Author: Angela Sormani

Carl Marks Advisory Group has made six promotions. The business is a consulting and investment banking advisor to middle market companies.

PRESS RELEASE

Carl Marks Advisory Group LLC, a leading consulting and investment banking advisor to middle market companies, sees potential among its talent pool under 40 years of age. The firm announced today the following promotions:

“We are delighted to see these team members continue to broaden their knowledge base and grow into expanded roles to support our client demands,” said Duff Meyercord, partner of New York-based Carl Marks Advisory Group, LLC.

Bushnell, 38, specializes in providing analytical advisory services with regards to workouts, loan restructurings, bankruptcies, due diligence, evaluation, and exit strategies. His experience includes preparing financial projections, construction budgets, and cash-flow analysis for numerous real estate projects. He holds a BA from the College of the Holy Cross. Bushnell is a Licensed Real Estate Appraiser and is an active member of the Urban Land Institute and the Turnaround Management Association.

Chabina, 30, specializes in investment banking and financial restructuring, primarily responsible for mergers and acquisitions, debt and equity capital raises, corporate finance and financial restructuring advisory services across a wide range of industries. Mr. Chabina graduated from Colgate University with a BA in Economics. He is registered with FINRA as a General Securities Representative and holds the Series 7 and Series 63 certifications. Mr. Chabina is on the Board of Directors of the Turnaround Management Association (NYC Chapter) and is the Chair of the NextGen Committee of the Turnaround Management Association (NYC Chapter).

Roberts, 39, focuses on providing financial and operational restructuring advisory services including bankruptcies, financial restructurings, cash forecasting, and mergers and acquisitions. He is responsible for the firm’s business administration including legal documentation and engagement oversight. Mr. Roberts graduated with a BS in Finance and Management from Montclair State University and is registered with FINRA as a General Securities Representative and holds the Series 7 and 63 certifications.

Killion, 29, specializes in financial restructuring and investment banking. He serves as an advisor to public and private corporations. His experience includes providing financial advisory and investment banking services across numerous industries, including manufacturing, retail, food service, consumer products, media, healthcare, transportation, and real estate. He holds a BS in Business Administration with a concentration in Accounting and Finance from Georgetown University.

Endo, 27, specializes on investment banking and financial restructuring assignments with a focus on mergers and acquisitions, debt and equity capital raises, and corporate finance and financial restructuring advisory services. Mr. Endo graduated with a BS in Economics from Trinity College in Hartford, Connecticut. He is a member of the Turnaround Management Association and is registered with FINRA as a General Securities Representative and holds the Series 7, Series 79, and Series 63 certifications.

McInerney, 25, focuses on various financial advisory assignments including mergers and acquisitions, debt and equity capital raises, and financial restructurings. Mr. McInerney graduated with a BS in Finance and International Business from New York University’s Leonard N. Stern School of Business, where he was a Dean’s Scholar, served on the Dean’s Honor Council, and was a member of the Stern Scholars Program. He is a member of the Turnaround Management Association and registered with FINRA as a General Securities Representative (Series 7, 63, and 79).

About Carl Marks Advisory Group LLC and Carl Marks Securities LLC
Carl Marks Advisory Group LLC, a New York-based consulting and investment banking advisory firm serving middle market companies, provides an array of financial and operational services including mergers and acquisitions advice, sourcing of capital, financial restructuring plans, strategic business assessments, improvement plans and interim management. The award-winning firm was the recipient of the 2012 M&A Advisor Sector Financing Deal of the Year (Real Estate); the 2011 M&A Advisor’s Debt Financing Deal of the Year; and the 2011 Turnaround Atlas Awards Chapter 11 Reorganization of the Year (Middle Market). Carl Marks has additional offices in Charlotte, NC.

Carl Marks Securities LLC, based in New York, assists its clients in executing private placements of debt and equity. The firm is a member of FINRA and SIPC.

Media Contact:
Phil Nourie
Stanton Public Relations & Marketing
(212) 922-1226
[email protected]

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Young Innovations has been acquired by Linden Capital Partners. BB&T Capital Partners also invested equity to support the acquisition. Young Innovations is a developer, manufacturer, and marketer of consumable and diagnostic supplies and equipment for dental professionals and consumers.

PRESS RELEASE

Based in Earth City, Missouri, Young Innovations is a leading developer, manufacturer, and marketer of consumable and diagnostic supplies and equipment for dental professionals and consumers. The Company’s consumable products include preventative, infection control, micro-applicators, practice enhancement, and endodontic supplies, and its diagnostic equipment includes digital imaging, film X-ray systems, and related consumables. Young Innovations commands a leading position in the dental products market as a result of its excellent customer service and focus, high-quality preventative consumables product focus, and blue chip brand name recognition among its major dental brands.

BB&T Capital Partners invested equity to support the acquisition of Young Innovations by Linden Capital Partners.

About BB&T Capital Partners
BB&T Capital Partners manages committed capital across three fund strategies, all of which are focused on the middle market. The firm makes direct equity investments in control transactions of privately-held companies; provides subordinated debt or mezzanine capital in support of transactions led by financial sponsors and others; and invests in other private equity funds. Since 1998, BBTCP has invested in over 45 privately-held, middle-market companies in a variety of industries, providing patient capital to facilitate buyout, acquisition, growth and recapitalization transactions. BBTCP’s investing strategy focuses on a partnership approach with management with a common goal of long-term value creation.
For additional information on BBTCP, please visit our website at www.bbtcp.com or contact Brent Kulman at 336-733-0354 or [email protected].
BB&T Capital Partners
101 N. Cherry St.
Suite 700
Winston-Salem, NC 27101-4019

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Foundation Medical Partners has appointed Ted Laufik as a partner and CFO. Laufik joins Foundation’s team to manage investments in the connected health and healthcare IT sectors. Most recently, he served as partner and CFO at venture capital and private equity firm Morgenthaler.

PRESS RELEASE

Foundation Medical Partners, a national healthcare venture capital investment firm, today announced that Ted Laufik has joined the team as a Partner and CFO. Mr. Laufik joins Foundation’s team to manage investments in the connected health and healthcare IT sectors.
Mr. Laufik has had a long and successful career in venture capital. Most recently, until 2011, he served as Partner and CFO at Morgenthaler, a national venture capital and private equity firm. He served as CFO since 1985 and Partner since 1995. During his tenure, Morgenthaler raised $3 billion in capital, made investments in over 300 companies, and managed a diverse portfolio from early stage IT and healthcare technology companies to middle market buyout businesses.

