Co. (http://www.marriott-co.com) is a premier, independently owned investment banking firm focused on advising privately held fast growing companies across a wide spectrum of industries. Our firm is dedicated to building long-term relationships with industry leading niche middle market companies, and we have a long track record of delivering exceptional results on assignments such as mergers and acquisitions and capital advisory. Our unique entrepreneurial culture enables us relate to our clients and to tailor our services to meet the needs and expectations of our clients, and our professionals have an unparalleled understanding of the challenges and opportunities facing these entrepreneurial companies. By providing senior level attention, a relationship approach and a high level of execution to every assignment we undertake, Marriott & Co. is a value-added partner to our clients. Our team has deep relationships throughout the private capital markets, and we frequently achieve valuations and structures for our clients that exceed industry norms.
Richmond, Va. — TDBBS, LLC, a Richmond, VA-based manufacturer and marketer of all natural dog treats and chews, announced the completion of a minority investment by Culbro, LLC, a family-controlled private equity firm based in New York City. The transaction closed on February 28, 2013; terms were not disclosed.
Founded by Avrum and Lauren Elmakis in 2007, TDBBS has achieved extraordinary growth since inception and was ranked #384 in Inc. Magazine’s 2012 “Inc. 500” ranking of the nation’s fastest-growing private companies. TDBBS specializes in bully sticks, elk antlers, and other natural, high protein dog chews that are highly digestible and are becoming increasingly popular among dog owners across the U.S. and abroad. In addition to bully sticks, the company also offers a wide variety of complementary all natural dog treats and chews to consumers through its proprietary ecommerce sites and also through other retail channels.
Culbro, LLC was formed in 2005 as the private equity investment vehicle of the Cullman family and is presently managed by members of that family. Among numerous successful businesses it has owned, the Cullman family owned and operated General Cigar Holdings, Inc., the largest premium cigar company in the U.S. with prestigious brands such as Macanudo and Partagas, for over forty years before selling the company in 2005. The principals of Culbro have significant operating and investing experience across a number of industries, with a particular focus on consumer products companies.
Avrum Elmakis, Founder and CEO of TDBBS, said, “I am very excited to partner with Culbro. The knowledge and first-hand experience that the Culbro team has through its development of a world-class consumer products company like General Cigar will be invaluable to TDBBS as we seek to capitalize on the many exciting growth opportunities in the pet industry. This transaction will enable TDBBS to accelerate our growth at an even greater pace due to the resources, guidance and access to capital that Culbro brings.”
“In a relatively short time span TDBBS has established itself as a leader in the dynamic pet products industry by providing pet owners with innovative products that are all natural, great-tasting and healthy for their pets,” said Edgar Cullman, Jr., Managing Member of Culbro, “We are looking forward to working with Avrum and the rest of the TDBBS team to continue to build upon their success to date.”
David Danziger, Managing Member of Culbro, said, “Avrum and his team have done an extraordinary job building a successful business with a number of attributes that we look for when making an investment, including a strong leadership team, loyal customer relationships and sustainable competitive advantages. The fact that TDBBS operates in an industry that is expanding so rapidly makes this investment even more compelling for Culbro.”
Marriott & Co. acted as exclusive financial advisor to TDBBS on this transaction. Williams Mullen provided legal advice to TDBBS, and Gunster provided legal advice to Culbro on this transaction.
Justin Marriott, Managing Director of Marriott & Co. said, “We thoroughly enjoyed working with Avrum and the rest of the TDBBS team on this important transaction. The cultural fit between TDBBS and Culbro was evident throughout this entire process, and I know that TDBBS is poised for great things under this new partnership.”
Added Mr. Elmakis, “I can’t thank the Marriott & Co. team enough for the amazing job they did throughout this process. They managed an efficient and professional process to ensure that TDBBS found a private equity partner that truly understands our unique business model.”
