NewSpring Capital Announces Successful Exit of Transcend United Technologies
April 15, 2013
RADNOR, PA, April 15, 2013 - NewSpring Capital is pleased to announce that Transcend United Technologies, LLC ("Transcend"), a portfolio company of its mezzanine fund, NewSpring Mezzanine Capital, L.P., has been acquired by AGC Networks, Inc. ("AGC"), a subsidiary of the Essar Group.
Transcend United Technologies, headquartered in Philadelphia, is a leading national services provider and technology integrator focused on unified communications and data center infrastructure. Transcend maintains offices in Minnesota, Texas, California, Ohio, Florida, Massachusetts, Illinois, Connecticut, New York, Nebraska, North Carolina, Tennessee and India, and supports over 1,500 customers. Since the time of investment, Transcend effectively capitalized on its award winning service offering and position in the market. The Company grew from $4.9 million in sales in 2004 to $43.4 million in sales in 2012 and was recently ranked 243 on Inc. 500's fastest growing companies. In addition, the Company's CEO, Rick Hirsh, was recognized as the 2012 Ernst & Young Entrepreneur of the Year in the technology category in the Greater Philadelphia region. Steve Hobman, a General Partner of NewSpring Mezzanine, commented, "We are extremely pleased to have been part of the success at Transcend. The team has exceeded our expectations and it has been a pleasure to have worked with such passionate and talented business leaders such as CEO Rick Hirsh as well as the entire Transcend management team. They did an excellent job executing on the Company's vision and we are very pleased that Transcend will be a good complement to AGC." About AGC Networks, Inc.
AGC Networks, Inc. is the US subsidiary of AGC Networks, a global company enabling Enterprise Customer innovation, value and wealth creation by applying leading technologies to business needs. With its business office in Las Colinas, Texas, Dallas' technology center, AGC Networks utilizes deep subject expertise, global resources, experience and agility to deliver innovative Enterprise cost management and increased service levels to internal and external stakeholders. AGC Networks, Inc. offers a range of principal competencies for multiple industries, business productivity and Enterprise applications, communications, and technologies/solutions for infrastructure, collaboration and security. Partnered with global leaders Avaya, Polycom, HP, ShoreTel, Microsoft, Juniper Networks, Cisco and SAP, AGC Networks delivers innovative processes and solutions to deliver customer value. For more information, visit www.agcnetworks.com.