Syracuse, NY, -- CABLExpress Corporation d/b/a CXtec and TERACAI Corporation ("TERACAI") (jointly referred to as the "Companies") today announced that a majority interest has been acquired by an affiliate of H.I.G. Capital ("H.I.G."), a leading global private equity and alternative asset investment firm with more than $20 billion of equity capital under management.
The acquisition by H.I.G. provides an opportunity for growth and expansion. Ricky Stokes, Managing Director at H.I.G. Capital noted, "H.I.G. sees the Companies as a tremendous platform for both organic and inorganic growth. The dedication and talent of their teams, processes and systems are what made this investment possible. We look forward to supporting the existing leadership team in its efforts to continue to grow the franchise."
CXtec and TERACAI will remain in Central New York and will continue to be committed to the community. The organization has secured a long term lease for their North Syracuse headquarters and will maintain its distribution facilities on Brighton Ave. and sales office in Rochester, NY.
William G. Pomeroy, who founded CXtec in 1978, retired as CEO but will continue to serve on the board of directors and retain a minority ownership interest in the Companies. Pomeroy commented, "After extensive discussions and review with my advisors over many months, I am confident that this direction will provide the greatest opportunity to take CXtec & TERACAI to the next level and facilitate their long term growth in the CNY community."
Peter Belyea, who has served the Companies for over 26 years in various leadership capacities, including most recently as President, has assumed the role of Chief Executive Officer, effective immediately. "We are thrilled to be entering this next phase of the business and to continue supporting our customers in their technology investments. The primary strength of our organization has always been our people. Our team will continue to deliver the exceptional value and support for which we’re known." said Peter Belyea, CEO.
About CXtec: Since its inception in 1978, CXtec has delivered value and support in current and legacy networking, voice and cable infrastructure, including its own brand of equal2new® certified pre-owned equipment. The company’s CABLExpress® division manufactures data center cabling products, including the Skinny-Trunk® Solution. CXtec has been ranked on the CRN Solution Provider 500 list of North America’s Top Technology Integrators for 16 consecutive years. CXtec’s headquarters and its Technology Certification and Distribution Center are located in Syracuse, NY. For more information, visit www.cxtec.com.
About TERACAI: TERACAI provides core networking, collaboration, data center, and services solutions that help organizations meet their business goals. TERACAI has been ranked on the CRN Solution Provider 500 list of North America’s Top Technology Integrators every year since 2011. In 2013, TERACAI was named Cisco U.S. Partner of the Year by Ingram Micro’s Trust X Alliance (formerly VentureTech Network). TERACAI is located in Syracuse, NY. For more information, visit www.teracai.com.
About H.I.G. Capital H.I.G. is a leading global private equity and alternative assets investment firm with $20 billion of equity capital under management. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.'s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.'s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.