About TDBBS, LLC:
Headquartered in Richmond, VA, TDBBS, LLC is a leading manufacturer and marketer of premium pet related products throughout the U.S. and abroad. TDBBS provides its loyal customer base with a diverse line of unique products in the pet industry including all natural dog treats and chews. Among its product offerings are bully sticks, which are all natural, high protein dog treats and chews that the company markets in a variety of shapes, sizes and varieties. TDBBS sells its products to consumers through its ecommerce sites, and it has also developed relationships with some of the leading distributors and retailers across the U.S.
TDBBS was founded in 2007 and has achieved a triple-digit revenue growth rate since its inception. In Inc. Magazine’s 2012 “Inc. 500” ranking of the fastest-growing private companies in the U.S., TDBBS was ranked #384.
About Culbro, LLC:
Based in New York, NY, Culbro, LLC (www.culbro.com) is the private equity investment vehicle of the Cullman family and is presently managed by members of that family. Culbro primarily focuses on making equity investments of $10 to $20 million in middle market companies across a variety of sectors, including branded consumer products, healthcare services, education products and services and other outsourced services including information technology. The firm invests its partners’ capital and is supported by a number of allied investors who often invest alongside it, providing for flexible investment structures and time horizons. The Managing Members of Culbro are former operating executives who seek to partner with strong existing management teams to help their companies grow.
The Cullman family has a rich history dating back to 1884 which includes owning and managing a number of successful companies, including General Cigar Holdings, Inc., the largest premium cigar manufacturer and marketer in the U.S. with prestigious brands including Macanudo and Partagas. Upon completing a sale of its interests in General Cigar to Swedish Match AB in 2005, the Cullman family created Culbro, LLC as its private equity investment vehicle. In addition to its U.S. operations, Culbro invests in India through its associated company, Helix Investments.
Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as exclusive financial advisor to A & E Management Group , LLC (“ A & E ” or the “Company” ) in its acquisition of Low Country Pizza Investments, LLC (“LCP I ”) . The transaction closed on July 30 , 2012 . GE Capital Corporation provided senior debt to finance the acquisition . Terms of the transaction were not disclosed.
Based in Columbia, South Carolina , A & E is a leading owner and operator of quick – serve restaurants (“QSR”) under the Little Caesars brand name, the world’s largest carry – out pizza chain. Founded in 2006, A & E has established itself as one of the top operators in the Little Caesars system and has been the recipient of numerous franchisee awards.
The acquisition of LCP I , which i s based in Charleston, South Carolina, will expand A & E’s footprint in key markets and attractively positions the Company to continue executing its growth strategies at an aggressive pace. The combined company employs over 400 employees and will operate 22 Little Caesars locations by year – end. Tim Putnam, the founder and majority owner of A & E, will continue to lead the Company in his role as President and Chief Operating Officer.
Mr. Putnam said, “ We believe the long – term prospects for growth within the Little Caesars system are very strong, and we are extremely excited about the acquisition of LCP I , which has a terrific presence in the attractive Charleston market. The acquisition will provide A & E with significantly more scale and creates an excellent platform for future growth throughout the Southeast. We have an outstanding group of employees in the Company, and we are all looking forward to entering this next phase of A & E’s growth.”
“The acquisition of LCPI by A & E brings together two very high performing QSR portfolios,” said Justin Marriott, Managing Director of Marriott & Co., “ and will enable A & E to further build upon its already rapidly growing business . We thoroughly enjoyed working with Tim and his team on this transaction and hope to work together again in the future.”
About A & E Management Group , LLC :
Headquartered in Columbia, South Carolina, A & E Management Group , LLC is a leading owner and operator of quick – serve restaurants under the Little Caesars brand name, the world’s largest carry – out pizza chain. Since its founding in 2006 by Tim Putnam, A & E has expanded from one restaurant t o 22 restaurants in multiple markets across the Southeast employing over 400 employees. The company has been recognized numerous times by Little Caesars for operational excellence and is led by an experienced management team.
