News | Press Releases
For Immediate Release
BIA Digital Partners Backs Chartwell Investments Recapitalization of Datascan
CHANTILLY, VA, February 14, 2011 - BIA Digital Partners, a private investment firm focusing on mid- to later-stage companies, announced today, that it partnered with Chartwell Investments, a New York based private equity firm focused on middle-market companies, to recapitalize Datascan (the “Company”), a provider of inventory self-scanning services, in partnership with the Company’s Founder and CEO Paul Billings and the Datascan management team. Chartwell and BIA Digital Partners also partnered with MCG Capital in the recapitalization to position the Company for significant growth. Proceeds of the transaction will be used to provide growth capital for investments in staff, technology and expansion of the Company's fleet of scanning equipment in addition to general corporate purposes and shareholder liquidity.
Founded in 1970, Datascan provides inventory self-scanning services to medium and large retailers in order to facilitate a variety of physical inventory counting needs. With the world’s largest fleet of self-scanning equipment, Datascan enables retailers to use their most knowledgeable assets – their own people – to conduct inventories. The Company’s self-scanning systems provide client-specific training, customized software and reporting, easy-to-use hardware, real-time inventory analytics and value-added data services. Datascan serves many of the largest, best-known retailers in the world by providing the most accurate, efficient and cost-effective physical inventory counting system available.
“Our philosophy at Datascan has always been about developing strong partnerships with our clients,” said Paul Billings, Founder and CEO of the Company. “I couldn’t be more pleased to be partnering with Chartwell as the Company looks forward to its next stage of growth. In addition to Chartwell’s capital and resources, Datascan is poised to benefit from Chartwell’s experience in successfully partnering with other entrepreneurially-owned companies.”
“We are extremely enthusiastic about the growth prospects for Datascan and are thrilled to be partnering with Paul Billings and his management team,” said Chartwell Managing Partner Mike Shein. “In its history, Datascan has consistently impressed retailers with its ability to deliver a more accurate and more cost-effective physical inventory service, leveraging state-of-the-art information technology with ‘good old-fashioned’ client service – always with a collaborative, client-focused approach. Together with BIA Digital Partners and MCG Capital Corporation, we look forward to supporting Datascan and helping take the Company to the next level.”
“BIA Digital Partners is very pleased to have invested in Datascan. The passion of the founder-led management team, now fueled with the growth capital provided by BIA Digital Partners and the other investors, should enable Datascan to reach its full potential. We look forward to a long and profitable relationship with Datascan,” stated Scott Chappell, Principal of BIA Digital Partners.
For additional information on BIA Digital Partners, please contact Scott Chappell or Gretchen Dowling at (703) 227-9600 or visit our website at www.biadp.com.
About BIA Digital
BIA Digital Partners is a private investment firm, managing approximately $280 million. Financing is available for acquisitions, organic growth, recapitalizations and leveraged/management buyouts among other purposes. BIA Digital Partners maintains a focus on mid- to later-stage companies operating in the media and entertainment, telecommunications, information, education, business and consumer services industries. Investments generally range from $5 to $15 million and are typically in the form of subordinated debt with warrants or preferred equity. For more information on BIA Digital Partners, please visit www.biadp.com.
About Chartwell Investments
Chartwell Investments is a middle‐market private equity firm that invests in leading middle‐market companies with an emphasis on family and entrepreneurially‐owned businesses. Chartwell focuses on companies that have outstanding management teams and compelling business models, with a target EBITDA range of $5 million to $25 million in manufacturing, distribution and service industries. Transaction types include recapitalizations and control buyouts of family‐owned and entrepreneurially managed companies, as well as corporate divestitures. Additional information on Chartwell Investments can be found at www.chartwellinvestments.com.
Datascan is the world’s largest self‐scanning company. We owe our growth and success to the incredibly strong partnerships we make with our clients. Datascan provides proactive customer service and a high level of customization at every stage of the process, with training materials designed specifically for your team, software that’s customized to meet your business needs, and support that addresses your particular challenges, whatever they are. With highly customizable systems and a history of innovation driven by client requests, Datascan is committed to helping clients take the most accurate and cost‐effective inventory. For more information, visit www.datascan.com.
About MCG Capital
MCG Capital Corporation is a solutions‐focused commercial finance company providing capital and advisory services to middle‐market companies throughout the United States. Our investment objective is to achieve current income and capital gains. Our capital is generally used by our portfolio companies to finance acquisitions, recapitalizations, buyouts, organic growth and working capital.For more information, visit www.mcgcapital.com.