Vology Data Systems, the Florida-based distributor of networking and telecommunications commitment, has raised $32.5 million through a combination of equity capital, mezzanine debt and senior bank debt. The growth equity investment was led by LLM Capital Partners, a Boston-based private investment firm. Banyan Mezzanine Fund and Harbert Mezzanine Partners provided funding in the form of subordinated debt. Bank of America renewed the Company’s existing senior revolver facility and Hyde Park Capital served as the investment banker and exclusive financial advisor to Vology.
Hyde Park Capital announces SUCCESSFUL $32.5 Million
CAPITAL RAISE for vology DATA SYSTEMS
Tampa, Florida – February 24, 2011 – Hyde Park Capital Advisors, LLC (“Hyde Park Capital”) is pleased to announce the recently completed $32.5 million capital raise for Vology Data Systems, an Oldsmar, Florida-based leading value added-reseller of new and pre-owned networking and telecommunications equipment. The capital raised was a combination of equity capital, mezzanine debt and senior bank debt. The growth equity investment was led by LLM Capital Partners, LLC, a Boston-based private investment firm. Banyan Mezzanine Fund, L.P. and Harbert Mezzanine Partners II, L.P. provided funding in the form of subordinated debt. Bank of America renewed the Company’s existing senior revolver facility. Hyde Park Capital served as the investment banker and exclusive financial advisor to Vology for these transactions and sourced the new capital for the Company. The transaction substantially improves the Company’s liquidity, credit ratios, and financial position and provides additional working capital to fund growth initiatives including potential acquisition opportunities. Akerman Setterfit, the largest law firm in Florida and ranked among the top 100 law firms in the U.S. in 2010 based on the number of lawyers, represented Vology as its legal counsel in these transactions.
“This infusion of new capital substantially improves our balance sheet and will enable Vology to more rapidly advance our market position and extend our product and service offerings to meet the evolving needs of our current and expanding customer base” said Barry Shevlin, Vology CEO. “Additionally we are pleased to have three great firms- LLM, Banyan and Harbert – as new shareholders in Vology.”
“We are excited for LLM to partner with Barry Shevlin and his management team as well as with Harbert and Banyan”, commented Matt Hills, Managing Director of LLM Capital Partners. “We have confidence that Vology will continue to grow and be a leader in its industry. LLM’s focus on non-control growth equity investments makes Vology a terrific fit for us.”
“Banyan and Harbert are excited to be partnering with LLM and assisting Barry Shevlin and his team grow Vology into a world class enterprise” commented Michalis Stavrinides, Managing Director of Banyan Mezzanine Fund.
“Vology is a wonderful success story for Tampa, Florida, built with hard work, vision and an unquestioned commitment to delivering the highest quality products and service in the industry,” said John Hill, Senior Managing Director at Hyde Park Capital. “We appreciate the opportunity to work with both Vology Founder & CEO Barry Shevlin, and Vology CFO & COO Steve Torres and their excellent team at Vology, on this important transaction.”
John Hill, Jr., Senior Managing Partner and Jeffrey Bridge, Vice President, were the lead bankers on the transaction.
About Vology Data Systems
Ranked in the Inc. 5000 list of fastest growing private companies in the US for five consecutive years, Vology Data Systems is a leading global technology solutions provider that serves tens of thousands of customers across 80 countries. Vology has one of the industry’s largest inventories of top quality new and pre-owned manufacturer products, including Juniper (Elite Partner) Cisco, Extreme Networks, Avaya, HP, Brocade, ShoreTel and Force10 solutions. Vology provides same-day and next-day shipping on most items as well as flexible purchasing and leasing terms. The company offers total IT asset lifecycle management expertise to help customers power their enterprises as their technology requirements evolve. Vology is headquartered in Tampa Bay, Florida with offices in Atlanta, Syracuse, Denver, Sacramento and Santa Barbara. For further information, please visit www.vds.com
About LLM Capital Partners
LLM Capital Partners, LLC is a Boston-based private investment firm specializing in growth equity investments in middle market companies. LLM’s investment professionals collectively have over 100 years of experience in sourcing transactions, evaluating companies and making private equity investments. For additional information on LLM, visit www.llmcapital.com.
About Banyan Mezzanine Fund
Founded in 2002, Banayan Mezzanine Fund provides mezzanine capital to smaller middle-market companies headquartered primarily in the Southeast. Banyan’s focus is primarily on companies with seasoned management teams, revenues greater than $50 million, profitable high margin operations and in growing industry segments. The mezzanine fund has over $250 million in committed capital under management. For additional information on Banyan, visit www.banyanmezzaninefunds.com.
About Harbert Mezzanine Partners
The Birmingham, Alabama–based mezzanine capital group provides financing to private middle market companies. Harbert’s mezzanine capital group typically provides $3 million to $15 million in subordinated debt to companies in need of capital for organic growth, acquisitions, recapitalizations, or management buyouts. Harbert’s committed capital and assets under management have grown from $1.5 billion in 2002 to approximately $2.7 billion as of July 1, 2010. For additional information about Harbert Mezzanine Partners, visit www.harbert.net.
About Hyde Park Capital
Hyde Park Capital is an institutionally focused investment banking firm specializing in mergers and acquisitions and private placements and serving the corporate finance needs of middle market public and private companies. Our principals have extensive investment banking experience executing merger & acquisition engagements, including purchase and sale of company assignments, recapitalizations, financial advisory, fairness opinions and raising growth capital and acquisition financing for companies, including equity, mezzanine and senior debt. As one of the most active investment banking firms in Florida and the Southeast, our professionals have advised on more than 300 corporate investment banking transactions totaling more than $10 billion in transaction value. We are headquartered in Tampa, Florida and are a member of FINRA and SIPC. For additional information about Hyde Park Capital, visit our website at
www.hydeparkcapital.com , or call (813) 383-0202.