SALINA, N.Y. — An affiliate of a Miami, Florida–based investment firm has acquired a “majority interest” in CXtec and sister company TERACAI Corp.
William Pomeroy, CXtec founder and CEO, has retired and Peter Belyea, who has been serving both companies as president, assumes the CEO role, “effective immediately,” the company said in a news release issued Monday.
CXtec is the is the d/b/a name of CABLExpress Corp., according to the firm’s news release.
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The Florida firm, H.I.G. Capital, is a private equity and alternative-asset investment firm, has more than $20 billion of equity capital under management.
H.I.G.’s acquisition provides an “opportunity for growth and expansion,” according to the release.
“H.I.G. sees [CXtec and TERACAI] as a tremendous platform for both organic and inorganic growth… We look forward to supporting the existing leadership team in its efforts to continue to grow the franchise,” Ricky Stokes, managing director at H.I.G. Capital, said. No financial terms of the acquisition were disclosed.
CXtec and TERACAI “will remain” in Central New York, having secured a “long-term” lease for their Salina headquarters. They’ll also maintain their distribution facilities at 621 East Brighton Ave. in Syracuse and sales office in Rochester, the firm said.
The now-retired Pomeroy, who founded CXtec in 1978, will continue to serve on the board of directors and retain a minority ownership interest in both companies.
“After extensive discussions and review with my advisors over many months, I am confident that this direction will provide the greatest opportunity to take CXtec [and] TERACAI to the next level and facilitate their long-term growth in the [Central New York] community,” said Pomeroy.
Belyea has worked for the companies for more than 26 years in “various” leadership capacities.
CXtec, which operates at 5404 South Bay Road in Salina, buys and sells used networking hardware, phones, and cabling.
TERACAI, which spun off from CXtec in 2009, says it provides businesses with core-networking infrastructures, which enable virtualization, unified communications, and cloud applications. It operates at 217 Lawrence Road East in the town of Salina.
Founded in 1993, H.I.G. has invested in and managed more than 200 companies worldwide, according to the release.
The firm’s current portfolio includes more than 100 companies with combined sales topping $30 billion.
Contact Reinhardt at ereinhardt@cnybj.com
