Radnor, PA – December 7, 2015 – Emtec, Inc. (“Emtec”), a leading IT consulting firm providing industry-specific transformative digital solutions, today announced that the company has received new senior secured credit facilities from LBC Credit Partners, a provider of financing solutions to middle-market companies. The proceeds were used to refinance the company’s existing debt and to acquire Summit Technology, Inc. In addition, the new facilities provide a source of funding for limited share repurchases, working capital and future acquisitions.Dinesh Desai, Chairman and Chief Executive Officer of Emtec, stated, “I am very thankful to our team who has done an outstanding job positioning Emtec as one of the leading IT consulting firms in the U.S. We are pleased to add LBC Credit Partners to our team of financing partners to help accelerate our growth going forward.”
Greg Chandler, Chief Financial Officer of Emtec, stated, “As announced earlier this year, Emtec has entered into a new stage of growth and that growth will be fueled by the support of our new financing partners. This transaction will enable us to move more quickly in the future on larger opportunities. The Summit team joining us at the same time is a great catalyst. In addition, I would like to thank NewSpring Capital. We could not have achieved the success we had over the last few years without them. Steve Hobman and the team at NewSpring have been a tremendous partner for us and we thank them for their unwavering support since 2011.”
Emtec’s advisors on the Transaction included Griffin Financial Group, Stevens & Lee, and Dechert LLP. Cozen O’ Connor represented Emtec in the acquisition of Summit.