News
NewSpring Mezzanine Capital assists in acquisition of assets from Cotelligent, Inc. by Fastech Integrated Solutions, LLC
NewSpring Mezzanine Capital, L.P. has provided $2,450,000 to assist Skyview Capital in the formation of Fastech Integrated Solutions, LLC for the purpose of acquiring the sales force automation business of Cotelligent, Inc.(OTC BB: CGZT). The business, formerly known as Fastech, Inc., was originally founded in 1982 and was acquired by Cotelligent in 1999. During the acquisition process, NewSpring Mezzanine Capital introduced Richard Hirsh to the transaction, who has joined to become Chief Executive Officer of Fastech Integrated Solutions, LLC. Mr. Hirsh was formerly CEO of the predecessor company, Fastech, Inc., and has tremendous experience and industry knowledge in this space.
Fastech has an established reputation as an innovative provider of mobile computing software solutions and hosting services to the Consumer Packaged Goods (CPG) industry. Fastech’s technology and services enable its clients to increase the efficiency and effectiveness of their sales and merchandising efforts. The Company leverages its fully staffed 24/7 operations center to provide high value, mission critical solutions to many of the CPG industry’s premier organizations.
Steven D. Hobman, General Partner at NewSpring Mezzanine Capital, L.P., states, “We are pleased to work with Skyview Capital in the acquisition of these assets. Furthermore, Rick has a proven track record as the CEO of this very business, and we are very excited about him leading the Company and the future growth potential of the business.”
About Fastech Integrated Solutions, LLC
Fastech (www.fastechis.com) delivers strategic solutions to sales and merchandising organizations in the Consumer Packaged Goods (CPG) market segment. Users of Fastech technology manage information with mobile computers which are synchronized with the Fastech operations center to manage and assess performance at the Retail and Key Account level. Headquartered in Broomall, PA, Fastech Integrated Solutions is privately held and profitable.
About Skyview Capital, LLC
Skyview Capital, LLC (www.skyviewcapital.com), a private investment firm headquartered in Beverly Hills, CA, specializes in the acquisition and continuous strategic management of "systems - critical" enterprises in the areas of technology and telecommunications. By leveraging its extensive operational capabilities and financial resources, Skyview systematically enhances the long-term sustainable value of the businesses it acquires.
About NewSpring Mezzanine Capital, L.P.
NewSpring Mezzanine Capital (www.newspringcapital.com) is a regionally-focused mezzanine debt fund that invests in information technology, business services, healthcare and specialty manufacturing and is part of the NewSpring Capital family of funds. NewSpring Capital, based in King of Prussia, PA, is a family of specific purpose private equity funds which, in addition to NewSpring Mezzanine Capital, includes NewSpring Ventures, L.P., a venture capital fund providing equity capital to growth and expansion stage companies with a focus on information technology, business services and enabling technologies and NewSpring Healthcare, L.P., a venture capital fund focused on intermediate-and late-stage life sciences, medical devices and healthcare companies.
