Sverica International, a buyout firm located in Boston and San Francisco, has purchased Accuvant Inc., a security services technology company. The deal included a $20 million revolving credit facility and $4 million term loan, provided by PNC.
PITTSBURGH, Oct. 8, 2008—PNC announced today two senior secured credit facilities totaling $33 million for the acquisitions of Accuvant, Inc. and Galaxy Tool Corporation.
PNC provided $24 million in financing for the acquisition of Denver-based Accuvant, Inc. by Sverica International, a private equity firm based in Boston and San Francisco. Accuvant is a leading national provider of information security solutions and professional services to enterprise class customers, reselling a variety of security technologies manufactured by best-of-breed vendors. The financing, consisting of a $20 million revolving credit facility and a $4 million term loan, was sought to fund the acquisition, to replace the existing debt facility and to provide for ongoing working capital needs.
In addition, PNC provided $9 million for the acquisition of Galaxy Tool Corporation by a group of undisclosed investors. Galaxy, based in Winfield, Kan., is a designer and manufacturer of precision tooling for the business jet industry and a provider of tooling for plastic products, precision parts and injection and blow molds. The financing, which consisted of a $4 million revolving credit facility and a $5 million term loan, was sought to fund, in part, the acquisition and to provide for ongoing working capital needs.
Loans are provided by PNC Bank, National Association, a member of The PNC Financial Services Group, Inc. [NYSE: PNC]
The PNC Financial Services Group, Inc., (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.