Versa Capital Completes Recapitalization of Bell and Howell, LLC and Spins Off Its BCC Software Division
All Third Party Debt Retired at Bell and Howell; BCC Targeting Strategic Growth in Data and Mailing Industries
PHILADELPHIA, June 23, 2014-- Versa Capital Management, LLC (Versa) announced today that it has created BCC Software (BCC) as a new company independent of its former parent, Bell and Howell, LLC. BCC has a broad reputation as an industry leader in postal software solutions and data marketing services. Versa holds majority ownership positions in both Bell and Howell and BCC, and in connection with the transaction Monroe Capital has provided BCC with a new revolving credit and term loan facility to support its growth.
Christopher G. Lien, President of BCC, will continue to lead the company. Lien has spent more than 22 years in the data and mailing industries and has received national recognition for his contributions, most recently in his industry election as Industry Chair of the Postmaster General’s Mailers Technical Advisory Committee, a 49-year-old organization with more than 150 members of the mailing industry.
“We believe that there are many benefits to be gained by both Bell and Howell and BCC with BCC operating independently,” stated BCC Chairman and Versa CEO Greg Segall. “BCC is the leader in postal software solutions and data marketing services. As it expands into new markets with new services and solutions offerings, BCC’s growth will best be accomplished as a stand-alone business. Chris has an exemplary, productive team, and we are committed to supporting their efforts both operationally and financially. Additionally, Bell and Howell is now in a better position to focus on its core competencies and continue to deliver valued products and services to its customers and partners.”
Ramesh Ratan, Bell and Howell CEO, declared that this transition will make the two businesses stronger. “The BCC spin-off allows Bell and Howell to retire its outstanding third party debt under its credit facility with our valued lending partners PNC Business Credit and Crystal Financial, further advancing our organizational progress. We’re excited about Bell and Howell’s opportunity set, and the team and I remain committed to realizing them through the continued execution of our own growth strategy. At the same time, BCC Software as an independent business will benefit from the focus, oversight and capitalization that come with being a free-standing business. This transition stands to make the two independent businesses stronger while BCC remains an important strategic partner with Bell and Howell as we work closely to create new services and solutions for our customers.”
Lien confirmed “this is an exceptional time in BCC’s development. As we continue to focus our support and services for our existing customers, we envision new products and services for current and new customers and expansion into new markets. We look forward to working with the team at Versa and to continuing our partnership with Bell and Howell.”
About Versa Capital Management, LLC
Based in Philadelphia, PA, Versa Capital is a private equity investment firm with more than $1.4 billion of assets under management and focused on control investments in special situations involving middle market companies where value and performance growth can be achieved through enhanced operational and financial management. Versa’s portfolio includes retailers Avenue Stores and Eastern Mountain Sports; defense contractor Allen Vanguard; boat manufacturer Hatteras Yachts; branded specialty fabric manufacturer Polartec; and community newspapers under Civitas Media. More information can be found at www.Versa.com.
About BCC Software
Based in Rochester, NY, BCC Software creates innovative postal software solutions and provides extensive data marketing services. The company was founded in 1978 and delivered mailing technology solutions under the BCC name for more than 30 years until its purchase by Bell and Howell in 2005. BCC employs approximately 75 people. More information on BCC can be found at www.bccsoftware.com or by calling 800-624-5234.
About Bell and Howell
Bell and Howell is a trusted partner to our customers in their critical touch points with their own customers. Our customers include many of the world’s largest providers in banking, insurance, telecommunications, public utilities, postal, freight operators, governments and print and mail service bureaus. As the pioneer of production mail inserting and sorting systems, we have evolved our competencies in service, software and hardware technologies to enrich customer communications and commerce in print, mail and parcels operations and information infrastructure. Supporting these solutions is one of the largest technical service organizations in the industry across the U.S., Canada, U.K. and Germany. Headquartered with manufacturing in Research Triangle Park, N.C., the company maintains engineering, sales and business presence in Wheeling, Ill., Dallas, TX., Allentown, Pa, Waterloo, Ontario, Canada U.K. and Germany. For further information, please visit www.bellhowell.net.
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