Contact:John R. Black
William J. Nolan
H.I.G. Capital, L.L.C.
855 Boylston Street
Boston, MA 02216
H.I.G. Capital Completes Investment in Advanced Communications Technologies, Inc.
MIAMI - September 28, 2007 - H.I.G. Capital, a leading global private equity firm, announced today that it completed an investment in Advanced Communications Technologies, Inc. (OTC Bulletin Board: ADVC), a New York-based company that specializes in the consumer electronic after¬market service and supply chain, known as reverse logistics. Concurrent with the investment, Advanced Communications Technology completed its acquisition of privately held Vance Baldwin Electronics, an Original Equipment Manufacturer parts distributor that has been a leader in the industry for over fifty years. Vance Baldwin has operations in southern Florida and suburban Atlanta and distributes parts ranging from consumer electronics, computers, printers and office supplies. In addition, Vance Baldwin provides service aids and industrial products such as cable, tools, test equipment, cleaners and other installation equipment. On a pro-forma basis, Vance Baldwin and Advanced Communications generated approximately $60 million in revenue during the last twelve months.
Wayne Danson, Advanced Communications' president and chief executive officer, commented, "We are very excited about this transaction as it has been a long-time in the making. Purchasing Vance Baldwin and having a long term partner in H.I.G. Capital represents a significant and positive move forward in the Company's operational and financial transformation. With the acquisition of the second largest parts distribution enterprise in the consumer electronics market, the Company will now be expanding beyond its core repair business. We believe this is a major step forward in executing our strategy to be a vertically integrated full service provider in the reverse logistics segment of the consumer electronics industry."
"I have seen the industry change over the past several decades and believe that this strategic combination is right for both companies" said Fred Baldwin, chief executive officer of Vance Baldwin. "I am pleased to be a part of the Advanced Communications group." Robert Coolidge, Vance Baldwin's President, said "I am looking forward to the new opportunities that this transaction affords to what has been a family owned business for over 50 years."
William Nolan, of H.I.G. Capital, commented, "We are very pleased to have had the opportunity to partner with Wayne, Fred and Robert as they embark on their growth strategy in the reverse logistics industry. We believe the consumer electronics industry is eager for a national solution that can provide parts logistics and repair to retailers, manufacturers and third-party administrators. We look forward to working with the Company to help them build out their national offerings."
About H.I.G. Capital, L.L.C.
H.I.G. Capital L.L.C. ("H.I.G.") is a leading global private equity investment firm with more than $4 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed more than 75 transactions. The firm currently manages a portfolio of more than 50 companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.