Daily News: August 6, 2012

Genesis Group Holdings Secures $13 Million From MidMarket Capital

Genesis Group Holdings, Inc. (GGHO) announced that it has secured a commitment from MidMarket Capital Partners, LLC to provide a $13 Million senior secured loan facility.

The primary purpose of this facility will be to assist GGHO in financing certain targeted acquisitions. This loan is expected to fund in a single tranche, will have five-year repayment terms, and be contingent upon the closure of acquisitions having at least $5 million in adjusted EBITDA, among other requirements.

The company previously announced, earlier this year, its intention to grow through strategic acquisitions. Mark Munro, CEO of Genesis Group Holdings stated, “This loan facility should enable us to complete several sizable acquisitions in the near future.”

Genesis Group Holdings operates through its wholly owned subsidiaries. The company is a provider of engineering, construction management and installation fulfillment services to companies specializing in the telecommunications, broadband cable, wireless, two-way radio, transportation, public safety and satellite industries.

MidMarket Capital Partners (MMCP) is focused on providing senior, subordinated and mezzanine loans to middle-market companies with facilities ranging from $5 million to $25 million.