Contact:John Black, Managing Director
H.I.G. Capital, LLC
H.I.G. Capital, LLC
H.I.G. Capital, a Miami-based private equity firm, announced today that it has acquired TestAmerica, Inc. ('TestAmerica') in partnership with the company's management.
January 3, 2003 - H.I.G. Capital, a Miami-based private equity firm, announced today that it has acquired TestAmerica, Inc. ("TestAmerica") in partnership with the company's management. TestAmerica is one of the country's largest providers of outsourced environmental testing services to major industrial companies, engineering and consulting firms, and government agencies. TestAmerica maintains its headquarters in Asheville, NC and has operations throughout the United States. In 2002, the company generated revenues of over $60 million.
Tom Barr, CEO of TestAmerica, commented, "Since we met with H.I.G. several months ago, we have developed a strong relationship built on the common business goal of unwavering dedication to success for our clients and employees. This transaction represents a new beginning for TestAmerica. With H.I.G.'s resources behind us, our management team and employees are all enthusiastic about the future of our company."
TestAmerica provides environmental services through its three divisions. The analytical testing division performs tests in scientific laboratories to detect trace level organic and inorganic contaminants in soil, water, sludge, and air samples that are shipped from industrial processing and other sites that are being investigated, monitored or remediated for the presence of harmful substances. The air emissions sampling division collects air samples from the emissions of industrial processes that are then processed and tested by the Company's fully-equipped, on-site mobile laboratories to determine their compliance with applicable environmental regulations. The drilling division drills wells through complex geologies for the environmental testing, monitoring and remediation of industrial processing sites, government/military facilities, gas stations, and other sites that may potentially contain harmful substances in soil, water, or sludge.
"We are extremely excited about our investment in TestAmerica," said John Black, Managing Director of H.I.G. Capital. "The Company has an outstanding management team, a diverse set of strong customer relationships, and a solid blueprint for future growth. TestAmerica is already the largest one-stop national provider of outsourced environmental testing services and we expect it to continue to build on its 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 well-established, profitable, and well managed manufacturing or service businesses, and in promising early stage technology companies. Since its founding, H.I.G. Capital has made more than fifty highly successful investments, acquiring companies with combined revenues in excess of $5.0 billion.