CIVC Partners Teams With Management to Acquire Precision Camera & Video Repair, Inc.
CIVC Partners, L.P. announced today that it has teamed with management to complete its acquisition of Precision Camera & Video Repair, Inc., North America’s leading provider of outsourced camera and camcorder repair service programs. Although terms of the transaction were not disclosed, Precision Camera’s management team and former shareholders retained an ownership position in the Company.
Precision Camera repairs cameras and camcorders covered under a manufacturer warranty (typically within the first year of purchase) or extended warranty managed by a retailer or third party administrator. The Company also services cameras and camcorders held by consumers no longer covered under any form of warranty. As a result of its extensive authorizations from virtually every camera original equipment manufacturer in the industry and team of highly trained repair service technicians, the Company is the only service provider capable of offering a one-stop, full-service solution for virtually all models of digital cameras and camcorders. The Company’s proprietary information technology system enables camera and camcorder owners as well as retailers and third party administrators to monitor the repair process real-time – a valued component of world-class customer service. Precision Camera is headquartered in Enfield, CT. For additional information about Precision Camera & Video Repair, visit its website at www.precisioncamera.com.
“The Precision Camera team is quite pleased with the transaction and transition to new ownership. We are enthused to have our new partnership with CIVC in place and pleased with the commitment CIVC has made to our company, which we believe will enable us to execute our strategy for growth.” said John Malinosky, CEO of Precision Camera & Video Repair.
Dan Helle, a Partner at CIVC, commented “we are delighted to partner with John Malinosky and the entire Precision Camera team to support the Company’s continued success. The Company’s growth over the last several years has been nothing short of exceptional. Its ability to maintain quality and efficiency in the face of this dramatic expansion is a testament to its outstanding management team, training procedures, and scalable information technology system. CIVC looks forward to supporting the Company’s continued growth and development for many years to come.”
Sandelman Partners, L.P., headquartered in New York, NY, provided debt financing to support CIVC Partners’ acquisition of the Company.
CIVC Partners, a leader in private equity investing for over 35 years, manages $1 billion in private equity capital and currently invests from a $650 million fund closed in 2003. CIVC provides growth and buyout capital to middle-market companies and executives with a focus on business services, financial services, media and communications, and industrial growth. Other business services investments completed by CIVC include the Brickman Group, Ltd., the nation’s premier commercial landscape maintenance company, and Kellermeyer Building Services, a leading national provider of contract janitorial cleaning services.
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Precision Camera & Video Repair, Inc.