News
LiquidHub Partners with NewSpring Capital to Fund Growth
$38 million financing provides capital for growth and acquisitions to expand vertical industry and regional presences.
RADNOR, PA, September 25, 2007 – NewSpring Capital, of Radnor, PA and Short Hills, NJ, announced today that NewSpring Ventures, the dedicated growth and expansion stage venture fund of the NewSpring Capital fund family, led a $38 million growth financing into LiquidHub, Inc. LiquidHub, of King of Prussia, PA, is a leading systems integrator and technology consultancy firm. NewSpring led a $20 million Series A Preferred Stock financing with a $7.5 million investment. NewSpring’s limited partners, including PPM America Capital Partners and Credit Suisse Alternative Investments, syndicated the remainder of the round. In addition, NewSpring facilitated the placement of an $18 million senior credit facility provided by M&T Bank.
The funds will help LiquidHub make strategic acquisitions to enhance its service offerings, augment its consulting practice, and expand into new vertical industries and regional markets. In addition, the company will gain access to a diversified team of advisors, and a broader network for business development opportunities.
“As a result of the entrepreneurial spirit and hard work of its associates, LiquidHub has enjoyed tremendous growth over the past seven years,” said LiquidHub CEO Jonathan Brassington. “Over time, we have considered growth funding options from a number of global integrators and investment firms. This round of financing presents us with an exceptional opportunity to enhance our focus on our clients while growing the company and expanding our service offerings.”
“LiquidHub’s success is rooted in its ability to work closely with its clients to address complex business challenges,” said Marc Lederman, General Partner of NewSpring Capital. “The company’s plan-execute-manage approach to engagements is a simple, yet time-tested methodology that is both repeatable and applicable across multiple industries. We believe that LiquidHub’s model and its management team are uniquely positioned for continued success, and that this investment will enable the company to pursue the growth initiatives that will make LiquidHub a dominant IT professional services firm.”
“M&T Bank is pleased to partner with NewSpring Capital and LiquidHub in providing a flexible senior credit facility to support LiquidHub’s growth plans”, added David Mills, vice president and manager of M&T Bank’s Middle Market group. “NewSpring and LiquidHub share our entrepreneurial spirit and appreciation for building long term relationships with our clients.”
As part of the growth financing, Marc Lederman of NewSpring Capital and Bruce Gorchow of PPM America will join the LiquidHub Board of Directors.
About LiquidHub
LiquidHub is a global systems integrator and technology consultancy delivering industry leading strategy, applications, data, and infrastructure solutions within the context of Enterprise and Service Oriented Architectures. Tapping its knowledge of industry operating models as well as technology leverage points, the company partners with clients in life sciences, pharmaceutical, healthcare, insurance, financial services, and other vertical markets to enable technology solutions. Headquartered in King of Prussia, PA, LiquidHub supports clients worldwide from locations in Cambridge, MA, and Hyderabad, India. For more information, visit www.liquidhub.com.
About PPM America Capital Partners
PPM America Capital Partners, LLC, manages private equity investments at PPM America, Inc. The nine person team currently oversees a portfolio of commitments and outstanding investments of over $2 billion. PPM America Capital Partners invests in both limited partnerships and directly in companies through equity co-investments.
For more information, visit www.ppmprivateequity.com.
About Credit Suisse Alternative Investments
Credit Suisse Alternative Investments business is a leading global alternative asset manager involved in private equity, hedge funds and related activities. The businesses include a diverse family of private equity funds, including leveraged buyout funds, mezzanine funds, core and opportunity real estate funds, secondary funds and private equity fund of fund businesses, Funds and Alternative Solutions, Leveraged Investments, Quantitative Strategies, and Volaris. With over $134 billion in assets under management and exceptional investment performance, Credit Suisse is one of the world's largest and most successful managers of alternatives. Credit Suisse is also the world's leading placement agent in alternative assets, raising capital for third-party managers through its Private Fund Group and Real Estate Private Fund Group. Credit Suisse's Alternative Investments businesses have more than a 20-year history of strong investment performance, with leading market share positions. For more about Credit Suisse please go to www.credit-suisse.com.
About M&T Bank
M&T Bank Corporation, founded in 1856, is one of the top 20 bank holding companies in the nation, with over $57 billion in assets as of June 30, 2007. M&T has more than 650 branches and offices with more than 1,600 ATM locations throughout Pennsylvania, New York, New Jersey, Maryland, Delaware, Washington D.C., Virginia, and West Virginia. M&T serves the Greater Philadelphia area through its regional headquarters based in Horsham, PA. To learn more about M&T, please visit www.mtb.com.
