Genesis Group Holdings, Inc. recently confirmed the filing of a Form 8K with the SEC (News - Alert) on Friday, September 21, over its acquisition of ADEX Corporation and TNS, Inc.
While ADEX Corporation is an Atlanta-based telecommunications service provider, TNS (News - Alert), Inc. is a Chicago-based structured cabling company specializing in distributed antenna system (DAS) installations.
Genesis Group Holdings is considered one of the major providers of engineering, construction management and installation services.
“The acquisition of ADEX and TNS, which both enjoy a strong reputation for service and quality through their broad reach, will create a strong foundation for further participation in this niche space,” said Mark Munro, CEO at Genesis. "The acquisitions have over $40 million in profitable revenue over the last 12 months, bringing Genesis's growth potential to a whole new level. These acquisitions reinforce our business strategy to develop a comprehensive platform to make us more competitive in our markets while increasing our cash flow so that we can pursue additional strategic acquisitions, increase organic growth, and enhance our appeal to shareholders and investors."
Thorough its new acquisitions, Genesis Group will now be able to develop a robust platform and make use of new resources for driving business growth. While this will allow the company to attractive future investments, the company will also be able to provide its customers that range from telecommunication solutions, broadband cable and wireless networks solutions provider with enhanced product offerings.
Said Mark Munro: "We look forward to leveraging the strengths of ADEX and TNS to better align us for our future growth strategies as we expand our already strong portfolio of specialized services."
Using the $13 million in funding, which was put up by MidMarket Capital Partners, Genesis was able to successfully complete the acquisition of both companies while closing the debt of UTA Capital Partners. The acquisition was additionally funded by a number of private investors who jointly contributed more than $3 million in equity for covering the transactions.
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Edited by Braden Becker