Columbia, Md. — Aegis Mobile, LLC, a provider of wireless compliance and consumer protection solutions for mobile payments, announced the completion of a recapitalization led by CameronBlue Capital, a McLean, VA-based private equity firm, in a transaction that closed on May 2, 2012. CameronBlue partnered with management to acquire a controlling interest in the Columbia, MD-based company, which has experienced exceptional growth since its founding in 2006. Terms of the transaction were not disclosed.
Aegis Mobile is an important service provider to the wireless industry in the emerging mobile payment markets. As a provider of compliance and consumer protection services to mobile billers, Aegis Mobile has a diverse and proprietary set of services to pre-empt deceptive advertising, “cramming”, and payment fraud targeting wireless subscribers. Its services provide additional levels of security for purchases of digital content through texting, app stores or other forms of mobile billing. Aegis Mobile works with a variety of clients, from Fortune 100 companies to smaller wireless and internet technology companies.
Rich LaPerch, co-Founder and CEO of Aegis Mobile, said, “CameronBlue Capital is the perfect partner to assist the growth and direction of our business in the wireless industry. We have an outstanding group of employees who provide tremendous operational expertise on which we can build additional mobile capabilities. CameronBlue Capital provides the access to capital, resources and industry opportunities that will accelerate our business development and overall growth, and their values on service excellence, integrity and relationships mesh extremely well with our existing culture”
“We are excited with the opportunity to invest in the future of Aegis Mobile and partner with Rich LaPerch.” said Jeff Goettman, Managing Partner of CameronBlue Capital, “Rich and his team have built a very successful business, and we share his goal of furthering the growth of the Company as Aegis Mobile expands its security and compliance solutions in the dynamic mobile billing market. With our experience in providing guidance and stewardship to growing businesses, we expect to assist the development of capabilities and strategies that will enable Aegis to achieve a greater market presence and an even higher level of operating performance.”
Baker Botts L.L.P. provided legal advice to CameronBlue on this transaction, and Lacki & Company provided legal advice to Aegis Mobile. Marriott & Co. acted as financial advisor to Aegis Mobile on this transaction.
About Aegis Mobile, LLC:
Founded in 2006, Aegis Mobile (http://www.aegismobile.com/) provides sophisticated wireless compliance and consumer protection solutions to businesses engaged in mobile billing of wireless subscribers. As a pioneer and leader in the developing and changing regulations surrounding consumer protection in the wireless industry, Aegis Mobile creates tailored solutions that enable organizations to protect their brand and customers from deceptive practices and fraud across a wide range of media. Clients include customers include tier one carriers in the US and Brazil as well as emerging mobile payment providers and wireless trade associations in the US and Canada. Aegis Mobile ranked #561 in Inc. Magazine’s 2011 500|5000 ranking of the nation’s fastest-growing private companies and was named High Tech Firm of the Year for 2011 by the Tech Council of Maryland.
About CameronBlue Capital:
Based in McLean, VA, CameronBlue Capital (http://www.cameronblue.com/) is a private equity investment firm seeking partnerships with owner-managers who are committed to building successful and enduring businesses. CameronBlue Capital targets profitable companies with revenues between $10 and $50 million in the Mid-Atlantic and Southeastern United States. Using its investment experience, industry expertise and value-added board of directors to provide guidance and oversight, CameronBlue Capital offers skilled and engaged outside resources that enable owners and managers to grow their business and achieve a higher level of operating performance.
Richmond, VA – Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as exclusive financial advisor to ABC Builders Supply, Inc. (“ABC” or the “Company”) in its debt financing transaction that closed on January 5, 2012. The transaction included senior debt financing provided by Bank of Virginia and subordinated debt financing provided by a syndicate of private investors. ABC’s management team also made a co-investment in the subordinated debt financing. Proceeds from the new capital investment were used to refinance existing debt and position the Company for future growth. Terms of the transaction were not disclosed.