“Ted brings significant depth and financial capability to Foundation,” said Lee Wrubel, Managing Partner of Foundation Medical Partners. “Ted has worked in the industry with top notch LPs, general partners, and entrepreneurs — and he brings that experience to our firm.”
Mr. Laufik joins the investment team at Foundation Medical Partners that includes partners Andrew Firlik, Lee Wrubel, and Kevin Sharer. The firm actively manages over $200 million in venture capital targeted toward start-up and early-stage companies. Foundation has remained exclusively focused on the healthcare technology market since the firm was founded in 2001, with a current market capitalization of its healthcare investments totaling approximately $2.0 billion.
About Foundation Medical Partners Foundation Medical Partners is a national venture capital investment firm formed in 2001 with the vision of bringing together cutting edge healthcare expertise with deep company building experience. Foundation specializes in early stage venture capital for healthcare technology companies. Foundation Medical Partners was an early, active venture investor in many companies that subsequently went public or were acquired in strategic transactions, such as AtriCure (NASDAQ: ATRC), CardioNet (NASDAQ: BEAT), Combinatorx (NASDAQ: ZLCS), Immunicon (NASDAQ: IMMC, later acquired by Johnson & Johnson), Northstar Neuroscience (NASDAQ: NSTR, later acquired by St. Jude Medical), and Visiogen (acquired by Abbott), as well as a portfolio of other market-leading privately held firms

For press correspondence, please contact:
ANDREW D. FIRLIK, MD
Managing Partner
Foundation Medical Partners
105 Rowayton Avenue
Rowayton, CT 06853
telephone: 203.851.3913
e-mail: [email protected]

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The European Investment Bank and EADS have announced the signature of a 300 million euro ($388 million) finance contract in support of EADS Group’s innovation and R&D programmes. This loan reflects the long-standing partnership that has formed between the EIB and EADS over the past ten years.

PRESS RELEASE

The European Investment Bank (EIB) and EADS have announced the signature of a EUR 300 million finance contract in support of EADS Group’s innovation and R&D programmes. This loan reflects the long-standing quality partnership that has formed between the EIB and EADS over the past ten years. It represents the second tranche of a first agreement signed in August 2011, whereby the EIB already made available EUR 500 million to EADS. This new finance contract brings the total volume of the EIB support under this agreement to EUR 800 million.

This is a flagship financing operation for the EIB, one of the first major loans to finance innovation in Europe since the Member States unanimously decided to give the bank of the European Union the means to stimulate the economy by increasing its capital by EUR 10 billion. This commitment so early in 2013 enables the Bank to step up its support for innovation and projects fostering growth and employment in Europe.

This project is focused on developing innovative products aimed at reducing the impact of aviation on the environment in terms of energy efficiency, pollutant emissions (CO2, nitrogen) and noise. It will serve to develop effective solutions that will have a direct impact on aeronautics design and production, e.g. by improving aircraft aerodynamics and optimising safety and flight control systems.

EIB Vice-President Philippe de Fontaine Vive welcomed the signature: “This first major loan following the EIB’s capital increase demonstrates our priority commitment to innovation and R&D in Europe. The Bank aims to help develop a successful and competitive economy by focusing on leading-edge technologies, which hold the key to the future in terms of sustainable economic development. This sector is also a source of employment for young people.”

“Innovation and research are at the heart of EADS’ mission and essential to guarantee the long-term success of the group. The EIB is one of our privileged finance partners, which has been supporting EADS for several years in developing ever innovative technologies. We very much appreciate this new agreement which demonstrates the solidity of our relationship and our joint will to accompany the sustainable development of air transport”, said Harald Wilhelm, Chief Financial Officer of EADS & Airbus.

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Ziggo is to acquire Esprit Telecom, a provider of voice and data services for the SME market in the Netherlands. The acquisition includes Zoranet, an ICT service provider that focuses on the retail sector. The acquisition is valued at 18 million euros ($23.3 million).

PRESS RELEASE

Ziggo is further expanding its services for the business market through the acquisition of Esprit Telecom, a leading provider of voice and data services for the SME market in the Netherlands. The company has an active sales channel of dealers across the country. The acquisition includes Zoranet, an ICT service provider that focuses on the retail sector.
Esprit Telecom is part of the Detron ICT & Telecom Group and will continue to operate independently, under its own name, for the foreseeable future. The acquisition is subject to approval by the Dutch Competition Authority (NMa). In 2012, Esprit Telecom generated revenues of €37 million. The acquisition is valued at €18 million.

Hendrik de Groot, Ziggo’s Business-to-Business Managing Director, said: “Our focus is on the small business market, where we provide all-in-one business solutions based on broadband Internet, telephony, TV and increasingly cloud services. Over the past two years we have successfully grown our small business customer base by more than 30,000 customers. We experience increasing demand from the SME market for our products and services. The acquisition of Esprit Telecom, which has a loyal customer base and operates nationwide, will enable us to accelerate our services provision to the SME market. Together with Esprit Telecom, we will invest in new cloud based business services, including a new portfolio telephony services, designed for both small businesses and the SME market. We also see interesting synergy opportunities, including upgrade to our next generation broadband network, enabling SMEs to be securely connected to the cloud.”

About Ziggo
Ziggo is a Dutch provider of entertainment, information and communication through television, Internet and telephony
services. The company serves around 2.9 million households, with almost 1.8 million Internet customers, more than 2.2 million
customers for digital television and 1.5 million telephony subscribers. Business-to-business customers use services such as
data communication, telephony, television and Internet. The company owns a next-generation network capable of providing the
bandwidth required for all future services currently foreseen.

About Esprit Telecom
Esprit Telecom was founded in 1993, and provides voice and data services to the SME market in the Netherlands. The company has 5,000 clients and an extensive sales channel of 150 resellers and account managers. It is located in Almere, and has 75 employees. Zoranet became a part of Esprit Telecom in 2011. It is a business IT service provider that focuses on the retail sector, with sales driven through resellers and account managers. Located in Zwolle, the company has 23 employees.

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AccessData Group has secured backing from Sorenson Capital Partners and Silicon Valley Bank. The funding allows AccessData to reduce outside ownership and add Sorenson as a long-term partner.

PRESS RELEASE

AccessData Group today announced a significant investment from Sorenson Capital Partners and Silicon Valley Bank. The funding allows AccessData to reduce outside ownership and add Sorenson as a strategic, long-term partner. “By consolidating our ownership and adding a strategic partner like Sorenson Capital, while strengthening our relationship with Silicon Valley Bank, AccessData is better positioning itself to take advantage of its unique place in the market,” said Tim Leehealey, CEO of AccessData.
As the dominant player in digital investigations, AccessData has established itself as the leader in the eDiscovery, Incident Response, and Digital Forensics markets. With its unique technological approach, AccessData provides customers with a solution that comprehensively solves the complex challenges of these disparate markets in a way that creates significant cost savings and operational efficiencies. “What few companies in the market have realized is how technologically similar the spaces of eDiscovery, Forensics and Incident Response really are. By exploiting the similarities of these markets, instead of focusing on their differences, we are able to bring something truly unique and almost revolutionary to the market. Sorenson Capital is one of the few partners we have worked with that truly understands the power of that approach and its longer term potential,” said Tim Leehealey.
“By combining AccessData’s strong market position with Sorenson Capital’s proven track record of taking companies to the next level, we believe we can accelerate growth at AccessData and deliver extensive value to shareholders and customers alike,” said Ron Mika, a co-founder and Managing Director of Sorenson Capital. “This is an exciting company and a compelling opportunity. We are anxious to see where the team can take it over the coming years.”
###
About AccessData Group
AccessData Group has pioneered digital investigations and litigation support for 25 years. Its family of stand-alone and enterprise-class solutions, including FTK, MPE+, Summation and the CIRT security framework, enable digital investigations of any kind, including computer forensics, incident response, eDiscovery, legal review and compliance auditing. More than 130,000 users in law enforcement, government agencies, corporations and law firms worldwide rely on AccessData software solutions and its premier digital investigation and hosted review services. AccessData is also a leading provider of digital forensics and litigation support training and certification.

