Transaction provides growth capital to one of Texas’ fastest growing telecommunications companies
Equity funding led by The Stephens Group, a long-time growth capital and telecommunications investor
Plano, Texas (July 6, 2009)– Goodman Networks Inc. today announced that the company has secured a significant equity investment from The Stephens Group, LLC. The Stephens Group is a long-time investor in high-growth companies across multiple industries, including the telecommunications industry. In conjunction with this investment, the company also finalized a new banking relationship and working capital line of credit with PNC, a registered service mark of The PNC Financial Services Group, Inc. Together, these two new resources will provide Goodman Networks with the capital needed to continue its nine-year history of growth and allow the company to continue to enhance and expand the capabilities it offers its customers.
The principals in The Stephens Group, based in Little Rock, AR, have a long history in the telecommunications industry, having become one of Alltel Corporation’s largest shareholders prior to its sale in 2007. According to W. Kent Sorrells, managing director of The Stephens Group, “Our investment philosophy is to provide exceptional management teams with the stable capital resources required to achieve their strategic vision and build long-term value. Goodman Networks has a strong history of providing high quality services to the wireless industry as well as legacy capabilities within the core network. As the ongoing build-out of wireless infrastructure continues due to the heavy data usage of wireless devices, we believe Goodman is well positioned to continue to provide excellent services to its existing customers as well as to attract new customers.”
According to John Goodman, chairman and CEO of Goodman Networks, “We had looked at several equity partners. The Stephens Group’s investment philosophy, values and successful history in our industry made them the perfect partner. They appreciated the needs of a predominately family-owned business, and I welcome their involvement and inclusion in the Goodman Networks family,” said Goodman. “It also was important to us that we maintain our Minority Business Enterprise status, and we have achieved that objective with this investment.”
As part of this transaction, Goodman Networks has named Sorrells and Jeff Fox, chief executive officer of The Circumference Group and former chief operating officer of Alltel Corporation, to the Goodman Networks board of directors.
Goodman Networks’ knowledge and expertise are organized into three primary business divisions, NIS (Network Infrastructure Services), NS&T (Network Services & Technology) and Staff Augmentation, with both wireline and wireless experts in each division. Goodman’s project managers utilize the capabilities in each business unit to provide end-to-end deployment and/or maintenance solutions from the core network out to the enterprise or consumer, whether via fiber, copper or RF based access points.
About The Stephens Group, LLC
The Stephens Group is a private, family-owned firm that invests its capital in private and public companies with exceptional management teams in growing industries, resulting in high returns on invested capital. The Stephens Group invests in businesses across a broad range of industries, providing growth equity, recapitalization and leveraged buy-out financing to both private and public companies.
About Goodman Networks Inc.
Goodman Networks is a national telecommunications services company providing engineering, deployment, integration and maintenance services to wireline and wireless carriers and OEMs. Goodman’s customers benefit from history of project success regardless of size, scope, location or complexity. These successes are due to both the company’s mature processes & systems and the 900+ talented and expert employees that provide the end-to-end management of these projects for its customers. The company is headquartered in Plano, TX with offices throughout the US. The company is TL9000v certified and also a certified Hispanic MBE.
- Goodman Networks Inc.
- Scott Pickett
- The Stephens Group, LLC
- Ronald M. Clark