Hyde Park Capital Advisors, LLC ("Hyde Park Capital") have announced that they 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.
