An affiliate of H.I.G. Capital, a private-equity and alternative-asset-investment firm, acquired a majority interest in CABLExpress Corporation, H.I.G. announced on August 29. CABLExpress does business as CXtec and TERACAI Corporation. H.I.G. did not disclose the deal's financial terms.
William G. Pomeroy, who founded CXtec in 1978, retired as chief executive officer on August 29 and will continue to serve on the board of directors while retaining an ownership interest in the company. He commented, “I am proud of the business that we have built and look forward to the next chapter. H.I.G’s vision for CXtec’s future and support for the company’s strong culture gives me significant confidence that CXtec will continue to build on its outstanding reputation and legacy.”
Pete Belyea (pictured), who has been with the company for 26 years, most recently as president, assumed the role of chief executive officer upon Pomeroy’s retirement from that position. “We’re excited to partner with H.I.G. Capital, a highly respected investment firm with significant industry experience,” Belyea said. “CXtec continues to distinguish itself through a compelling value proposition, rigorous focus on product quality, and exceptional customer service, and we see a number of opportunities to accelerate growth to meet the evolving needs of our clients.”
H.I.G.’s portfolio also includes, among dozens of other technology and IT companies, Fibercore, a U.K.-based provider of specialty optical-fiber products in telecom, aerospace and defense industries; Lancope, a provider of monitoring solutions for high-performance and secure networks; and Milestone Technologies, a provider of managed help desk, data center operations, engineering and IT services.
Richard Stokes, managing director at H.I.G., said, “CXtec is an established leader in the market for refurbished networking and telephony hardware, and we look forward to supporting the continued expansion of the company’s product and service offerings. CXtec and TERACAI are exceptionally well-positioned for continued growth, driven by a compelling value proposition and attractive industry tailwinds. We are excited to work with the company to take the business to the next level.”
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