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An Affiliate of H.I.G. Capital Acquires Wexler Video, LLC
MIAMI - March 5, 2007 - H.I.G. Capital, LLC ("H.I.G. Capital"), a leading Miami-based private equity firm, announced today that one of its affiliates acquired Wexler Video, LLC ("Wexler"). Based in Burbank, CA, Wexler is a leading provider of video production and postproduction equipment and related services to the television industry. The Company provides critical equipment for all types of television productions, including reality programming, scripted productions and live events worldwide. Wexler offers one of the nation’s largest inventories of broadcast equipment and provides the highest level of customer service and engineering expertise in the industry.
H.I.G. Capital partnered with Telecorps Communications ("Telecorps") and existing management to consummate the transaction. Telecorps, comprised of three former broadcasting and media technology executives, includes Rob McConnell, former CEO of Enterprise Software, David Carfolite, former VP and General Manager of a group of television stations in the Carolinas, and James Rosenfield, former President of CBS Television Network.
Elliot Maluth, Managing Director of H.I.G. Capital's San Francisco office, commented, "H.I.G. is very excited to be partnering with Telecorps in the acquisition of Wexler Video. Wexler has a great brand name, and is uniquely positioned in the media equipment marketplace. With the help of Telecorps, we believe Wexler has tremendous growth potential."
"Telecorps is excited about teaming with Wexler, a company which has assembled a superior staff and reputation in the industry. Wexler will be an important platform for building a more extensive presence in serving both the production and postproduction segments," said Rob McConnell, Chief Executive Officer for Telecorps.
Chris Thompson, Wexler President & CEO, comments, "Our acquisition presents tremendous opportunities. We will continue to provide the best value proposition in the industry combined with the horsepower to offer new services and products across the entire entertainment spectrum. Our staff and customers couldn't be happier as our ability to tap into new financial and managerial resources has increased exponentially. It is a great time to be at Wexler."
About Wexler Video
Founded in 1984, Wexler is the leading video production and postproduction equipment rental company in Los Angeles. The Company is the only equipment provider to offer collaborative workflow solutions for every phase of production. Wexler specializes in providing traditional broadcast solutions as well as rapidly developing digital and high definition production technology. For more information, please refer to the Wexler website at www.wexler.tv.
About H.I.G. Capital
H.I.G. Capital LLC ("H.I.G.") is a leading private equity and venture capital investment firm with more than $3.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, 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 of more than $7 billion. For more information, please visit the H.I.G. website at www.higcapital.com.