October 2007
DeltaPoint Capital III, L.P. and HSBC Capital ( USA ) Inc. Sell PCore Electric Company, Inc. to Hubbell Incorporated.
Rochester, NY (October 2, 2007) -DeltaPoint Capital III, L.P., HSBC Capital (USA) Inc. and the management of PCore Electric Company, Inc. ("PCore") today announced they have sold their interest in PCore to Hubbell Incorporated. The financial terms of the transaction were not disclosed.
Based in LeRoy, New York, PCore is the leading independent provider of high voltage condenser bushings and related components and services to North American utilities and global high power transformer manufacturers.
"We consider our investment and relationship with PCore to have been very successful," said David Waterman, a Managing Director of DeltaPoint Capital Management, LLC ("DeltaPoint"), the general partner of DeltaPoint Capital III, L.P. "Most importantly, we partnered with an exceptional management team that invested alongside us in the business. Since the acquisition, PCore has successfully established itself as a recognized brand in the power industry with a reputation for best in class products as well as exceptional customer service and support. As a result, PCore enjoyed substantial revenue and earnings growth during our tenure of ownership."
"A combination with Hubbell will allow PCore to continue its growth plan and expand its business," Stephen Hindmarch, a Managing Director of HSBC Capital (USA) Inc. said. "We are very pleased with the result of our investment in PCore. The combination of PCore's leading product offerings and its strong management team has made it a very successful company and valuable asset."
Houlihan Lokey Howard & Zukin acted as the exclusive financial advisor to DeltaPoint and HSBC Capital (USA) Inc. in connection with the transaction.
DeltaPoint Capital III, L.P. is the third pool of private equity capital managed by DeltaPoint. DeltaPoint's third fund targets investments in established, profitable businesses located in New York State with revenue between $10 million and $50 million and recurring EBITDA between $1 million and $5 million. The principals of DeltaPoint have been actively involved in providing investment capital to companies in New York State for the past 18 years. DeltaPoint Capital III, L.P. is a licensed small business investment company.
HSBC Capital (USA) Inc. was established in 1991 and manages approximately $900 million in capital. HSBC Capital provides private equity and mezzanine capital to profitable small to mid size companies across the United States and is part of HSBC Group, one of the world's leading financial institutions. For more information, visit http://www.hsbcprivateequity.com.