Purcell Systems has successfully completed a $16.6 million financing, led by new investor Weston Presidio, a premier private equity firm with more than $2.3 billion under management. This financing will allow Purcell Systems to accelerate customer growth in its core markets, including wireless, wireline and cable markets, as well as to expand into new global markets.
“With little outside investment, Purcell Systems has been able to become profitable, sign four of the six largest wireless carriers as customers and build a healthy sales pipeline in less than four years," says James McElwee, general partner at Weston Presidio. "It is apparent through the company's customer traction and revenue growth that Purcell is successfully targeting a multi-billion dollar market that is critical to communications network uptime and availability. The role outdoor telecommunications cabinets play in the wireless market also applies to wireline service providers and cable companies. The management team has soundly executed on its business plan to date and we look forward to helping with the company's expansion into new markets and regions."
In conjunction with the financing, McElwee and Sean Honey of Weston Presidio will be appointed to Purcell System's board of directors. Additionally, Cascadia Capital, a national investment bank specializing in a number of market sectors including information technology and communications, assisted Purcell Systems in securing the financing.
Purcell Systems will use the funding in part to enhance key growth business areas including new customer acquisition and support in the wireless, wireline and cable markets; to expand Purcell's reach globally; and to continue development of its modular outdoor battery cabinets, including the most recent product line of SiteSupport battery cabinets.
For more information, visit www.purcellsystems.com.