About Sorenson Capital
Sorenson Capital is a private equity fund that makes small- to middle-market buyout and growth equity investments. Sorenson Capital has $650 million in capital under management and typically makes investments of $10 to $25 million in companies with unique strategic positions. Sorenson Capital is managed and controlled by West Rim Capital and is based in Salt Lake City, Utah

About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.

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Online storage firm Dropbox has acquired Mailbox. The business is an email app start-up.

ANNOUNCEMENT

Welcome Mailbox
Today we’re really excited to welcome the Mailbox team to Dropbox.

Like many of you, when we discovered Mailbox we fell in love—it was simple, delightful, and beautifully engineered. Many have promised to help us with our overflowing inboxes, but the Mailbox team actually delivered.

After spending time with Gentry, Scott, and the team, it became clear that their calling was the same as ours at Dropbox—to solve life’s hidden problems and reimagine the things we do every day. We all quickly realized that together we could save millions of people a lot of pain.

Dropbox doesn’t replace your folders or your hard drive: it makes them better. The same is true with Mailbox. It doesn’t replace your email: it makes it better. Whether it’s your Dropbox or your Mailbox, we want to find ways to simplify your life.

We’re all looking forward to making Mailbox even better and getting it into as many people’s hands as possible. There’s so much to do and we’re excited to get started!

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Stout Risius Ross, a global financial advisory firm specializing in investment banking, dispute advisory and forensic services, valuation and financial opinions has appointed Nick P. Jachim as a managing director in its Chicago office and as leader of the investment banking group.

PRESS RELEASE

Stout Risius Ross (SRR), a
global financial advisory firm specializing in Investment Banking,
Dispute Advisory & Forensic Services, Valuation & Financial Opinions,
is proud to announce that Mr. Nick P. Jachim has joined the firm as a
Managing Director in its Chicago office and as leader of the Investment
Banking Group.

Mr. Jachim has 25 years of experience providing advice on a wide range
of topics including mergers and acquisitions, transaction structuring,
strategic alternatives, deal negotiation and execution to public
corporations, privately held companies, family businesses, and
portfolio companies of private equity funds.

“We are excited to welcome Nick to SRR as the head of our Investment
Banking Group,” said Mike Kern, President and Chief Operating Officer.
“He has a proven track record of building lasting relationships with
clients across the globe and his vast experience with mergers &
acquisitions and corporate restructuring will be an invaluable asset to
SRR’s existing and future clients.”

Prior to joining SRR, Mr. Jachim was a Managing Director in the Chicago
office of KPMG Corporate Finance, where he most recently served as
leader of the Consumer Markets group. His comprehensive industry
experience includes food & beverage, consumer products, retail,
agriculture, distribution, industrial markets, automotive, business
services, healthcare, and financial services. In addition to his
investment banking background, Mr. Jachim has performed numerous
business valuation, fairness opinion, and restructuring projects for
his clients.

Mr. Jachim earned his M.B.A. in Finance & Accounting from the
University Of Chicago and A.B. in Economics from Princeton University.

Mr. Jachim is a FINRA registered representative and holds Series 7, 63,
24, and 79 licenses.

Mr. Jachim can be reached at +1.312.752.3396 or [email protected].

About SRR

SRR is a global financial advisory firm specializing in Investment
Banking, Valuation & Financial Opinions, and Dispute Advisory &
Forensic Services. We serve a range of clients from Fortune 500
corporations to privately held companies in numerous industries around
the world. Our clients and their advisors rely on our premier
expertise, deep industry knowledge, and unparalleled responsiveness on
complex financial matters. For more information, visit www.SRR.com.

SRR is a trade name for Stout Risius Ross, Inc. and Stout Risius Ross
Advisors, LLC, a FINRA registered broker-dealer and SIPC member firm.

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Falfurrias Capital Partners has formed North American T&D Group in partnership with Dave Pacyna, former CEO of Siemens’ North American Transmission & Distribution division. Pacyna will lead an investment strategy focused on acquiring and growing domestic companies that support mission-critical elements of the electric utility grid.

PRESS RELEASE

Falfurrias Capital Partners, a Charlotte-based private equity firm, today announced the formation of North American T&D Group in partnership with Dave Pacyna, former CEO of Siemens’ North American Transmission & Distribution division. Mr. Pacyna will lead an investment strategy focused on acquiring and growing domestic companies that support mission-critical elements of the electric utility grid.

Falfurrias, founded by former Bank of America Chairman and CEO Hugh McColl Jr. and former Bank of America CFO Marc D. Oken, also announced that it has made an investment in Instrument Transformer Equipment Corporation (ITEC), a Charlotte‑based original equipment manufacturer of instrument transformer products used by electric utilities and industrial customers, to serve as a platform for its broader investment strategy.

“I am excited to partner with Falfurrias to lead this investment strategy, and we look forward to building North American T&D Group into a leading T&D component manufacturing platform that will serve the North American energy infrastructure industry” said Mr. Pacyna. “Despite the increasing importance of our electricity infrastructure to our economic prosperity, many of the core elements of this system have been in operation for over sixty years and are in dire need of updating. We look forward to helping utilities upgrade the electrical grid to assure consistent, reliable power.”

“ITEC has successfully built strong relationships in an industry that demands uncompromising quality, and we believe Dave will enable the Company to continue its impressive growth trajectory,” said Ed McMahan, Partner with Falfurrias Capital. “ITEC is the type of growth company in which we like to invest and represents an ideal platform for our broader investment strategy in the energy infrastructure market.”

Since its founding in 1993, ITEC has established a strong reputation for providing high‑quality products and best-in-class customer service to electric utilities across the country, and the company has become one of the leading domestic suppliers of instrument transformers. John Cochran and Paul Millward, Chief Executive Officer and President of ITEC, respectively, will continue to be instrumental to the Company’s success and share the vision of supporting electric utilities with mission‑critical products and value-added expertise.

