MIAMI--(BUSINESS WIRE)--H.I.G. Capital LLC, a leading international private equity firm based in Miami, Florida, announced today that it has completed the sale of Service Net (the “Company”) to Chartis U.S., Inc. (“Chartis”), a wholly owned subsidiary of American International Group, Inc. (“AIG”). Service Net is a leading service management company that creates, administers and markets service warranty solutions for original equipment manufacturers (“OEMs”) and specialty retailers covering a wide array of consumer durable products.
Service Net, based in Jeffersonville, Indiana, offers its clients a comprehensive suite of customized service and extended warranty programs for a variety of products including major appliances, consumer electronics, personal computers, handheld devices, mobile phones and heating and ventilation equipment. The Company uniquely focuses on a blue-chip base of OEMs and specialty retailers that utilize warranty and value added service programs as a means to build consumer and brand loyalty.
H.I.G. has partnered with the Service Net executive team on two separate occasions. H.I.G. recapitalized Service Net in 2004 and successfully exited its investment in 2007. In 2009, H.I.G. re-acquired the Company and worked closely with the Service Net team to create material value. Since 2009, the Company has successfully grown through the recruitment of new blue-chip clients, acquisition of a niche third-party administrator and focus on emerging industry verticals. H.I.G. has provided financial support to further invest in Service Net’s world class operating platform. Lansdon Robbins, Founder and Chairman of Service Net, commented, “H.I.G. has been incredibly supportive of our growth strategy, and has been a value-added partner during a key stage of Service Net’s development. Their continued support has been instrumental to our growth.”
Doug Berman, Executive Managing Director of H.I.G., commented, “Our partnership with Service Net’s outstanding management team has been a tremendous success. The organization executed on its well defined growth strategy and extended its leadership position in the industry.”
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management, and a team of more than 225 investment professionals. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg, Madrid, and Paris in Europe, 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. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 50 companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
About Bayside Capital
Bayside Capital is a credit oriented investment firm with more than $4.5 billion under management. Focused on middle market companies, Bayside invests across several segments of the primary and secondary debt capital markets with an emphasis on long term returns. With eleven offices throughout the U.S. and Europe and over 225 investment professionals to draw upon, Bayside Capital has the experience, resources, and flexibility required to provide capital solutions quickly, and the strategic and operational expertise to help support its investments.