Bell and Howell Receives $25 Million Revolving ABL Credit Facility from Bank of America
PHILADELPHIA—October 15, 2015—Versa Capital Management, a private equity firm focused on control investments in special situations, has announced that its portfolio company Bell and Howell has secured a $25 million revolving ABL credit facility from Bank of America, N.A. The new financing provides the previously debt-free Bell and Howell with a long-term capital structure that will facilitate its continued profitable growth. Bell and Howell, which has undergone a successful transformation over the past 24 months, provides customers globally with products and services that enrich communications and commerce in print, mail and parcels, and information infrastructure.
“I am pleased with the progress Bell and Howell has made over the last two years, including the successful spinoff and recapitalization of our BCC Software division in 2014,” stated Ramesh Ratan, Bell and Howell CEO. “Our new credit facility with Bank of America provides us with the long-term working capital resources needed to invest in our business and continue our profitable growth. We remain focused on continuously innovating for our customers and providing opportunities for our employees. We look forward to continued success in partnership with Versa.”
Gregory Segall, Bell and Howell chairman and CEO of its controlling shareholder Versa, commented, “Today’s financing underscores the success of Bell and Howell’s renewal and promising future." He continued, “Under the leadership of Ramesh Ratan, as well as COO Larry Blue and CFO Arthur Bergens and the rest of the team, Bell and Howell has transformed into a stable, profitable company with resources needed to continue expanding its customer offerings and sustain its growth trajectory well into the future.”
Bell and Howell was represented in the transaction by Lincoln International and Morgan, Lewis & Bockius, while Bank of America was represented by Otterbourg P.C.
About Versa Capital Management
Based in Philadelphia, Versa Capital Management is a private equity investment firm with more than $1.4 billion of assets under management focused on control investments in special situations involving middle market companies where value and performance growth can be achieved through enhanced operational and financial management. Versa’s portfolio includes retailers Avenue Stores and Vestis (Bob’s Stores, Eastern Mountain Sports and Sport Chalet); restaurants such as Black Angus Steakhouses; community newspapers under Civitas Media; and manufacturers that service a variety of industries.
About Bell and Howell
Bell and Howell is a trusted partner to its customers in their critical touch points with their own customers. Bell and Howell’s customers include many of the world’s largest providers in banking, insurance, telecommunications, public utilities, postal, freight operators, governments and print and mail service bureaus. As the pioneer of production mail inserting and sorting systems, Bell and Howell has evolved its competencies in service, software and hardware technologies to enrich customer communications and commerce in print, mail and parcels, and information infrastructure.
Supporting these solutions is one of the largest technical service organizations in the industry across the United States, Canada, United Kingdom and Germany. Headquartered with manufacturing in Research Triangle Park, North Carolina, the company maintains engineering, sales and business presence in Wheeling, Illinois, Dallas, Allentown, Pennsylvania, Waterloo, Ontario, the United Kingdom and Germany.
Source: Bell and Howell.