“Partnering with Falfurrias will provide the capital and resources necessary to capitalize on the unique growth opportunities presented by our industry today,” said Mr. Cochran. “We believe that Falfurrias will become an important strategic advisor to the business due to their industry experience, operational expertise, and financial strength.”

North American T&D Group and its principals continue to actively pursue investments in companies that support the U.S. electrical grid and T&D infrastructure through a strong local supply base that offers a greater level of flexibility to utilities. From 2007 to 2012, Falfurrias Capital successfully executed a series of three investments in the T&D industry, creating UC Synergetic, a provider of engineering services focused on transmission and distribution infrastructure for the electric utility and telecommunications industries. Falfurrias sold its investment in UC Synergetic to Pike Electric in 2012.

About Instrument Transformer Equipment Corporation

ITEC, founded in 1993 and based in Charlotte, N.C., manufactures mission-critical products for the electrical and electric utility industries in the United States and internationally. ITEC is an original equipment manufacturer of instrument transformer products for revenue metering and protective relaying. In each of these application areas, ITEC manufactures both current and voltage instrument transformers. ITEC’s customers include many of the nation’s largest investor-owned utilities as well as municipal, cooperative, and industrial clients, and the company’s products are used throughout the electrical generation, transmission and distribution systems, from instrument transformers on nuclear generators to instrument transformers connected to meters on small industrial facilities.

About Falfurrias Capital Partners

Falfurrias Capital Partners, founded by former Bank of America Chairman and CEO Hugh McColl Jr. and former Bank of America Chief Financial Officer Marc D. Oken, is a Charlotte-based private equity investment firm focused on acquiring or investing in a diverse portfolio of middle-market companies operating in the southeastern U.S. By leveraging the extensive strategic and operational experience and business relationships of the firm’s principals, Falfurrias Capital Partners is positioned to be a value-added partner for both its portfolio companies and its limited partners.

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NVM Private Equity has sold Interlube Systems, to a subsidiary of US-based The Timken Company. The sale represents a money multiple of 3.0x on NVM’s original investment.

PRESS RELEASE

NVM Private Equity (NVM) has successfully sold one of its long-standing investments, Interlube Systems, to a subsidiary of US based The Timken Company (Timken). The sale represents a money multiple of 3.0x on NVM’s original investment.
Interlube is based in Plymouth, UK, and manufactures and markets automated lubrication products for use in commercial vehicles, cranes, quarries and heavy-duty production lines. Timken is based in Ohio, USA, and engineers, manufactures and markets mechanical components and high-performance steel. Timken has been steadily adding to its portfolio of businesses and sees Interlube as highly compatible to its core product lines and power transmission acquisitions.
NVM invested in the management buy-out/buy-in of Interlube over 12 years ago. Since then Mike Cusack, Interlube’s Managing Director, and his team have expanded the company’s manufacturing and assembly capability across the globe. With 2012 sales of £8.5 million and 90 employees, the company has successfully increased its market share by making strategic acquisitions and using its long established distributor network and experienced worldwide sales force to create a focused approach to its market. Interlube is now a world leader in lubrication solutions; helping customers to extend up-time and reduce maintenance costs. The company operates from facilities located in the UK and USA.
Mike Cusack, Managing Director of Interlube Systems comments: “I have been managing Interlube since the MBO/MBI and have enjoyed being a part of the company’s successful growth story. The sale to Timken is the obvious next step and Interlube will prosper under the ownership of a multinational. NVM have demonstrated their faith in the management team, through some very difficult economic times. It has been a pleasure working with them to build the business and we are all grateful for their support over the last 12 years.”
Martin Green, Managing Director of NVM Private Equity: “Interlube has performed well in some challenging markets over the life of NVM’s investment, so this is a very positive story for the British manufacturing industry. Mike Cusack and his team have a wealth of experience in this sector and have established strong customer relationships and loyalty. I am pleased that the sale to Timken will allow Interlube to continue to flourish as part of a larger organisation and expand into new markets. We have thoroughly enjoyed working with such a dedicated management team and wish them the best of luck for the future.”
-ENDS-
NOTES TO EDITORS
Advisers:
PwC LLP (Corporate finance advisers) – Gary Partridge, Colin Davis
Michelmores LLP (Legal advisers) – Richard Cobb, Henry Taylor, Harry Trick
Inclusions: Interlube imagery
Interlube Systems Limited is recognised for its quality, reliable service and workmanship in designing, manufacturing and installing lubrication delivery systems and components; and providing installation services. Based in Plymouth, UK, Interlube provides lubrication delivery solutions to commercial vehicle, mining, construction, manufacturing and other heavy industrial customers. www.interlubesystems.co.uk
The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a global industrial technology leader, applies its deep knowledge of materials, friction management and power transmission to improve the reliability and efficiency of machinery and equipment all around the world. The company engineers, manufactures and markets mechanical components and high-performance steel. Timken® bearings, engineered steel bars and tubes — as well as transmissions, gearboxes, chain, related products and services — support diversified markets worldwide. With sales of $5.0 billion in 2012 and approximately 20,000 people operating from 30 countries, Timken makes the world more productive and keeps industry in motion. www.timken.com
NVM Private Equity Limited (NVM) is independently owned with over 28 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing £220 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. Typically, NVM looks to invest between £2 million and £10 million in each transaction.
For further information please contact:
Liberty Bollen (NVM: PR & Marketing) – 0118 951 7017 [email protected]
Martin Green (NVM: Managing Director) – 0118 951 7000 [email protected]

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Highland Capital Management has appointed Nikki Aquino Gill as director of business development and David Lyon as director of client services. Both report to Clay Shumway, managing director, head of business development and are based in the firm’s Dallas office.

PRESS RELEASE

Highland Capital Management, L.P. (“Highland”), a Dallas-based investment management firm, which together with its affiliates has approximately $18 billion in assets under management, today announced the appointments of Nikki Aquino Gill as Director of Business Development and David Lyon as Director of Client Services.

Both Gill and Lyon report to Clay Shumway, Managing Director, Head of Business Development and are based in the firm’s Dallas office. Mrs. Gill is responsible for developing and executing the firm’s global growth initiatives related to new products, fund formation, strategic growth and asset gathering. Mr. Lyon is responsible for the guidance of prospective investors through due diligence and funding processes and overseeing ongoing client service and communication.

Prior to Highland, Mrs. Gill was a Director in Global Markets at Bank of America Merrill Lynch, where she focused on Asian institutional sales and managing mutual fund and hedge fund client relationships. Before that, she was a Senior Investment Analyst at William M. Mercer Investment Consulting. She received her MBA in Finance and Accounting from the University of Chicago Booth School of Business and her BS in Economics and Mathematics from Tulane University. Mrs. Gill is a Chartered Financial Analyst.

