H.I.G. Capital Completes Sale of Stream Holdings
MIAMI – August 2, 2008 – H.I.G. Capital, L.L.C., a leading global private equity firm, announced today the successful sale of Stream Holdings Corporation (“Stream”) to Global BPO Services Corp. (now known as Stream Global Services, Inc.), a publicly traded company (AMEX:OOO) for $200 million in cash plus adjustments.
Stream is a leading global provider of technical support and other business process outsourcing services. With over 15,000 employees across 30 solution centers in 16 countries throughout North America, Europe, Africa and Asia, Stream is able to provide seamless, integrated business process outsourcing services for many of the world’s leading technology, computing, communications, software, consumer electronic and media clients.
H.I.G.’s platform investment was made in 2003 through its acquisition of a $75 million call center division of Software Spectrum, and later acquired Stream from Solectron in 2004, forming a scalable global footprint. The Company has consistently grown through market penetration and new site expansion. The Company has successfully grown revenues to greater than $500 million.
Toni Portmann, CEO of Stream said, “During the last five years with H.I.G. as our financial sponsor and partner, we have had tremendous successes and growth. They have been alongside us supporting our rapid expansion and have been instrumental with both strategic direction and capital. H.I.G. has been a value-added partner throughout the process.”
Rick Rosen, Managing Director of H.I.G. Capital remarked, “We are delighted to have partnered with such an energetic, hard-working and effective management team. They have methodically grown both infrastructure and client revenues, have integrated acquisitions, and achieved a reputation for industry leading customer satisfaction. The Company has exceeded our expectations and has delivered a fantastic return for H.I.G.’s investors – we are confident that Stream will continue to be successful in the future. This has been an outstanding investment for our firm.”
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 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. invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.