NewSpring Capital has sold its portfolio company Transcend United Technologies, an IT services company, to AGC Networks, a subsidiary of the Essar Group.
Transcend United Technologies is a national services provider and technology integrator focused on communications and data center infrastructure. Transcend is headquartered in Philadelphia with offices in Minnesota, Texas, California, Ohio, Florida, Massachusetts, Illinois, Connecticut, New York, Nebraska, North Carolina, Tennessee and India (www.transcendunited.com).
“We are extremely pleased to have been part of the success at Transcend. The team has exceeded our expectations and it has been a pleasure to have worked with such passionate and talented business leaders such as CEO Rick Hirsh as well as the entire Transcend management team. They did an excellent job executing on the company’s vision and we are very pleased that Transcend will be a good complement to AGC,” said Steve Hobman, a General Partner of NewSpring Mezzanine.
NewSpring Capital is a provider of private equity capital focused in the Mid-Atlantic region. NewSpring Capital currently has $600 million of capital under management through a family of funds including: NewSpring Ventures which provides equity capital to growth and expansion stage companies with a focus on business services, enabling technologies, and information technology; NewSpring Health Capital which provides equity capital to healthcare companies within the life sciences, healthcare services, and medical device sectors; and NewSpring Mezzanine Capital which provides mezzanine capital for expansion stage and buy out opportunities in the business services, health care, information technology, and specialty manufacturing sectors. The firm has offices in Radnor, PA; Short Hills, NJ; and Washington, DC (www.newspringcapital.com).
AGC Networks is a provider of communication and IT services. The company, a subsidiary of the Essar Group, is based in Las Colinas, TX (www.agcnetworks.com). The Essar Group is a multinational corporation with operations in steel, energy, power, communications, shipping ports, logistics and construction. The company is headquartered in Mumbai (www.essar.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 4-16-13
