San Diego-based private equity firm Huntington Capital has invested an undisclosed amount in Wave Technology Solutions Group Inc., a provider of Information Technology services. Financial terms of the deal were not released. Founded in 1992, Wave designs business process outsourcing and IT services for commercial and municipal customers. Huntington’s current fund, Huntington Capital Fund II LP, is focused on lower-middle market mezzanine investments.
Huntington Capital Fund II, LP (“Huntington”), a San Diego based lower-middle market focused private equity mezzanine fund, is pleased to announce a recent growth capital investment in Wave Technology Solutions Group, Inc (“Wave”), a leading Southern California based professional Information Technology services and solutions provider.
Founded in 1992, Wave specializes in helping commercial and municipal sector clientele with the design and implementation of solutions that address their business process outsourcing and IT services needs, enabling them to improve productivity, efficiency, security and reduce overall costs. These solutions range from infrastructure build up and systems integration, to specific applications level solutions such as the capture and management of content, storage and archiving solutions, network infrastructure, data security and enhanced unified communications. For more information on the company please visit their website at www.wave-tsg.com.
“The foundation for every good investment is people and Wave epitomizes that philosophy,” said Huntington Managing Partner Barry Wilson. “The integration of these solutions requires a high degree of technical skill, experience and a thorough understanding of the customer’s business. We discovered during our due diligence process that the Wave team excels in partnering with its customers to serve as a true extension of their own IT departments and in effectively delivering mission critical infrastructure.”
“The Huntington team swiftly understood and analyzed our business opportunities, and was flexible to accommodate our needs with a well-suited capital structure to support our fast-paced growth strategy,” noted Wave CEO Matt Vaezi. “The Huntington team demonstrated great professionalism and depth of analysis, and we look forward to relying on them as a key partner in helping us attain our future successes.”
“The professional IT services market remains a large, expanding industry” indicated Huntington Senior Associate Joel Gragg. “And we remain very favorable on both the company’s positioning and growth prospects within the market.”
Wave Technology Solutions Group
Wave Technology Solutions Group was founded in 1992 to provide cost effective and innovative information management systems, backfile conversion and data hosting solutions to a wide variety of industries and government agencies. Wave is also one of the largest EMC software partners and system integrators headquartered in Southern California. For more information please visit www.wave-tsg.com.
Based in San Diego, CA, Huntington Capital is a leading mezzanine capital provider to lower middle market companies throughout California and the Southwestern United States. Founded in 2000, Huntington is currently operating out of its second fund, Huntington Capital Fund II, which it raised in 2008 with capital commitments from a group of leading institutional investors. Huntington seeks to invest in established lower middle market businesses generating between $10 million and $75 million in revenues across a broad range of industries; investments are typically structured in the form of growth capital, buyout or acquisition financing ranging between $1.0 million and $6.0 million. The firm has invested in approximately 35 companies since its founding. Partners Morgan Miller, Barry Wilson and Tim Bubnack lead Huntington’s management team. For more information please visit www.huntingtoncapital.com.