WestView Capital Partners Exits Investment in OneNeck IT Services
July 01, 2011
BOSTON, Mass., July 01, 2011- WestView Capital Partners (“WestView”) announced today that its portfolio company, OneNeck IT Services (“OneNeck”), has been acquired by Telephone and Data Systems, Inc., (NYSE: TDS, TDS.S) parent company to TDS Telecommunications Corp. OneNeck will be a subsidiary of TDS Hosted & Managed Services, LLC (TDS HMS). WestView led a minority recapitalization of OneNeck in 2005, with the sale to TDS generating full liquidity and a strong return on WestView’s investment.
OneNeck is a premier provider of hosted application management and managed IT hosting services to middle market businesses. The firm specializes in supporting Enterprise Resource Planning (ERP) applications. OneNeck's managed hosting services include management and monitoring of client IT infrastructure, both client-owned and OneNeck provided. The firm offers network management, disaster recovery, security administration, and end-user support on a 24/7 basis.
“Our partnership with WestView was a great experience in our company’s history as we worked together to accomplish the strategic objectives we had established at OneNeck’s inception and that ultimately led to this transaction with TDS,” remarked OneNeck CEO and Founder, Chuck Vermillion. “This is an exciting opportunity for both our customers and employees. Being a part of TDS will enhance our development of innovative cloud solutions and enable us to accelerate our overall growth strategies. Our unique culture and undying commitment to customer satisfaction remains unchanged and blends perfectly with TDS' values. We are delighted to join with TDS in our next phase of growth.”
“Chuck Vermillion and his team have demonstrated a strong commitment to driving growth and strengthening OneNeck’s market leadership in the industry,” said Rick Williams, a managing partner at WestView. “OneNeck epitomizes the type of company and management team that we seek to partner with.”
Matt Carroll, a partner at WestView added, “OneNeck was the first investment we made here at WestView and we are proud that such a passionate management team and successful outcome holds that spot in our Firm’s history.”
About WestView Capital Partners:
WestView Capital Partners is a private equity firm focused exclusively on lower middle market companies. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth, and consolidation transactions in a wide range of industries, including business and technology services, software, healthcare services, industrial/manufacturing, media/publishing and consumer/retail. WestView manages over $500 million in capital across two funds and targets companies with operating profits between $3 million and $20 million with investment sizes ranging from $5 million to $30 million. WestView is located in Boston and more information is available at www.wvcapital.com.
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