Spring Capital Announces the Closing of its Fourth Fund

Spring Capital is pleased to announce the closing of Spring Capital Partners IV, L.P. (“SCP IV” or the “Fund”), a $250 million fund focused on making subordinated debt and minority equity investments in privately-held middle market businesses.  Since its founding in 1999, Spring Capital has managed over $600 million in junior capital funds.

“With the closing of SCP IV, we are excited to continue our mission of supporting small business growth throughout the United States by employing investment strategies that have driven Spring Capital’s success since its founding over 20 years ago,” said Jay Acker, General Partner.  Co-Founder and General Partner Bob Stewart added, “We are especially grateful for the continued support of our limited partners, including many who have invested in multiple funds since our founding, as well as our first-time investors in Fund IV.”

SCP IV will seek to invest subordinated debt and equity in growing middle market businesses throughout the United States.  The Fund will typically invest between $3 and $20 million per portfolio company and can lead or participate in investments greater than $20 million with partners and co-investors.

SBIA Names Paragon Bioservices, Inc. 2019 Portfolio Company of the Year

The Small Business Investor Alliance (SBIA) Portfolio Company of the Year Award recognizes the effectiveness of private equity financing and the benefits of the partnership between private investors and small businesses. The award has been presented to 40 SBIA-member companies since 1987. Previous award winners include companies that are now household names like Intel, Callaway Golf, Heely’s, McAlister’s Deli, Buffalo Wild Wings, and Build-A-Bear Workshop.

This year’s award winner, Paragon Bioservices, Inc., was selected from a group of highly successful companies from around the country. Paragon is an industry-leading, contract development and manufacturing organization (CDMO) whose focus is the development and manufacturing of cutting-edge biopharmaceuticals. Paragon partners with the world’s best biotech and pharma companies, focusing on transformative technologies including gene therapies (AAV), next-generation vaccines, oncology immunotherapies (oncolytic viruses and CAR-T cell therapies),and other complex biologics.

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Catalent to acquire gene therapy leader Paragon Bioservices, Inc. for $1.2 billion

Will provide new expertise and capabilities in one of the fastest-growing areas of healthcare, positioning Catalent for accelerated long-term growth

Catalent, Inc. (NYSE: CTLT), the leading global diversified provider of advanced delivery technologies and development solutions for drugs, biologics and consumer health products, and Paragon Bioservices, Inc., a leading viral vector development and manufacturing partner for gene therapies, today announced they have entered into a definitive agreement under which Catalent will acquire Paragon for $1.2 billion.

“Paragon’s unparalleled expertise in the rapidly growing market of gene therapy manufacturing will be a transformative addition to our business that we believe will accelerate our long-term growth. Paragon brings to Catalent a complementary capability that will fundamentally enhance our biologics business and our end-to-end integrated biopharmaceutical solutions for customers,” said John Chiminski, Catalent’s Chair & Chief Executive Officer. “We look forward to working with Paragon’s incredibly talented team and world-class customers to complete the significant ongoing investments into expanded state-of-the-art facilities and deliver revolutionary, lifesaving treatments to patients.”

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Paragon Bioservices Named to Deloitte’s Technology Fast 500

Baltimore Business Journal Ranks Paragon #8 on its Fast 50 Company List

Paragon Bioservices, Inc. (Paragon), the leading private equity-backed biologics contract development and manufacturing organization (CDMO) with proven expertise in gene therapy and next-generation vaccines, today announced it was named toDeloitte’s Technology Fast 500™ for 2018, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. Additionally, Paragon was named #8 to the Baltimore Business Journal’s Fast 50 for the second year in a row. Continue reading

Sarepta Therapeutics Enters into Long-term Strategic Manufacturing Partnership with Paragon Bioservices, Greatly Enhancing its Commercial Capacity for Future Gene Therapies

— Partnership significantly expands commercial capacity for Sarepta’s micro-dystrophin gene therapy program, as well as bolsters the Company’s clinical and commercial capacity for its other pipeline programs –

Sarepta Therapeutics, Inc. (NASDAQ: SRPT), a commercial-stage biopharmaceutical company focused on the discovery and development of precision genetic medicine to treat rare neuromuscular diseases, announced today that it has entered into a long-term strategic manufacturing partnership with Paragon Bioservices (Paragon), which will provide Sarepta access to additional commercial manufacturing capacity for its micro-dystrophin Duchenne muscular
dystrophy (DMD) gene therapy program, as well as a manufacturing platform for future gene therapy programs, such as Limb-girdle muscular dystrophy (LGMD).

“We are rapidly building a formidable gene therapy engine, the hallmark of which will be the establishment of our Gene Therapy Center of Excellence in Columbus, Ohio. Therefore, it is incumbent upon us to ensure that our ambition is matched with a sophisticated, robust and scalable manufacturing approach that can accelerate a steady stream of gene therapies to treat life-robbing genetic diseases for the near and long-term,” stated Doug Ingram, Sarepta’s president and chief executive officer.