Before joining Highland, Mr. Lyon was Director at TPG Capital where he maintained and reviewed internal and external performance reporting. Prior to that, he was a hedge fund accountant at Maverick Capital. Before Maverick, Mr. Lyon was a senior audit associate for Ernst & Young. He received his MS in Accountancy from the University of Notre Dame and his MBA in Finance and BBA in Marketing from Texas Tech University.

“These hires illustrate our continued commitment to strengthen and enhance our business development and client service capabilities,” said Jim Dondero, President and Co-Founder.

About Highland Capital Management, L.P.

Highland Capital Management is an SEC-registered investment adviser which, together with its affiliates, has approximately $18 billion of assets under management. Founded in 1993 by Jim Dondero and Mark Okada, Highland is one of the largest and most experienced global alternative credit managers. Highland’s strategies include collateralized loan obligations (CLOs), high yield bonds, distressed credit, public and private equities, structured products and natural resources.

SOURCE Highland Capital Management, L.P.

Copyright (C) 2013 PR Newswire. All rights reserved

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OCZ Technology Group, a provider of high-performance solid-state drives for computing devices has entered into a $30 million loan and security agreement with Hercules Technology Growth Capital. The loan agreement consists of a $15 million term loan and a $15 million revolving loan facility.

PRESS RELEASE

OCZ Technology Group, Inc. OCZ -0.48% , a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that it has entered into a $30 million loan and security agreement (“loan agreement”) with Hercules Technology Growth Capital, Inc. (“Hercules”). This loan agreement consists of a $15 million term loan and a $15 million revolving loan facility.

“Obtaining this new credit facility is the first step in providing OCZ with a complete capital structure going forward. This capital will be used to strengthen the business, fund future growth, and support emerging enterprise opportunities,” said Ralph Schmitt, CEO of OCZ Technology. “I am pleased with the operational improvements our team is making as we continue building a profitable OCZ which is focused on designing innovative, best-in-class Solid State Storage solutions for our valued customers.”

The Company had reduced its use of the Wells Fargo Capital Finance credit facility and had no debt outstanding on it as of February 28, 2013. That facility has been terminated as part of the closing of the Hercules loan agreement. The first $10 million of the term loan was drawn at closing with repayments due in thirty monthly installments beginning in November 2013. The remaining $5 million of the term loan is contingent upon the Company being current in its SEC filings and achieving certain revenue levels for two consecutive quarters. Pursuant to the loan agreement, the Company issued Hercules a warrant to purchase 688,073 shares of OCZ Technology common stock at an exercise price of $2.18 per share. In addition to the term loan, the Company has access to a $10 million revolving loan facility which shall be repaid in full in April 2016. An additional $5 million of revolving loan facility will be available to the Company upon achieving certain financing covenants. Further information with respect to the loan agreement with Hercules will be contained in a Current Report on Form 8-K to be filed by OCZ Technology with the Securities and Exchange Commission.

About Hercules Technology Growth Capital, Inc.

Hercules Technology Growth Capital, Inc. HTGC -0.08% (“Hercules”) is the leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science and cleantech industries at all stages of development. Since inception (December 2003), Hercules has committed more than $3.4 billion to over 220 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing.

Hercules’ common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol “HTGC.”

In addition, Hercules has two outstanding bond issuances of 7.00% Senior Notes due 2019 — the April 2019 Notes and September 2019 Notes — which trade on the NYSE under the symbols “HTGZ” and “HTGY,” respectively. Companies interested in learning more about financing opportunities should contact [email protected], or call 650.289.3060.

About OCZ Technology Group, Inc.

Founded in 2002, San Jose, CA-based OCZ Technology Group, Inc. (OCZ) is a global leader in the design, manufacturing, and distribution of high-performance solid-state storage solutions and premium computer components. Offering a complete spectrum of solid-state drives (SSDs), OCZ provides SSDs in a variety of form factors and interfaces (i.e. PCIe, SAS and SATA) to address a wide range of client and enterprise applications. Having developed firmware and controller platforms, to virtualization and endurance extending technologies, the company delivers vertically integrated solutions enabling transformational approaches to how digital data is captured, stored, accessed, analyzed and leveraged by customers. For more information, please visit: www.ocztechnology.com.

Forward Looking Statements

Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of OCZ Technology Group, Inc. to be different from those expressed or implied in the forward-looking statements. In this context, words such as “will,” “would,” “expect,” “anticipate,” “should” or other similar words and phrases often identify forward-looking statements made on behalf of OCZ. It is important to note that actual results of OCZ may differ materially from those described or implied in such forward-looking statements based on a number of factors and uncertainties, including, but not limited to, the risk that additional information may arise from the oversight of the audit committee; the risk that the process of preparing and auditing the financial statements or other subsequent events would require OCZ to make additional adjustments; the time and effort required to complete the restatement of the financial reports; the ramifications of OCZ’s potential inability to timely file required reports; including potential delisting of OCZ’s common stock on NASDAQ; the risk of litigation or governmental investigations or proceedings relating to such matters; the risk that OCZ may not be able to successful negotiate an amendment to its credit facility; market acceptance of OCZ’s products and OCZ’s ability to continually develop enhanced products; adverse changes both in the general macro-economic environment as well as in the industries OCZ serves, including computer manufacturing, traditional and online retailers, information storage, internet search and content providers and computer system integrators; OCZ’s ability to efficiently manage material and inventory, including integrated circuit chip costs and freight costs; and OCZ’s ability to generate cash from operations, secure external funding for its operations and manage its liquidity needs. Other general economic, business and financing conditions and factors are described in more detail in “Item 1A — Risk Factors” in Part I in OCZ’s Annual Report on Form 10-K filed with the SEC on May 14, 2012, and statements made in other subsequent filings. The filing is available both at www.sec.gov as well as via OCZ’s website at www.ocztechnology.com. OCZ does not undertake to update its forward-looking statements.

All trademarks or brand names referred to herein are the property of their respective owners.

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Endgame, a provider of battle-tested cyber security solutions, has closed a $23 million Series B equity financing. Led by new investor Paladin Capital Group, the Series B includes participation from existing investors Bessemer Venture Partners, Columbia Capital, Kleiner Perkins Caulfield & Byers and TechOperators.

PRESS RELEASE

Endgame, Inc., a leading provider of battle-tested cyber security solutions, announced today that it has closed a $23 million Series B equity financing to fund growth in its existing federal customer base as well as expansion into the commercial market.
Led by new investor Paladin Capital Group, a multi-stage private equity firm providing capital and strategic guidance to growing companies, the Series B includes participation from existing investors Bessemer Venture Partners, Columbia Capital, Kleiner Perkins Caulfield & Byers and TechOperators. Lt. General (Ret) Kenneth A. Minihan, former Director of the National Security Agency and Managing Director at Paladin, will join the Endgame Board of Directors.
“The cyber domain will be increasingly important across all dimensions of national power – military, economic, and informational,” said Lt. General Minihan. “Endgame’s revolutionary technology allows its customers to use intelligence seamlessly to gain situational awareness and support their end-to-end network operations.”

