AFS Completes Equity and Debt Recapitalization to Fund Strategic Acquisitions
Company Press Release
PHOENIX, AZ – September 1, 2011 – AFS Technologies, Inc. (“AFS”), a leading provider of software solutions to the food and beverage industry, announced today that it has concluded an equity financing led by Goldman, Sachs & Co. In addition, AFS has arranged for senior debt financing from TPG Specialty Lending and Wells Fargo Capital Finance, part of Wells Fargo & Company.
This capital will be used to buy out existing investors and finance several strategic acquisitions. Simultaneous with this transaction, AFS announced the acquisition of Answers Inc. and Synectics Group, both of which provide Trade Promotion and Claims settlement solutions. “Goldman Sachs is extremely pleased to have the opportunity to support the growth of AFS,” said Gene Yoon, Managing Director of Goldman, Sachs & Co. “We are looking forward to partnering with the AFS management team to continue to build on the Company’s market leadership position.”
“AFS has grown substantially over the past few years and we would like to thank the exiting investors, Argentum Capital Partners, Garvin Hill Partners (previously CIBC Capital), Ticonderoga Capital, and Merion Investment Partners who funded AFS through its early growth. Goldman now provides the additional capital for us to continue our growth, and we look forward to working with one of the leading financial institutions in the world,” said Kurien Jacob, CEO of AFS.
About AFS Technologies Inc.
AFS Technologies is the leading provider of business enterprise and Software as a Service (SaaS) solutions. The company now serves over 1,200 customers across the Americas with a portfolio of solutions for the food and beverage, financial reporting and supply chain segments. AFS Solutions are designed to improve profitability, grow revenue, and assist in regulatory compliance. AFS Profile® offers the food industry’s largest single source for product information and data synchronization with GS1. All AFS solutions utilize service-oriented architecture (SOA) built with Microsoft .NET framework technology. With a focus on modular design, the solutions allow customers in manufacturing, sales agencies and distribution, the flexibility to upgrade specific elements of the software without affecting the rest of the system. To match the needs of our diverse customer base, products are available on both a license and true SaaS model basis.
AFS Technologies, Inc.
Chief Executive Officer