SPL Integrated Solutions announced that it has received a $7 million cash infusion from Boston Ventures Ltd., as part of an overall refinancing to fund the company’s growth during the next five years. Boston Ventures also committed an additional $5 million that can be drawn down in 2004. Boston Ventures is a large, private equity fund located in Boston, Mass. The firm made an initial equity stake in SPL in 2001 when SPL split from Production Resources.
Dennis Cahill, representing Boston Ventures, said, "I personally spent several weeks doing an in-depth analysis of the company and the audio and video integration industry. I am convinced that our increased investment in SPL will serve us well over the coming years. The A/V industry is ready for a rebirth due to the significant improvements in videoconferencing technology. The technology now supports voice, data and video over IP converged networks and will lead to enormous cost savings for Fortune 1000 companies. No company is better positioned to take advantage of this growth than SPL. SPL's national footprint is a tremendous advantage, and their leading engineering and integration capabilities are unsurpassed."
Chad Gillenwater, president and CEO of SPL, commented, "This is not only good for SPL, but it is a positive sign for our industry. When investment is flowing into an industry, it means growth, jobs and prosperity are not far behind. SPL has been able to grow and be profitable in every year we have been in business, but the last two have been difficult for everyone. With this additional working capital, we can expand our operations by increasing the quantity and quality of the services we provide to our clients."