H.I.G. Capital, LLC
FOR IMMEDIATE RELEASE
H.I.G. Capital, LLC
H.I.G. Capital Makes Strategic Investment in Service Net Solutions, LLC
December 23, 2004 - H.I.G. Capital, a Miami-based private equity firm, announced today that it has made a strategic investment in Service Net Solutions, LLC (“Service Net”). Headquartered in Louisville, Kentucky, Service Net is a leading provider of extended warranty and service management solutions to manufacturers, retailers and specialty businesses. The Company serves as a third party administrator, managing all elements of the service management solution including program development, marketing, sales training, customer service, compliance, repair scheduling, and claims processing.
Founded in 1996 by Lansdon Robbins and other executives from General Electric’s consumer service and appliance divisions, Service Net has become one of the leading independent providers of service contract and warranty programs focusing on a wide range of consumer oriented products. These products include personal computers and peripheral equipment, home office products, major appliances and electronics, furniture, lawn and garden products, fitness equipment, heating ventilation and air conditioning equipment, and pool and spa equipment. The Company currently administers a portfolio of over 2.9 million contracts.
Kevin Callahan, CEO of Service Net, said, “We look forward to having a partner that is both visionary and enthusiastic in their approach to taking Service Net to the next level. H.I.G. Capital, with its proven investment expertise and strong network of business relationships, will help considerably as we expand our business and implement our strategy for continued, profitable growth.”
Doug Berman, Managing Director of H.I.G. Capital, said, “We are very pleased to be partnering with such an exceptional team. Service Net has proven itself as an industry leader in the rapidly growing market for extended warranty contracts. The Company has a diverse set of blue chip customer relationships, and a solid blueprint for future growth. We are particularly excited about the scalability of the Company’s business model, as well as the near and long term growth prospects in this under-penetrated segment of the service contract industry. We share management’s excitement about the future and look forward to working with them to build on their market-leading position.”
H.I.G. Capital is a leading private equity and venture capital investment firm with more than $1.5 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, and in promising early-stage technology companies. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed in excess of 70 transactions. The firm currently manages a portfolio of more than 40 companies with combined revenues in excess of $5 Billion.