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Rochester, N.Y. — TalentBridge has earned a spot on the 2018 Inc. 5000 ranking of the fastest-growing private firms in America. In its first year on the Inc. 5000 list, TalentBridge placed in the top 50 percent of companies on the annual list at position 2452 based on its three-year growth rate of 176 percent.

TalentBridge provides comprehensive professional search and contract staffing services and includes a certified Women Business Enterprise and HR advisory group. Based in Rochester, New York, TalentBridge also has locations in Charlotte, North Carolina; Des Moines, Iowa; and St. Louis, Missouri.

“We’re thrilled about this milestone achievement for our company, which reflects the outstanding work and results that our employees deliver each day,” said Thomas C. Ioele, chief executive officer, TalentBridge. “We thank our clients and candidates for providing us the opportunity to be of service to them and help all of us grow and succeed.”


About TalentBridge
Based in Rochester, N.Y., and with offices in Charlotte, N.C.; Des Moines, Iowa; and St. Louis, Mo., TalentBridge’s services include executive and professional search; professional and project staffing; temporary and contract staffing; human resource consulting; outplacement; career transition support; employee, team, and leadership development; and diversity-specific recruiting. With clients that include local, regional, national, and multinational firms, TalentBridge offers focused expertise in accounting and finance, banking and financial operations, customer care, engineering and design, information technology, marketing and creative services, supply chain, human resources, office and administration, and legal. For more information, visit www.talentbridge.com.

UCT Agrees to Acquire Quantum Global Technologies, LLC

– Diversifies UCT’s customer base.

– Creates a wafer starts-based recurring revenue stream.

– Expands addressable market by over $1 billion.

– Transaction valued at approximately $342 million, accretive to UCT in fourth quarter 2018.

Ultra Clean Holdings, Inc. (Nasdaq: UCTT), a leading developer and supplier of critical subsystems for the semiconductor and display capital equipment industries, today announced that it has signed an agreement to acquire Quantum Global Technologies, LLC (“QGT”). QGT is a global leader in ultra-high purity, sub-10nm outsourced tool chamber parts cleaning and coating services, tool part life extension, microcontamination analytical services and other optimization solutions to OEM and IDM customers.

“Building on our position as a leading supplier to the semiconductor capital equipment market, today marks a meaningful step in the execution of our longer-term growth strategy to pursue sustained, profitable and diversified growth,” said Jim Scholhamer, CEO. “Upon completion, this acquisition will expand UCT into an adjacent market and increase the served addressable market in our core semiconductor business. It will also provide an excellent platform for growth and consolidation. With increased scale, we will extend our leadership position, deliver a suite of innovative and cost-effective solutions for our customers, and drive profitable growth.”

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Green Cloud Is A 2017 Red Herring Top 100 Winner

Award Recognizes the Most Promising Private Ventures in North America

GREENVILLE, SC (June 19, 2017) – Red Herring’s Top 100, a national award that recognizes the most promising private ventures, selected Green Cloud Technologies (“Green Cloud”) as a Red Herring Top 100 North America winner on June 15 at a special awards ceremony in Los Angeles.

Red Herring’s editorial staff analyzed hundreds of companies and technologies, evaluating them on both quantitative and qualitative criteria, such as financial performance, technological innovation and intellectual property, the DNA of the founders, business model, customer footprint and addressable market.

“We are committed to bringing the best and most secure cloud solutions to our customers, and winning the Red Herring Top 100 is validation that we are executing on our goal of transforming the IT channel business,” said Shay Houser, CEO of Green Cloud.

Green Cloud, which competed against thousands of prospective startups and tech firms, offers an innovative portfolio of virtual server, backup, and recovery solutions that define the future of data protection. Founded only six years ago by telecom veterans, Green Cloud helps channel partners bring their customers to the cloud with turn-key, cloud-based infrastructure solutions and world-class data center facilities built on industry-leading platforms such as Cisco, VMware, and Tintri.

The Red Herring Top 100 North America has become not only a springboard for some of tech’s biggest names, but a valued and trusted tool for venture capitalists, experts and analysts predicting trends at the industry’s sharpest edge. For over two decades, Red Herring’s team has seen through the tech sector’s hype to select brands that have become industry benchmarks. Previous Top 100 finalists have included Alibaba, Facebook, Google, Skype, SuperCell, Spotify, Twitter, and YouTube.

Venture Technologies, Inc. Announces Acquisition of NetSource Communications, Inc.

Venture Technologies, headquartered in Ridgeland, Mississippi, announced today that they have acquired NetSource Communications, Inc.

Venture Technologies is a premier IT Solutions Provider delivering best-in-class Premise Infrastructure Solutions, Collaboration Solutions, Cloud and Business Applications to commercial and public sector organizations throughout the United States and abroad.

Specializing in custom hybrid environments, NetSource is a custom cloud hosting solution provider offering colocation, dedicated hosting, cloud services, and fully managed hosting services and data recovery for organizations in the Chicagoland area and across the country.

