H.I.G. Capital Completes Sale of Service Net Solutions, Inc.
MIAMI – June 14, 2007 – H.I.G. Capital LLC, a leading international private equity firm based in Miami, Florida, announced today that it has completed the sale of Service Net Solutions, Inc. to GTCR Golder Rauner, LLC. Service Net is the leading third party administrator of extended warranty programs for original equipment manufacturers and specialty retailers covering a wide array of consumer durable products.
Service Net, based in Jeffersonville, Indiana, was founded in 1996 by Lansdon Robbins and other former executives from General Electric’s consumer service and appliance divisions. Service Net offers its clients a comprehensive suite of service and extended warranty programs for a variety of consumer products, primarily focusing on major appliances, consumer electronics, personal computers and heating and ventilation equipment. The Company uniquely focuses on a blue chip base of OEM’s and retailers who utilize extended warranty and value added service programs as a means to build consumer and brand loyalty.
In 2004, H.I.G. partnered with the existing management team and made a strategic investment in Service Net. During H.I.G.’s ownership, the Company increased sales, diversified its customer base, and further invested in its world class operating platform and processes.
Doug Berman, a Managing Director of H.I.G., commented “Our partnership with Service Net’s outstanding management team has been a tremendous success. The organization executed on its well defined growth strategy and extended its leadership position in the industry. As a result, Service Net delivered an excellent return for H.I.G.’s investors and we are confident that Service Net will continue to be extremely successful in the future.”
About H.I.G. Capital
H.I.G. Capital L.L.C. (“H.I.G.”) is a leading global private equity investment firm with more than $4 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, 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 manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed more than 75 transactions. The firm currently manages a portfolio of more than 50 companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
For more information about the Company, please visit www.servicenet.com.