Based in Chester, Virginia, ABC is a leading distributor of drywall, metal framing and related accessories to a diversified customer base in the residential and commercial construction markets throughout Virginia. Founded in 1948, ABC has a long successful operating history and today employs over 60 employees. The Company is led by its three co-owners who have significant operational experience in the building products industry.
Barry Brockwell, Co-Owner of ABC, said, “The Marriott & Co. team was a critical partner to ABC in accomplishing our goals in this financing transaction, and we are extremely excited about the future of our Company given our attractive new capital structure. This was a complex deal that involved bringing multiple parties together, and the value that Marriott & Co. added throughout the entire process was enormous.”
“At ABC, we pride ourselves on exceeding our customers’ expectations in terms of quality, service and responsiveness in everything we do,” said John Farrar, Co-Owner of ABC, “and I can firmly say that Marriott & Co. shares those same objectives in the services they provide to their clients.”
“We are very bullish on the future of the building products industry in our target markets,” added John Hinkle, Co-Owner of ABC, “and this transaction perfectly positions ABC to capitalize on the many growth opportunities that we see in today’s environment.”
About ABC Builders Supply, Inc.:
ABC Builders Supply, Inc. is a leading distributor of drywall, metal framing and related accessories, serving both the residential and commercial construction markets throughout Virginia. Based in Chester, Virginia with an operating history dating back to 1948, ABC Builders Supply is highly respected within the markets it serves, and the Company’s enjoys long-standing relationships with its customers and suppliers. As an independent, regional player in the building products distribution industry, ABC is well-known for providing high quality products, superior customer service and customized solutions to its customers.
About Marriott & Co.:
Marriott & Co. (http://www.marriott-co.com) is a premier, independent investment banking firm focused on advising privately held companies across a wide variety of industries. The firm is dedicated to building long-term relationships with middle market companies, and it has a long track record of delivering results on assignments such as mergers and acquisitions, capital raising and restructurings. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies today. By providing senior level attention, a relationship approach and a high level of execution to every assignment it undertakes, Marriott & Co. is a value-added partner to its clients. The firm’s team has deep relationships throughout the private capital markets, and it frequently achieves valuations and structures for its clients that exceed industry norms.
Richmond, VA – Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it provided valuation advisory services to Network Data Security Experts, Inc. (“NDSE”) with respect to a management-led recapitalization. Terms of the transaction were not disclosed.
Based in Richmond, Virginia, Network Data Security Experts (“NDSE”) is a leading provider of total network solutions and services, offering voice, data, converged technology and consulting solutions. NDSE provides its solutions to all types of small to medium-sized companies with a specialization in manufacturing, financial, medical and legal firms. NDSE’s services are focused on providing the business tools that small businesses need to compete, providing affordable technology designs based on unique business requirements.
Frank Ernesto IV, CEO of NDSE, said, “It was a pleasure working with the Marriott & Co. team. They were responsive and performed a very thorough analysis in a relatively tight timeline. I look forward to the continued success of NDSE and potential opportunities to work together with Marriott & Co. in the future.”
“NDSE has built an impressive business over the past 15 years,” said Justin Marriott, Managing Director of Marriott & Co., “and our firm was pleased to assist the company by providing valuation services in conjunction with its recapitalization. I wish Frank and his team continued success and hope that we may work together again.”
About Network Data Security Experts, Inc.: Since 1996 NDSE has provided the specialized IT solutions that can help companies achieve their business goals. NDSE’s flexible computer services can allow management teams to focus on their business, instead of the technology they need to keep it running.
NDSE offers the network solutions that can drive businesses to become more profitable, productive, and stress-free.
About Marriott & Co.: Marriott & Co. (http://www.marriott-co.com) is a premier, independent investment banking firm focused on advising privately held companies across a wide variety of industries. Our firm is dedicated to building long-term relationships with middle market companies, and we have a long track record of delivering results on assignments such as mergers and acquisitions, capital raising, consulting engagements and restructurings. Our unique entrepreneurial culture enables us to tailor our services to meet the needs of our clients, and our professionals have an unparalleled understanding of the challenges and opportunities facing these companies today. By providing senior level attention, a relationship approach and a high level of execution to every assignment we undertake, Marriott & Co. is a value-added partner to our clients. Our team has deep relationships throughout the private capital markets, and we frequently achieve valuations and structures for our clients that exceed industry norms.
Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce the promotion of Bryan Burden to Director at the firm. Bryan, who joined Marriott & Co. in March 2010, has 11 years of investment banking experience and focuses on providing industry-leading service to the firm’s middle market advisory clients.
“Marriott & Co. is pleased to recognize Bryan’s important contributions to the firm with this well-deserved promotion,” said Justin Marriott, Managing Director and Founder of Marriott & Co. “Bryan’s strong transactional experience has made him an integral member of our team, and I look forward to his continued efforts to help build upon our successful investment banking platform.”
Prior to joining Marriott & Co., Bryan was a Vice President at Boxwood Partners, where he executed middle market investment banking transactions for clients in a variety of industries. He was previously an investment banking Associate at Wachovia Securities and also served as CFO of a privately held company. He began his career at BB&T Capital Markets, where he was an investment banking Analyst and Associate. Bryan received his B.S. in Commerce with a Concentration in Finance from the McIntire School at the University of Virginia.
“I thoroughly enjoy working with the talented team here at Marriott & Co., and it is a rewarding experience to work closely with great clients to achieve their objectives. I am excited about the significant growth opportunities that lie ahead for our firm,” said Bryan Burden.
About Marriott & Co.:
Marriott & Co. (http://www.marriott-co.com) is a premier, independent investment banking firm focused on advising privately held companies across a wide variety of industries. Our firm is dedicated to building long-term relationships with middle market companies, and we have a long track record of delivering results on assignments such as mergers and acquisitions, capital raising, consulting engagements and restructurings. Our unique entrepreneurial culture enables us to tailor our services to meet the needs of our clients, and our professionals have an unparalleled understanding of the challenges and opportunities facing these companies today. By providing senior level attention, a relationship approach and a high level of execution to every assignment we undertake, Marriott & Co. is a value-added partner to our clients. Our team has deep relationships throughout the private capital markets, and we frequently achieve valuations and structures for our clients that exceed industry norms.
Acquisition Further Deepens Globecomm’s Wireless Capabilities
HAUPPAUGE, N.Y., April 8, 2011 /BusinessWire/ – Globecomm Systems Inc. (NASDAQ: GCOM), a leading global provider of communications solutions and services, announced today that the Company has acquired ComSource, Inc. (ComSource).
The initial purchase price is $20.0 million, funded through $2.0 million of existing cash and $18.0 million through the Company’s existing credit facility with Citibank. ComSource may receive up to $21.0 million of additional consideration, through a two-year earn-out, based on reaching certain earnings milestones.
Based in Frederick, MD, utilizing their state of the art test facility, ComSource provides independent test and evaluation of a variety of telecommunications equipment and related recurring long term application support, including new feature sets. Client testing includes basic performance, data assurance, reliability and system security. ComSource is capable of testing the following wireless equipment types:
UMTS (3G) platforms and mobile devices.
GSM platforms including GPRS and EDGE and mobile devices.
CDMA platforms and mobile devices.
Wi-Fi platforms and mobile devices.
Wi-Max platforms and mobile devices.
ComSource currently employs 48 individuals, of which 39 are dedicated to wireless technologies software development.
ComSource had unaudited revenues of approximately $22.7 million for the year ended December 31, 2010. The transaction is anticipated to be immediately accretive excluding the impact of amortization of intangibles relating to the transaction, and excluding the non-recurring charge for acquisition costs. ComSource’s primary customer is a Tier 1 global telecommunications company (“key customer”) and has a high concentration of recurring service revenue that complements one-time equipment sales.