As part of its expansion, Endgame has recruited several new executives to the company’s management team, including: Nathaniel Fick, who joined as CEO in November, replacing Chris Rouland who remains a Founder and board member of the company; Niloofar Howe, who joined as Chief Strategy Officer to lead the company’s efforts in market and product strategy, as well as business and corporate development; and Matt Georgy, who joined Endgame as CTO after a decorated career as a senior executive at the Department of Defense supporting all aspects of computer network operations. Endgame’s new Chairman of the Board, Christopher Darby, has deep expertise in the intelligence space as the current President and CEO of In-Q-Tel, the independent strategic investment firm supporting the missions of the U.S. Intelligence Community.

“The cyber needs of federal and commercial entities are converging as states look beyond targeting other states to target private companies, and national security thinking must increasingly account for private infrastructure,” said Nate Fick, CEO of Endgame. “I’m excited about leveraging the solutions and technology that our mission partners depend on to help businesses with comprehensive command and control of their network operations.”

About Endgame
Endgame’s cyber operations platform provides real-time command and control, analytics, data visualization and knowledge discovery capabilities that support safety and security in cyberspace by revolutionizing the detection and mitigation of cyber-threats. Founded in 2008, Endgame is backed by Bessemer Venture Partners, Kleiner Perkins Caulfield & Byers, Columbia Capital and Paladin Capital Group. The company has offices in Northern Virginia, Maryland, San Antonio, and Atlanta. For more information, please visit http://www.endgame.com.
About Paladin Capital Group

Paladin Capital Group is a leading multi-stage private equity firm providing capital and strategic guidance to growing companies in the IT, telecommunications and alternative energy sectors. The firm focuses on companies with products and services that are “dual use” in nature, serving both commercial and government customers. Paladin has over $950 million dollars of committed capital across multiple funds and has invested in over 50 portfolio companies. For more information, please visit http://www.paladincapgroup.com.
###
Contact:
Deepti Rohatgi,
Director of Product Marketing
[email protected]
404-941-3900

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Jon Erik Engeset, president and CEO of SafeRoad, has resigned. Saferoad is a Nordic Capital portfolio company. Engeset will leave SafeRoad with effect from July 1st 2013.

PRESS RELEASE

SafeRoad has over the last years made several add-on acquisitions abroad, which have led to a subsequent build-up of head office functions in Oslo. Following this, Jon Erik Engeset, the President and CEO of SafeRoad, has had to commute between Ørsta and Oslo on a weekly basis. For private reasons, he has now decided to seek new opportunities closer to his home.
Engeset was appointed CEO of Ørsta Group in 2002, which was merged with Euroskilt Group and renamed SafeRoad in 2007. Under his management, the group has experienced strong growth and organizational development, and SafeRoad is today the leading company in Europe within its field.
Jon Erik Engeset will leave SafeRoad with effect from July 1st 2013. A process to recruit his successor has been initiated.
“On behalf of the Board I thank Jon Erik for his efforts and contributions over the last 11 years and wish him all the best for the future”, says Johan Ek, Chairman of the Board, SafeRoad Group
For further information, please contact:
Johan Ek
Chairman of the Board, SafeRoad Group
tel: +46-70-515 94 77
e-mail:[email protected]

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Blackbird Ventures has reached a first close of its $30 million venture capital fund. The fund will invest in Australian Internet startups. Blackbird brings together Startmate, Southern Cross Venture Partners, and prominent founders of highly successful local companies including Atlassian, Campaign Monitor and Aconex.

PRESS RELEASE

Blackbird Ventures today announced the formation and first close of its $30 million venture capital fund. The fund will invest in Australian Internet startups and help them succeed on a global stage. Blackbird brings together Startmate, Southern Cross Venture Partners, and prominent founders of highly successful local companies including Atlassian, Campaign Monitor and Aconex.
The majority of the Fund’s capital has been raised in a first close focused on industry insiders, including over 35 successful Australian tech founders and Silicon Valley venture capitalists like Bill Tai and Dave McClure, all of whom are investing not only their money but also their time to help Australian startups succeed. Other investors will have the opportunity to participate before the Fund’s final close later in the year.
Blending experience and a passion for entrepreneurship, the local management team consists of Niki Scevak, founder of Australian accelerator Startmate; Rick Baker who ran venture investing at MLC and Bill Bartee, co-founder of Southern Cross Venture Partners. They are assisted in Silicon Valley by Southern Cross partner, John Scull, who sits on the Investment Committee.
Blackbird co-founder Niki Scevak said “The essential ingredients of Blackbird are successful founders helping the next wave of Australian startups. We’re bringing the same experience we have seen work at Startmate in the initial months of a startup’s life to more developed companies at the next stage.”
“Today is a huge day for the Australian technology industry and I’m excited to be involved with Blackbird because it represents a truly founder-led effort in helping startups,” said Mike Cannon-Brookes, co-founder of Atlassian. Cannon-Brookes, while also being a major investor in the fund, will join as a venture partner and advise the firm and investee companies.
“Being an investor in the Blackbird fund gives me an opportunity to support and be an active participant in the Australian technology industry,” said Bardia Housman, whose last company, Business Catalyst, sold to Adobe. “It’s made up of a wide array of successful industry people and entrepreneurs spanning both Australia and Silicon Valley. We will be able to add tremendous value to aspiring Australian entrepreneurs who want to build global businesses,”
Blackbird also has strong links to Silicon Valley. “We have a strong focus on businesses that we can help inject into the Silicon Valley ecosystem to connect them with expertise, customers and sources of finance,” said Rick Baker, co- founder of Blackbird. “The combination of our partnership with Sydney-Palo Alto based Southern Cross Ventures and our strong network of Silicon Valley advisors and venture capitalists means we’re in an excellent position to do this.”
Well known Silicon Valley investor, Bill Tai, a partner at CRV and angel investor said, “Blackbird Ventures has placed itself in the vortex of the tech scene in Australia through its founder community, LPs and startup network from past investments. As more capital looks to fuel the growing number of world class startups from Australia, Blackbird is positioned to be the trusted investment partner for the US VC ecosystem as they have become for me.”
Blackbird co-founder and partner at Southern Cross Venture Partners, Bill Bartee, said, “Southern Cross is thrilled to be teaming up to form Blackbird Ventures, which is set up specifically to invest in fast growing, capital light models in the Internet, software and mobile spaces”. The management team believes there is a real gap in the Australian venture capital market: while there is funding for small angel rounds, there are very few professional investors focussing on the next stage where Blackbird will predominately play.
Blackbird’s first investments include Canva and Ninja Blocks. It expects to make around 25 investments from the fund.
For more information contact:
Rick Baker Niki Scevak Bill Bartee
[email protected] [email protected] [email protected]
0408 662 422 0400 321 551 0405 136 866

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Ziggo is to appoint René Obermann as its new CEO starting January 1, 2014. Obermann is currently CEO of Deutsche Telekom AG.

