WestView Capital Partners Invests in Providea
July 1, 2008
WestView Capital Partners today announced it has completed a recapitalization and growth equity investment in Providea, Inc., a leading national provider of comprehensive video conferencing solutions and managed services.
Providea offers a robust suite of video conferencing solutions and managed services including hardware and installation, network services, conference bridging, managed video solutions as well as maintenance and support services. In keeping with WestView’s investment approach, the Providea management team will retain a significant ownership stake in the company and continue to run the business going forward.
“Since our inception in 1999, we have built a strong foundation by consistently delivering exceptional service, technical expertise and end-to-end solutions for our customers,” said Tom Bailey, founder and CEO of Providea. “We are delighted to partner with WestView. We welcome their experience, financial resources, growth-orientation and investment philosophy of partnering with management. Our goal has always been to provide our customers a seamless video conferencing experience through a best-of-breed service platform and, through our partnership with WestView, we will further enhance and expand our comprehensive portfolio of video conferencing solutions.”
“We look forward to working with Providea’s management team to continue the company’s strong growth,” commented Rick Williams, managing partner at WestView, who will join Providea’s board of directors along with WestView principal Jonathan Hunnicutt. “Over the past nine years, Tom Bailey and his team have grown Providea into a leading provider of video conferencing solutions and managed services with an outstanding reputation for customer service and technical expertise. We believe there are significant opportunities for Providea to further enhance its strong market position through both organic initiatives and add-on acquisitions.”
Providea, Inc. offers a comprehensive suite of video conferencing solutions and managed services including hardware and installation, network services, conference bridging, managed video solutions as well as maintenance and support services. Providea was founded in 1999 by video and network industry veterans with an established track record to meet the growing industry demands for video communication and leverage its extensive videoconferencing and network experience to deliver a complete suite of business quality programs and services. Providea is based in Camarillo, California and more information is available at www.provideallc.com.
About WestView Capital Partners:
WestView Capital Partners is a private equity firm focused exclusively on lower middle market companies. WestView partners with existing management teams to sponsor minority and majority recapitalization, growth, buyout and consolidation transactions in a wide range of industries including business and healthcare services, IT services, industrial, distribution/logistics, media/publishing and financial services. WestView targets companies with operating profits between $3 million and $15 million with investment sizes ranging from $5 million to $25 million. WestView is located in Boston, Massachusetts and more information is available at www.wvcapital.com.