Daily News: August 1, 2012

Pamlico Capital Makes Significant Equity Investment in TekLinks

TekLinks Inc. announced that Pamlico Capital has made a significant equity investment to acquire a majority interest in the company from Symmetric Capital and certain other shareholders. Specific terms of the transaction were not disclosed.

TekLinks, headquartered in Birmingham, AL, is a provider of complex technology solutions and managed and cloud services to businesses throughout Alabama, Mississippi, Tennessee and the Gulf South. Founded in 2001 by Stuart Raburn, the company has put together the region’s leading team of highly skilled engineers to develop a growing suite of managed and hosted IT services, which are delivered through three SSAE 16 Type-II audited data centers.

In conjunction with the transaction, TekLinks announced that Jim Akerhielm, a proven executive with over 20 years of experience in the communications and technology services industry, will become CEO of the company. Akerhielm was previously CEO of NuVox Communications (a broadband and IT services provider) from 2001 to 2010, when the company was acquired by Windstream for approximately $650 million, and served as the CEO of Triton Cellular (a rural wireless services provider) prior to that. Raburn, TekLinks’ founder and president, will become a member of the Board of Directors, retain an ownership position in TekLinks, and focus on strategic initiatives going forward. TekLinks will remain headquartered in Birmingham and will continue to focus on delivering high quality service to its strong base of SMB and enterprise customers located throughout the region.

Raburn said, “We are extremely proud of the success and growth we have achieved over the past 11 years, as well as the strong relationships and trusted position we have earned with our customers and strategic suppliers. TekLinks is poised to expand through a continued focus on unparalleled customer service and the ongoing expansion of our managed and cloud services offerings. With their successful history investing in the technology services industry, Jim Akerhielm and Pamlico are the ideal partners to lead TekLinks through the next phase of its development, and I am thrilled to be working with them.”

Pamlico partner Walker Simmons said, “We are excited about the opportunity to partner with Stuart Raburn and the team at TekLinks, and to work again with Jim Akerhielm, whom we have known for over 15 years and backed successfully as CEO of two Pamlico portfolio companies, NuVox Communications and Triton Cellular.”

TekLinks and Symmetric Capital were advised by Signal Hill Capital Group (financial advisor) and Choate, Hall & Stewart LLP (legal advisor). Pamlico was advised by Alston & Bird LLP (legal advisor), Ernst & Young (accounting and tax advisor) and Willis Group (insurance and benefits advisor).

Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in the U.S.

Symmetric Capital is a private equity firm that invests in profitable growth companies in the United States and Canada.