PRESS RELEASE

The Supervisory Board of Ziggo is pleased to announce that it intends to appoint René Obermann as the new CEO of Ziggo effective 1st of January 2014. René Obermann is currently CEO of Deutsche Telekom AG. This planned transition coincides with the previously disclosed retirement of the current CEO, Bernard Dijkhuizen in January 2014, and assures continued strong leadership of Ziggo in future.
Andy Sukawaty, Chairman of the Supervisory Board:
“We are very excited to have Rene Obermann join Ziggo. His leadership skills and broad global experience in fixed and mobile telecoms will help to drive continued long term growth and service innovation at Ziggo. Bernard Dijkhuizen, who as previously announced, will retire next year, will continue to lead Ziggo through this year and will work with René Obermann to ensure a smooth transition. Under Bernard’s leadership, Ziggo has realised great success in delivering world leading services to consumers in the Netherlands. René Obermann is a perfect successor to lead the company through a new phase of growth, innovation and market leadership.”

René Obermann
After 15 happy years at Deutsche Telekom, I am very pleased to join Ziggo. This opportunity fulfills my strong wish as an entrepreneur to move closer to operational activities and to be involved in a fast changing world of offering products and services in media and entertainment. Ziggo therefore makes an ideal match and I look forward to starting as CEO of Ziggo as of January 1, 2014.

Further information
For information purposes the intended appointment will be put on the agenda of the upcoming Annual General Meeting of shareholders of Ziggo, which will take place on April 18, 2013. The agenda and the explanatory notes to the agenda, with all relevant information, will be published tomorrow on the corporate website of Ziggo: www.ziggo.com. The works council of Ziggo will be requested to give advice in respect of the intended appointment of René Obermann.

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Slate Science, an educational technology company has closed a $1.1 million angel round of funding led by private investors. The funds will be used for continued product innovation, marketing and operational costs.

PRESS RELEASE

Slate Science, an educational technology company offering STEM (Science, Technology, Engineering and Mathematics) education products for tablets, today launched SlateMath, a series of educational apps the company will bring to market during 2013. SlateMath can be downloaded for free in multiple languages and is immediately available in Apple’s App Store .
(Photo: http://photos.prnewswire.com/prnh/20130306/CG67125)
In conjunction with the launch, Slate Science announced the closing of a $1.1 Million angel round of funding led by private investors. The funds will be used for continued product innovation, marketing and operational costs.
Slate Science was founded by an A-team of educators and engineers with more than 100 years of combined experience in science education, instructional software development, and mobile platforms. The company developed a proprietary technology and a field-proven methodology for teaching STEM fields. Rather than oferring frontal videos and drill and skill practice, the company is focusing on crafting constructive learning environments that guide children through a rewarding process of self-discovery and intuitive exploration. The company’s proprietary authoring technology enables it to develop and deploy its learning apps in a remarkably efficient and timely manner.
The company’s first launched product – SlateMath K-1 – takes children on a journey of playful explorations that guide them through the process of intuitively acquiring seven kindergarten and first grade math fundamentals: Counting, Writing Digits, Addition, Comparison and Order, Parity, Patterns, and Problem Solving. These topics are learned through a progression of 30 engaging activities, each designed to endow a well-defined mathematical concept, skill, or insight. The SlateMath methodology offers fun and interactive ways to learn math and develop analytic skills, and is driven by the Common Core Mathematics Standards adopted by 45 U.S. states.
TheSlateMath series was conceived to address a global frustration with math learning. The company’s breakthrough learning methodologies tap into children’s natural and intuitive learning processes, and help them acquire knowledge and competence constructively, using self-guided as well as teacher-guided exploration. “SlateMath has two purposes,” said Prof. Shimon Schocken , one of the company’s co-founders, “to teach math proper through self-paced and engaging discovery, and to expose children to the ways mathematicians think and reason about the world. We see a tremendous opportunity to use tablet technology and constructive pedagogy to endear math to children, and to help them develop into confident and competent thinkers.”
The SlateMath series was designed from the ground up for an environment consisting of tablets, cloud computing, and standardized curricula. The series is based on a huge portfolio of modular, richly-indexed, and recombinant educational apps that Slate Science is now developing. Subsets of the SlateMath portfolio can be assembled to support existing textbooks and learning programs as well as the new wave of emerging digital textbooks. The software also adapts the contents dynamically, to address the learner’s revealed strengths and weaknesses in real time.
“SlateMath is a game changer because it offers a new and innovative approach to teach math. The product is based on an experiential context, hands-on learning, and self-discovery, making the best utilization of the tablet’s touch interface I’ve seen thus far in educational apps. This approach allows children to acquire and understand math ‘in their bones’. The Slate Science technology and learning methodologies are applicable not only to math, but to many other STEM subjects as well,” said Robert Scoble .
About Slate Science
Slate Science builds portfolios of educational apps designed to support standard STEM curricula while allowing students to develop, deeply understand, and experience hands-on conceptual learning. The company’s first series of products is SlateMath, intended for the consumer market and aimed to support math instruction according to the Common Core Standards. A school version of SlateMath, intended for classroom use and equipped with a suite of teaching aids, will be released soon. Headquartered in New York, Slate Science has R&D facilities in Israel. The company’s mission is to help students, teachers, and schools reach their highest potential using advanced technology and constructive, hands-on pedagogy.

Media Contact: Victoria Osorio Indicate Media, 646-396-6091, [email protected]
News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Slate Science

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Consumer Portfolio Services has renewed its $100 million revolving credit facility with affiliates of Goldman, Sachs & Co and Fortress Investment Group. Under the amended terms, the facility will revolve during the first two years and will amortize during years three and four.

PRESS RELEASE

Consumer Portfolio
Services, Inc. (Nasdaq:CPSS) (“CPS” or the “Company”) today announced
that yesterday it renewed its $100 million revolving credit facility
with affiliates of Goldman, Sachs & Co. and Fortress Investment Group.
Under the amended terms, the facility will revolve during the first two
years and will amortize during years three and four. Loans under the
facility will be secured by automobile receivables that CPS now holds
or will purchase from dealers.

“We are pleased to continue our relationship with Goldman, Sachs and
Fortress, which we have built upon over the last four years,” said
Charles E. Bradley, Jr., President and Chief Executive Officer. “This
transaction provides a multi-year funding commitment and an extended
amortization period thereafter. These features improve our financial
flexibility across a variety of capital markets’ environments.”

About Consumer Portfolio Services, Inc.

