H.I.G. Capital announced Thursday that it had completed the sale of Securus Technologies to Castle Harlan. Terms of the deal, which closed at the end of May, were not released. Securus, based in Dallas, was formed by H.I.G. in September 2004 through the merger of Evercom Systems and T-Netix. The Company provides detainee communications and information management technology for correctional facilities.
H.I.G. Capital, L.L.C., a leading global private equity investment firm, today announced the sale of Securus Technologies, Inc. (“Securus”) to Castle Harlan, a private equity firm based in New York, NY. The transaction closed on May 31, 2011.
Securus, based in Dallas, TX, was formed by H.I.G. in September 2004 through the merger of Evercom Systems and T-Netix. Today, the Company is one of the largest providers of detainee communications and information management solutions, serving approximately 2,200 correctional facilities and more than 850,000 inmates nationwide. A recognized leader in providing comprehensive, innovative technical solutions and responsive customer service, Securus’ focus is the specialized needs of the corrections and law enforcement communities.
“We have had great success turning Securus into the industry’s leading player through our partnership with H.I.G.,” said Rick Smith, Chief Executive Officer of Securus. “In addition to providing capital for our business, H.I.G. has provided significant strategic insight to support our growth, and we believe we are well positioned to continue to win.”
“Securus was an extremely successful investment for H.I.G.,” commented Lewis Schoenwetter, a Managing Director of H.I.G. Capital. “Rick Smith and his team significantly increased EBITDA over the past four years, and the team has driven Securus to the industry’s forefront under his leadership. We look forward to watching the Company’s continued success in the future.”
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, New York, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris 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 service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. For more information, please refer to the H.I.G. website at www.higcapital.com.
About Castle Harlan
Castle Harlan, founded in 1987, invests in controlling interests in the buyout and development of middle-market companies in North America and Europe. Its team of 19 investment professionals has completed 53 acquisitions since its inception with a total value in excess of $10 billion. Castle Harlan currently manages investment funds with equity commitments of approximately $3.5 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.