Philadelphia, PA, December 15, 2015 - LBC Credit Partners ("LBC"), a leading provider of financing solutions to middle market companies, provided senior secured credit facilities to Emtec, Inc. ("Emtec"). The proceeds were used to refinance the company's existing debt and to acquire Summit Technology, Inc. ("Summit Technology"). In addition, the new facilities will provide a source of funding for limited share repurchases, working capital and future acquisitions.
LBC Credit Partners served as Agent for the senior secured credit facilities.
Emtec, Inc. provides industry-specific transformative digital solutions to organizations in the enterprise, government, and education markets. With offices in the U.S., Canada, and India, Emtec provides services that span the entire IT lifecycle: from advisory through enterprise, custom, mobile and cloud applications, as well as analytics and infrastructure services.
Based in Alabama, Summit Technology is a healthcare-focused consulting and managed services firm, specializing in Oracle's HCM, ERP and Cloud applications. Summit Technology has a 20+ year track record of outstanding consulting and managed services within the Oracle PeopleSoft and Taleo space, serving clients worldwide.
The acquisition takes advantage of the synergies between the two companies, providing customers with robust technology solutions.
About LBC Credit Partners
LBC Credit Partners is a leading provider of middle market financing solutions including senior term, unitranche, second lien, junior secured and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions. With over $1.75* billion of capital commitments, LBC has made investments in companies located throughout North America across a wide range of industries and is committed to a long-term approach to debt investing. Headquartered in Philadelphia, LBC has additional offices in Chicago and Greenwich. To learn more, visit www.lbccredit.com.
*Information as of June 30, 2015