Florida-based Empire Investment Holdings completed the sale of portfolio company VITEC Solutions to Vitec Partners, a holding company run by a private investment group. Terms of the deal were not publicized. KPMG Corporate Finance LLC acted as the exclusive advisor to Empire during this process.
PRESS RELEASE:
Miami, Florida: Empire Investment Holdings (“Empire”) announced today that it has completed the sale of its portfolio company VITEC Solutions. Vitec Partners, a holding company owned by an investment group, purchased the portfolio company. M&T Bank was the lead lender on the transaction. The financial terms were not disclosed.
VITEC Solutions is a premier technology solutions provider with a significant presence in the Northeast. Since its acquisition in 2005 from IKON Office Solutions, the Company has had significant success and is well positioned for continued growth.
“We are extremely grateful for the hard work and success of our staff and management team at VITEC,” said David F. Alfonso, Empire’s chairman and chief executive officer. “We are equally pleased to have effectuated this transaction with a group that knows the space and will continue to build the business.”
KPMG Corporate Finance LLC acted as the exclusive advisor to Empire during this process.
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