An investor consortium led by Five Crowns Capital has acquired Mountainside, New Jersey-based Verrex, a provider of global conferencing and communications solutions. No financial terms were disclosed. The other investors involved in the transaction include Diamond State Ventures, Aavin Private Equity, MidStates Capital and Enterprise Bank.
MOUNTAINSIDE, NEW JERSEY (PRWEB) AUGUST 01, 2016
Verrex, a global certified Audiovisual Provider of Excellence (APEx) of collaboration, conferencing, and presentation technology solutions, announced that the company has been acquired by an institutional investment group led by Five Crowns Capital. This strategic investment underlines the integrator’s prominent place in the AV market. Debt and equity investors include Diamond State Ventures, Aavin Private Equity, MidStates Capital, and Enterprise Bank. The transaction will provide additional working capital and growth expertise for the expansion of Verrex’s global presence, AV system integration and managed services capabilities, and suite of collaboration products. No changes will be made to the senior management team and Thomas Berry will remain a major shareholder and CEO of the company, which will now operate as Verrex LLC.
“The breakneck pace of technological AV innovation in the workplace is astounding,” said Berry. “Since our founding nearly seventy years ago, Verrex has aligned its capabilities and solutions with the way people want to work. We continue that alignment with partners who believe in our ambitious vision and who have the resources and expertise to see it’s achieved. This new milestone also culminates two years of careful succession planning. As I continue to build on my family’s legacy, I am grateful to the prior generation for their leadership and devotion. I am excited to guide Verrex into the next stage of its growth, and to give these fearless entrepreneurs the retirement they rightly deserve.”
Founded in 1947, Verrex is a global leader in AV systems integration, support, and solutions. Combining expertise in technology, construction, and workplace strategy, the company has extensively served the needs of The Global 500. The acquisition will allow Verrex to further strengthen its relevancy to this enterprise market, as well as middle market and SME segments.
“Verrex is the ideal combination of a multi-generational business that has built a strong culture combined with an unusually talented management team,” said Jeffrey Schaffer, Founder & Managing Partner of Five Crowns Capital. “The company has a long history of providing exceptional services to some of the most demanding multi-national corporations in the world. Their culture and expertise position the company well for significant future growth, both organically and through strategic acquisitions. We are excited to back the Verrex team.”