Consumer Portfolio Services, Inc. is an independent specialty finance
company that provides indirect automobile financing to individuals with
past credit problems, low incomes or limited credit histories. We
purchase retail installment sales contracts primarily from franchised
automobile dealerships secured by late model used vehicles and, to a
lesser extent, new vehicles. We fund these contract purchases on a
long-term basis primarily through the securitization markets and
service the contracts over their lives.

CONTACT: Investor Relations Contact
Robert E. Riedl, Chief Investment Officer
949 753-6800

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Nashville-based healthcare investment firm Heritage Group has backed Aviacode. Based in Salt Lake City, Aviacode provides remote medical coding services and software to hospitals and physician offices.

PRESS RELEASE

Heritage Group, a Nashville-based healthcare investment firm, today announced a strategic investment in Aviacode, an innovative provider of technology-enabled medical coding services and software. This investment adds to the portfolio of companies for the Heritage Healthcare Innovation Fund (HHIF) and furthers Heritage Group’s mission to fund solutions that meet the needs of its strategic investors.

Based in Salt Lake City, Aviacode provides remote medical coding services and software to hospitals and physician offices across several settings and specialties. A number of forces currently facing healthcare providers—including the looming ICD-10 transition, persistent reimbursement pressure, and a national shortage of qualified coders—have created a growing need for accurate, high-quality coding. Through its cloud-based platform, Aviacode offers access to a national network of certified coders and provides enhanced productivity, compliance and quality.

“We are very pleased to partner with Aviacode, which has developed a differentiating technology platform and built a leading medical coding operation over the last decade,” said Rock Morphis, managing director of Heritage Group. “This funding will enable Aviacode to further accelerate its record growth trajectory and increase its capacity to deliver innovative medical coding solutions to new customers. We are proud to be part of that effort.”

Heritage Group’s strategic investors represent the entire continuum of healthcare delivery, including health systems, payors, post-acute providers, and medical distributors. HHIF’s limited partner base is comprised of Amedisys, Inc., Cardinal Health, Inc., Community Health Systems, Health Care Service Corporation, Intermountain Healthcare, Iowa Health System, LifePoint Hospitals, Memorial Hermann Healthcare System, Trinity Health and Vanguard Health Systems.

“The Heritage investment is significant to us as a company. It represents not only a financial opportunity to expand our cloud-based technology and coding solutions in the revenue cycle management markets, but also a strategic opportunity to collaborate with experts from within the Heritage limited partnership base. We are already seeing strategic value in those relationships,” said Dave Jensen, CEO of Aviacode.

Brentwood Capital Advisors served as the financial advisor to Aviacode in this transaction. Terms of the deal were not disclosed.

About Heritage Group
Heritage Group is a Nashville-based, venture capital firm with over 25 years of experience financing, operating and advising companies at all stages. Created by a diverse group of the nation’s leading healthcare services firms, the Heritage Healthcare Innovation Fund is a $167M strategic initiative focused on investments in businesses that improve the delivery of healthcare services. For more information, go to www.heritagegroupusa.com.

About Aviacode
Aviacode is the industry leader in technology-enabled medical coding services since 1999. Aviacode’s cloud-delivered coding applications, ProCoder™ and ProAuditor™, enable professional medical coders and coding auditors to create consistent, reliable and predictable coding results and document reviews. Aviacode’s proprietary technology and workflow improves the accuracy and efficiency of medical coding, which is the process of translating clinical documentation into diagnosis and procedure codes, which is at the heart of healthcare revenue cycle. These improvements impact hospitals and physician groups profoundly through improved efficiency, increased revenue and strengthened cash flow. For more information, visit www.aviacode.com.

# # #
Morgan Ribeiro
Jarrard Phillips Cate & Hancock, Inc.
The Horse Barn @ Maryland Farms
219 Ward Circle, Suite 3
Brentwood, Tennessee 37027
p: 615.254.0575
f: 615.843.8431
Check out our healthcare leadership blog, High Stakes
Check out our healthcare marketing blog, Jack of All Trades

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Riverstone Holdings is to acquire Utex from investment funds affiliated with Rhône Capital. Financial terms of the transaction were not disclosed.

PRESS RELEASE

Riverstone Holdings LLC (“Riverstone”), a leading energy and power-focused private equity firm, and Utex Industries, Inc (“Utex”), based in Houston, Texas, announced today the signing of a definitive agreement pursuant to which Riverstone Global Energy and Power Fund V, L.P., in partnership with Utex management, have agreed to acquire Utex from investment funds affiliated with Rhône Capital L.L.C. (“Rhône”). Financial terms of the transaction were not disclosed. The transaction is subject to certain regulatory approvals and is expected to close in April.

Founded in 1940, Utex is a leading manufacturer of engineered sealing and other specialty products used in a variety of applications and equipment related to onshore and offshore oil and gas drilling and production, power, mining, water treatment, and other industrial sectors. Many of the company’s products are used in severe operating environments, where high pressures and temperatures present particular challenges that require unique and customized solutions. A majority of the company’s products are “consumables” with short life-cycles requiring replacement at regular intervals to avoid failure in critical, capital-intensive applications. For more information, please visit www.utexind.com.

Mike Balas, CEO of Utex commented, “The management team at Utex is excited to establish this new partnership with Riverstone. We have great respect for the management team of Riverstone who clearly understands Utex’ end markets and long history of providing quality sealing and other engineered products for its customers’ most critical applications. I’d also like to thank the Rhône team for being great partners to Utex over the past few years, fully supporting our business plan and helping us select the perfect partner for the next phase of our growth and development as a company. We look forward to the next phase of Utex’s development with Riverstone as our partner.” Mr. Balas will continue as CEO of Utex following the closing of the transaction.

John Lancaster, a Partner at Riverstone added, “This investment is consistent with Riverstone’s prior investments in niche manufacturing companies that provide engineered consumable products for which demand is driven by the increasing challenges of deeper, higher-pressure, and more service-intensive oil and gas drilling and production operations. Mike and his talented team have amassed an impressive track record of success and we look forward to partnering with him and the company to build on that record.”

About Riverstone Holdings LLC

Riverstone is an energy and power-focused private equity firm founded in 2000 with approximately $24 billion of equity capital raised across seven investment funds, including the world’s largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $21.3 billion to 96 investments in North America, Latin America, Europe, Africa and Asia.

About Rhône

Rhône, established in 1996, is a global private equity firm with more than €3 billion under management and a focus on private equity investments in market leading businesses with a pan-European or transatlantic presence and expansion prospects. Rhône’s investment philosophy includes the development of strong, strategic partnerships with the companies in which it invests. Rhône has offices in London and New York and currently holds investments in a diversified portfolio of companies including investments in the consumer, chemical & material, energy, industrial, and shipping industries.

Contacts:

For Riverstone Holdings LLC:
Jeffrey Taufield – Kekst and Company
212-521-4800

For Utex Industries, Inc.:
Mike Balas
Chief Executive Officer
281 352-3803

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