TAMPA, Fla. – Jan. 30, 2007– Liquidators, an Inc. 500 company and leading source for high-quality pre-owned and refurbished networking equipment, today announced that it has completed the simultaneous closings of $12.84 million in capital funding from PNC Business Credit, which provided a $10 million senior revolving credit facility, and Jefferson Capital Partners, I L.P., along with existing shareholders, which provided $2.84 million in subordinated debt
Frost and Co., an investment banking firm specializing in emerging growth and middle-market companies, assisted in the completion of these transactions. The newly raised capital will support Network Liquidators’ ongoing acquisition and growth strategy, including the company’s recent acquisition of 1 Nation Technology, a leading distributor of new, used and refurbished telephone and telecommunications system products and provider of related value-added services throughout North America.
“While technology manufacturers battle for market share within small-to-midsize business environments, they often overlook – or at least are slow to recognize – the tremendous value refurbished networking and telephone systems can mean to this fiscally focused group,” commented Barry L. Shevlin, Network Liquidators CEO. “Our customers recognize this, however, and are responding to the SMB owner’s need to balance cost management and operational efficiency by recommending refurbished technology solutions. It’s the primary driver behind our rapid growth. The funds raised through these two transactions helps ensure our continued ability to successfully capitalize on this trend.”
A HISTORY OF GROWTH
Growing acceptance – and adoption – of used networking equipment as a fiscally responsible alternative to new technology installations drove Network Liquidators’ revenue to record heights during the past four years. The company’s sales soared nearly 900 percent within this period, making it the third-fastest growing private company in Florida for 2006 and placing it 95th in this year’s Inc. 500 listing of America’s fastest-growing private companies. In response to this remarkable growth and new market opportunities, the company last year added three key executive positions to its roster and broadened its geographic footprint with the opening a sales office in southern London.
ABOUT 1 NATION TECHNOLOGY
Founded in 1995, 1 Nation Technology is renowned for its expertise in the procurement and sale of pre-owned telephones and telecommunications system products and solutions. The company serves more than 4,000 customers throughout North America, providing same-day shipping, advanced replacement, technical support, repair services, comprehensive warranty protection, online ordering, leasing and buy-back options. Its extensive product offering features such popular brands as Nortel, Avaya, Polycom, Plantronics, Scitec, Anco, GN Netcom, Aastra and Kentrox. With 1 Nation’s expert refurbishment and repair services, it pays top dollar for pre-owned equipment, converting unwanted inventory into income and renewed business value. For more information, visit www.1nationtech.com.
ABOUT NETWORK LIQUIDATORS
Network Liquidators is a leading source for buyers and sellers of used networking equipment and accessories. The company stocks products from top-name manufacturers, including Cisco Systems, Extreme Networks, Nortel, Foundry Networks and F5, that have been rigorously inspected and quality tested by knowledgeable industry-certified technicians. Serving more than 8,000 end-user and reseller customers worldwide, Network Liquidators provides next-day shipping on most products as well as flexible financing options. In 2006, the company debuted on the Inc. 500, ranking 95th on this listing of the nation’s fastest-growing businesses.
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