New York-based middle-market private equity firm American Securities has acquired Global Tel*Link from Veritas Capital. Terms of the deal were not released. Equity was provided from funds managed by American Securities and from management. Global Tel*Link is a provider of communications products for the corrections industry.
American Securities LLC today announced that, in partnership with the company management, it has completed the acquisition of Global Tel*Link (GTL), a leading provider of communications solutions for the corrections industry, from Veritas Capital. Terms of the transaction were not disclosed. Equity was provided from funds managed by American Securities and from management.
“Since its entrance into the inmate telephone industry, Global Tel*Link has been a leading innovator of correctional communications. We are excited about working with Brian Oliver and his team as they continually upgrade GTL’s technology and products to meet the increasing demands of correctional facilities for state-of-the-art telecommunications systems,” said Paul Rossetti, a managing director of American Securities. “Global Tel*Link is the type of investment American Securities looks for: a market-leading company that is well-positioned for continued growth and has a strong management team in place.”
Global Tel*Link is a provider of sophisticated inmate telecommunications services with a leading share of inmates nationwide including 14 of the 20 largest state contracts. Global Tel*Link’s distinctive product line provides facilities with a convenient and secure phone system which requires less administrative supervision and at the same time decreases inmate phone-use fraud. GTL’s products, including LazerPhone® and LazerVoice®, are designed for use in any size facility.
Brian Oliver, GTL’s Chief Executive Officer, said, “We are very enthusiastic about the future of our business. At GTL, we recognize the importance of integrity to our customers, employees and business associates, and everyone works hard to assure that our customers have a satisfying and rewarding experience with us. We look forward to working with American Securities as we develop our long-term growth strategy and continue to build our business.”
About American Securities
Headquartered in New York with an office in Shanghai, American Securities is a leading U.S. middle-market private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities has approximately $8 billion under management and is currently investing from its sixth fund. The firm traces its roots to the family office founded in 1947 by William Rosenwald to invest and manage his share of the Sears, Roebuck & Co. fortune.