Akoya Capital Partners and Hillcrest Holdings Partner to Complete Simultaneous Acquisitions to Form Converged Security Solutions
October 30, 2018 – Akoya Capital Partners, LLC, in partnership with Hillcrest Holdings and current management, has acquired Evolver and eVigilant, two prominent, Virginia-based security companies, to form Converged Security Solutions (“CSS”). CSS will offer a groundbreaking, managed services security solution spanning cyber and physical security to address the growing complexities in protecting critical infrastructure.
John Regazzi, Akoya’s Information Services Sector Leader, will serve as Chairman of the Board, and Dr. Bob Friedenberg, an Akoya Operating Partner, will serve as the newly appointed CEO of CSS. “The CSS executive team brings a rich, extensive background and depth of expertise in cyber and physical security for public and commercial sectors alike. We are thrilled to work with the existing management team in growing and expanding the company’s product lines, customer relationships and geographic footprint,” said John Regazzi.
CSS is Akoya’s 14th platform investment and our 2nd consecutive investment partnering with a family office. Akoya is successfully executing its strategy of partnering with family offices and will continue to do so for future platform acquisitions. “The CSS acquisition is consistent with our investment strategy of combining world-class executives, well-positioned companies, and fully developed value creation strategies to create significant value for management and investors. We were delighted to partner with Hillcrest Holdings on this transaction as they have proven to be a value-added investor and strategic partner”, said Max DeZara, Managing Partner of Akoya.
BMO Harris Bank provided senior debt and Tecum Capital Partners provided subordinated debt and an equity co-investment for the CSS transaction.
About Akoya Capital Partners
Akoya Capital is a sector focused investment firm that creates and nurtures partnerships between management and capital. With industry leading sector leaders, proprietary platform organizations, experienced management teams and co-investors, we collaborate on compelling value creation opportunities. Together, we develop and execute industry sector acquisition strategies that deliver significant, measurable value for management, partners and shareholders.
Led by the industry knowledge of our sector leaders, and CEO’s, we are highly selective in the sector-based investments we pursue. This exclusivity allows us to work with the finest companies from each industry. We currently focus on investments in the following sectors:
- Industrial – Specialty Chemicals, Industrial Products & Distribution
- Consumer – Foods & Products
- Professional Information Services
Ideal Target Company Characteristics:
- $20 million to $150 million of sales
- $3 million+ of EBITDA
- Family held, owner/operator run, corporate carve-outs
- Management wants to remain with the business in some role & open to re-investment
About Hillcrest Holdings
Hillcrest Holdings is a Midwest based, family-owned holding company, that invests in privately held middle market businesses in the United States. Its businesses operate in the transportation, insurance, real estate and IT services industries, with consolidated annual revenues in excess of $1.6 billion. Hillcrest’s mission is to support the continued growth and success of its existing portfolio businesses, while diversifying into new industries through long-term equity investments in growing businesses that share its values of stewardship, hard work, empowering employees and giving back to the community. For more information, visit www.HillcrestHoldings.com.
About Converged Security Solutions
Converged Security Solutions (CSS) offers a comprehensive converged security managed services solution spanning cyber and physical security to allow the C-suite to better quantify, reduce, and manage security risk on an ongoing basis. CSS provides an end-to-end solution, where customers can benefit from assessment, remediation, and monitoring of the security of their IT and critical infrastructure as a total solution as needed. Founded in 2018, Converged Security Solutions is a privately-held company headquartered in Reston, Va. For more information, contact us at www.convergedsecuritysolutions.com or visit Evolver www.evolverinc.com and eVigilant www.evigilant.com.