Related Professionals
e&e IT Consulting Services, Inc. (“E&E”), headquartered near Harrisburg, PA, is a portfolio company of private equity firm IMB Development Corporation (“IMB”). E&E provides all levels of skilled IT consultants to clients in central Pennsylvania and surrounding areas on both a full- and part-time basis. E&E’s consultants provide a range of IT services, including systems infrastructure, development and support of web applications, help desk and user support. E&E provides these services to a variety of industries, including state and federal government, communications, retail, health care and manufacturing. E&E has been recognized as one of the fastest growing companies in its region.
Situation
Griffin represented E&E in 2014 when it sold a significant equity position to IMB and a select group of private investors. After four years of successful growth, IMB wanted to raise capital to (i) provide liquidity to all E&E shareholders via a dividend, (ii) refinance senior and junior capital from the 2014 transaction, (iii) maintain the existing common equity ownership structure and (iv) partner with a larger junior capital investor to assist in funding potentially transformative acquisitions in the near future.
Solution
Griffin was engaged by E&E to (i) design a leveraged recapitalization plan that achieved all of these goals and (ii) raise the institutional senior debt and junior capital required to finance the recapitalization. Griffin managed a competitive capital raise process to raise the necessary capital, and E&E ultimately retained M&T Bank as its senior lender and Graycliff Partners as its new subordinated debt lender in a transaction that closed in September 2018.
For more information on this transaction, contact John A. Lee, Senior Managing Director, at 610.205.6106 or Thomas Hill, Vice President, at 610.478.2034. For more information on Griffin’s services in general, contact any one of our investment banking professionals.
