Heritage Capital Group Announces the Successful Sale of Itel, Inc.
JACKSONVILLE, FL - May 30, 2008
Heritage Capital Group announced today that it has successfully completed the sale of Itel, Inc. to The Riverside Company, a global private equity firm. Itel is a leading independent testing laboratory servicing the property insurance industry nationwide. Heritage Capital Group served as intermediary and financial advisor to Itel.
Itel is a Jacksonville-based company that provides independent testing of flooring, siding, and other related materials to determine comparable replacement products and fair replacement costs for property insurance claims. Itel has developed a unique, technology driven process supported by an extensive database of flooring, siding, and other products that allow insurance carriers to settle property damage claims quickly, accurately, and fairly.
Mark Mullins, Itel's chairman and majority stockholder, commented, "We are extremely pleased with the results of this transaction. Our team of investment bankers at Heritage Capital, led by Don Wiggins and Howard Serkin, provided invaluable senior-level advice and counsel in choosing the strongest partner for Itel, and in negotiating an outstanding financial outcome for our shareholders."
"Itel is an excellent company. Demand for well-run companies with strong management teams is still high in the middle market. Itel is a good example of how using a disciplined, competitive sales process can add tremendous value for shareholders and determine the best fit with a private equity partner," said Don Wiggins, president of Heritage Capital.
The Riverside Company is the largest global private equity firm investing in premier companies at the smaller end of the middle market, focusing on industry-leading companies valued under $150 million. Riverside partners with strong management teams to build companies through acquisitions and value-added growth. Riverside has nearly $2 billion of capital under management.
Heritage Capital Group provides merger and acquisition advisory, consulting and intermediary services to privately held middle market companies. Heritage Capital is a member of FINRA/SIPC and a founding member of M&A International Inc.