Westport, CT, November 9, 2017 – Balance Point Capital (“Balance Point”), in conjunction with its affiliated funds, Balance Point Capital Partners III, L.P. and Connecticut Growth Capital, LLC, is pleased to announce a strategic investment in APS Technology, Inc. (“APS” or the “Company”). Balance Point provided senior secured debt to facilitate a refinancing of the existing capital structure and support the continued growth of the Company.
Founded in 1993 and headquartered in Wallingford, CT, APS is a leading independent developer and manufacturer of off-the-shelf and custom Measurement While Drilling (“MWD”) and Logging While Drilling (“LWD”) products for oil & gas downhole drilling. APS strives to provide the most reliable, technical, and functional products to operate in oilfields and the harshest of environments. APS serves customers around the world, including major multinational service companies, National Oil Companies and independent service providers.
Seth Alvord, Managing Partner of Balance Point Capital remarked, “We believe APS’ compelling product offering and leading position in its niche market have positioned the Company for continued growth. We are excited to partner with Bill Turner, Denis Biglin, and the rest of the APS management team. We look forward to supporting the company’s continued progress and advancement.”
Bill Turner, CEO of APS said, “We are excited to have Balance Point as a partner. Balance Point’s ability to understand our fundamental growth drivers and their experience creating customized financing solutions will provide meaningful support for our firms continued expansion."
About Balance Point Capital
Balance Point Capital is an alternative investment manager focused on the lower middle market. With approximately $625 million in assets under management as of September 2017, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. We take a long-term, partnership approach to investing and are committed to building lasting relationships with our partners, management teams and intermediaries. Balance Point Capital Advisors, LLC (referred to herein as Balance Point Capital) is a registered investment adviser. Further information is available at www.balancepointcapital.com.
About Connecticut Growth Capital
Connecticut Growth Capital, LLC (“CGC”) was launched in early 2016 to provide flexible capital to Connecticut-based businesses. CGC is managed by Westport, CT-based Balance Point Capital Advisors, LLC as their fourth investment fund and is focused on making sound financial investments into CT-based companies where there is the added benefit of a positive macroeconomic impact on the State of Connecticut. CGC invests in senior debt, mezzanine debt, subordinated debt, preferred equity and common equity and serves to provide additional liquidity for growth including new product development, hiring of new employees, acquisitions, ownership transitions and balance sheet refinancing.