MIAMI, June 13 /CNW/ - H.I.G. Capital LLC, a leading international
private equity firm based in Miami, Florida, announced today that it has
completed the sale of Service Net Solutions, Inc. ("Service Net" or the
"Company") to GTCR Golder Rauner, LLC. Service Net is the leading third party
administrator of extended warranty programs for original equipment
manufacturers and specialty retailers covering a wide array of consumer
Service Net, based in Jeffersonville, Indiana, was founded in 1996 by
Lansdon Robbins and other former executives from General Electric's consumer
service and appliance divisions. Service Net offers its clients a
comprehensive suite of service and extended warranty programs for a variety of
consumer products, primarily focusing on major appliances, consumer
electronics, personal computers and heating and ventilation equipment. The
Company uniquely focuses on a blue chip base of OEM's and retailers who
utilize extended warranty and value added service programs as a means to build
consumer and brand loyalty.
In 2004, H.I.G. partnered with the existing management team and made a
strategic investment in Service Net. During H.I.G.'s ownership, the Company
increased sales, diversified its customer base, and further invested in its
world class operating platform and processes.
Doug Berman, a Managing Director of H.I.G., commented, "Our partnership
with Service Net's outstanding management team has been a tremendous success.
The organization executed on its well defined growth strategy and extended its
leadership position in the industry. As a result, Service Net delivered an
excellent return for H.I.G.'s investors and we are confident that Service Net
will continue to be extremely successful in the future."
About H.I.G. Capital:
H.I.G. Capital L.L.C. ("H.I.G.") is a leading global private equity
investment firm with more than $4 billion of equity capital under management.
Based in Miami, and with offices in Atlanta, Boston, and San Francisco in the
U.S., as well as London, Paris and Hamburg in Europe, H.I.G. specializes in
providing capital to small and medium-sized companies with attractive growth
potential. H.I.G. invests in management-led buyouts and recapitalizations of
profitable and well managed manufacturing or service businesses. H.I.G. also
has extensive experience with financial restructurings and operational
turnarounds. Since its founding, H.I.G. has completed more than 75
transactions. The firm currently manages a portfolio of more than 50 companies
with combined revenues in excess of $7 billion. For more information, please
refer to the H.I.G. website at www.higcapital.com.
For more information about the Company, please visit www.servicenet.com.
For further information:
For further information: H.I.G. Capital, Miami Doug Berman, Managing
Director, 305-379-2322 firstname.lastname@example.org or Bret Wiener, 305-379-2322