David Hershberg, Chairman and CEO of Globecomm Systems Inc., said: “Globecomm continues to invest in mobile technologies as the proliferation of mobile devices such as cell phones and tablets reach unprecedented levels and the Company anticipates continued robust growth in this vertical marketplace. ComSource’s key customer affords Globecomm the opportunity to up-sell multiple aspects of Globecomm’s current engineering capabilities in the broadcast and multi-media arena, which are rapidly converging in the wireless arena. The culture of ComSource, combined with the desire to possess these capabilities were the primary reasons to move forward with this transaction. I appreciate the efforts of the members of the Globecomm acquisition team who worked diligently to make this transaction happen. They continue to close deals that align with our long-term goals of completing related acquisition opportunities in a vast, rapidly changing marketplace. I would like to welcome the entire ComSource team to the Globecomm family.”
Jerald L. Cruce, CEO of ComSource, Inc., said: “This is a great opportunity for the employees and staff of both Globecomm and ComSource. The synergies of both companies will be a positive asset to grow our respective business base, and ensure the future outlook of employees and clients.”
Keith Hall, President and Chief Operating Officer of Globecomm Systems Inc., said: “Globecomm continues to expand its value proposition as a global communication solution provider and is very excited about the addition of ComSource to the Globecomm family. Globecomm has utilized acquisitions to help diversify our capability portfolio including developing new market verticals, further expanding our global reach and building breadth to our technology capabilities. Combining Globecomm’s existing wireless reach and core engineering talent with the ComSource software engineering team will create a suite of capabilities that will be in high demand in the fast developing mobile technology market. This acquisition is an important milestone as Globecomm continues its expansion outside satellite centric applications. I look forward to working closely with the ComSource management team in creating a successful partnership”
Kramer Levin Naftalis & Frankel provided legal advice to Globecomm on this transaction, and Shulman Rogers and Lacki & Company provided legal advice to ComSource. Marriott & Co. acted as financial advisor to ComSource on this transaction.
About Globecomm Systems
Globecomm Systems Inc., or Globecomm, is a leading global provider of satellite-based managed network solutions. Employing our expertise in emerging communication technologies we are able to offer a comprehensive suite of system integration, system products, and network services enabling a complete end-to-end solution for our customers. We believe our integrated approach of in-house design and engineering expertise combined with a world-class global network and our 24 by 7 network operating centers provides us a unique competitive advantage. We are now taking this value proposition to selective vertical markets, including government, wireless, media, enterprise, and maritime. As a network solution provider we leverage our global network to provide customers managed access services to the United States Internet backbone, video content, the public switched telephone network or their corporate headquarters, or government offices. We currently have customers for which we are providing such services in the United States, Europe, South America, Africa, the Middle East, and Asia.
Based in Hauppauge, New York, Globecomm Systems also maintains offices in Maryland, New Jersey, Virginia, the Netherlands, South Africa, Hong Kong, Germany, Singapore, the United Arab Emirates and Afghanistan.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on management’s current expectations and observations. You should not place undue reliance on our forward-looking statements because the matters they describe are subject to certain risks, uncertainties and assumptions that are difficult to predict. Our forward-looking statements are based on the information currently available to us and speak only as of the date of this press release. Over time, our actual results, performance or achievements may differ from those expressed or implied by our forward-looking statements, and such difference might be significant and materially adverse to our security holders.
We have identified some of the important factors that could cause future events to differ from our current expectations and they are described in our most recent Annual Report on Form 10-K and most recent Quarterly Report of Form 10-Q, including without limitation under the captions ”Risk Factors” and ”Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and in other documents that we may file with the SEC, all of which you should review carefully. Please consider our forward-looking statements in light of those risks as you read this press release.
For Globecomm Investor Relations information, please contact: Matthew Byron
Senior Vice President, Corporate Office IR/M&A
631-457-1301 ir@globecommsystems.com
Company Information: Globecomm Systems Inc.
45 Oser Avenue
Hauppauge, NY 11788
Phone: 631-231-9800; Fax: 631-231-1557
Web: http://www.globecommsystems.com