“We are excited about the addition of NetSource to the growing Venture family. With NetSource’s Chicago-area based SSAE16 & SAS70 Type 2, SOC1, SOC2 certified data center, we extend our cloud footprint to four Venture-owned facilities, strategically positioned in diverse U.S. geographies. This will enhance our portfolio of VTCloud® Services with increased flexibility in designing customized cloud solutions to meet the unique critical needs of our expanding client base. The NetSource acquisition underscores our strategy to acquire IT Solution Providers that expand our core Premise Infrastructure, Cloud Services and Business Applications practices.” said Gerard Gibert, CEO of Venture Technologies.

The acquisition and continued consolidation strategy is supported by FlatWorld Capital, a New Yorkbased private equity group that specializes in funding and advising middle-market companies. Jeff Valenty, managing partner for FlatWorld Capital, commented on the acquisition, “NetSource presents a compelling addition to Venture Technologies’ ongoing acquisition strategy. FlatWorld Capital is excited to continue to work with the growing Venture team to capitalize upon the incredible opportunities for continued acquisitions in the IT solutions and cloud services industry.”

About Venture Technologies
Venture Technologies is an IT Solutions Provider that delivers Premise Infrastructure Solutions, Collaboration Solutions, Cloud Services and Business Application Solutions to both private and public sector organizations. Founded in 1986, the company operates locations in Alabama, Colorado, Illinois, Louisiana, Mississippi, Tennessee, Wisconsin and Wyoming. Venture also owns and operates certified Data Centers (VTCloud®) in Jackson, Mississippi, Englewood, Colorado, and Casper, Wyoming from which it produces a comprehensive suite of cloud services to thousands of domestic and international customers.

Visit http://www.ventech.com for more information.

Employee Relations Associates Family of companies acquires Talentbridge USA of Charlotte, expands in the Southeast

Employee Relations Associates Family of Companies (ER Associates), affiliate company of Rochester-based ER Select, has acquired TalentBridge USA, a leading human capital solutions company in Charlotte, North Carolina. Effective immediately, TalentBridge joins ER Associates as the company’s service provider in the Southeast, delivering professional staffing, executive search, human resources advisory services, outplacement services, and recruitment process outsourcing (RPO) services.

 This marks the second such transaction that ER Associates has completed in the last three years and will add nearly $40 million annually to the company’s growing revenue base. ER Associates’ annual sales are now in excess of $90 million.

“We’ve worked with the TalentBridge USA team for several years and are delighted to align with such an energized and professional group,” said Thomas C. Ioele, chief executive officer, ER Associates. “This strategic investment allows us to be closer to some of our largest national customers, improves the diversity of our client base, and adds 50+ professional recruiters and 1200 consultants to the company’s growing employee base.”

TalentBridge USA will retain its brand name. The firm will be known as TalentBridge USA, an ER Select company.

“Over the past fifteen years, TalentBridge USA has worked hard to develop an integrated suite of human capital solutions for the greater Charlotte market. As we have enjoyed unprecedented growth during that period, ER Associates has been a valued partner for shared client delivery and collaboration,” said Bradford C. Violette, president, TalentBridge USA. “The opportunity to build on our local capabilities on a broader scale while also offering our team expanded professional avenues for development were at the heart of our interest to expand our partnership with ER Associates. I’m thrilled that one of the more innovative players in the staffing solutions space has decided to help expand our brand.”

Brady Teague and Violette, founding partners of TalentBridge USA in 2002, will remain in leadership positions and have reinvested in the new entity with Violette serving as president of ER Associates’ southeastern region. Together they will be responsible for the oversight and expansion of ER Associates’ footprint in the southern geography.

“As we continue to expand our footprint nationally, TalentBridge USA epitomizes the type of company we seek to bring into the ER Associates family,” added Ioele. “We’re so pleased to work with a company like TalentBridge USA due to their positive reputation in Charlotte, as well as the team’s stellar work for both their clients and candidates.”

Financing for the transaction was provided by Spring Capital Partners, Boathouse Capital, and Access Capital.

About TalentBridge USA
TalentBridge USA is a Charlotte-based Human Capital Solutions Company offering high-level executive search, diversity specific recruiting, professional and project staffing, outplacement, and employee and team development services. Our mission is helping organizations build high-performance cultures…and enabling talented people to put their skills to the best use. For more information, visit www.talentbridgeusa.com

About Employee Relations Family of Companies and ER Select

Employee Relations Associates serves as the corporate holding company for ER Select, TalentBridge USA, and Career Partners International (CPI). With headquarters in Rochester, New York, and an office in Des Moines, Iowa, ER Select provides comprehensive services such as executive and professional search, career transition support, temporary and contract staffing, legal recruitment, leadership development, and human resources consulting. More information about ER Select is available at www.er-select.com, or by calling 1-800-390-4098.

Employee Relations Associates provides financial, accounting, legal and related services to ER Select and TalentBridge. Employee Relations Associates Family of Companies count among its existing clients a wide range of local, regional, national, and multinational firms in mortgage banking, financial services, legal, healthcare, and related fields.