Azalea Capital has sold its portfolio company ETAK Systems to an investor group led by Mosaic Capital Partners and members of the company’s management team. Azalea first invested in ETAK Systems in December 2007.
ETAK Systems provides maintenance and installation services to network infrastructure used by national wireless communication carriers. Services include reserve battery power installation/replacement, power plant upgrades, capacity-expanding radio installations, site reviews, location analysis, engineering audits, battery testing, and small cell and distributed antenna system installation. ETAK Systems is based in Charlotte (www.etaksystems.com).
“We have enjoyed a successful relationship with Azalea in recent years as we have grown ETAK into an industry leading wireless services provider,” said Lee Priest, CEO of ETAK. “Azalea provided valuable leadership and guidance, and was instrumental in the recruitment of our current team. Azalea also provided growth capital to allow ETAK to flourish and was a value added partner during our years together.”
Azalea Capital invests in middle market companies that have annual revenues of $10 million to $100 million and EBITDAs of $2 million to $10 million. Industries of interest include manufacturing, business services, and value-added distribution with a special interest in aerospace, consumer packaged goods, healthcare and energy and industrial services. Azalea Capital was founded in 1996 and is headquartered in Greenville, SC (www.azaleacapital.com).
Mosaic Capital Partners, the buyer of ETAK Systems, provides mezzanine debt and equity capital for change of control transactions to lower middle-market companies in the Southeastern, Mid-Atlantic and Midwestern sections of the United States. The firm has a specific expertise with transactions involving employee stock ownership plans. Sectors of interest include business services; chemicals; consumer products; environmental services; food & beverage; healthcare; distribution; material handling; niche manufacturing; and third-party logistics. Mosaic Capital is affiliated with St. Louis-based merchant bank Butcher Joseph & Co. (www.butcherjoseph.com) and is headquartered in Charlotte (www.mosaic-cp.com).
Brookwood Associates (www.brookwoodassociates.com) was the financial advisor to ETAK Systems for this transaction.
© 2015 PEPD • Private Equity’s Leading News Magazine • 2-5-15
