FOR IMMEDIATE RELEASE
June 11, 2019
Polartec and Versa Capital Management Abernathy MacGregor
Chuck Dohrenwend or JP Letourneau, cod@abmac.com / jpl@abmac.com 212.371.5999
MEDIA CONTACTS
Milliken & Company
Mollie Williams
mollie@mwilliamscg.com
864.419.6204
Liz Morris
liz@mwilliamscg.com
864.918.5196
Milliken & Company to Acquire Polartec from Versa Capital Management
Brand acquisition bolsters Milliken’s capabilities to include fleece, performance textiles for consumer, workwear and military outdoor apparel
SPARTANBURG, S.C. — Milliken & Company (“Milliken”), a global diversified manufacturer with more than a century and a half of textile expertise, today announced that it signed a definitive agreement to acquire Polartec, LLC (“Polartec”), a strong global brand known for its innovative performance textiles for outdoor and military apparel, from Versa Capital Management, LLC (“Versa”). The acquisition is expected to close in June. Financial terms of the transaction were not disclosed.
Headquartered in Andover, Massachusetts, the Polartec brand carries a respected portfolio of
fabric technologies for outdoor apparel, from performance-driven and consumer-focused
textiles, to flame-resistant, workwear and military-grade fabrics.
The addition of the Polartec brand—particularly its outdoor and fleece textiles—rounds out Milliken’s comprehensive
portfolio, allowing the company to deliver unprecedented access to a range of performance textiles for consumers, industrial workers and military personnel around the world.
“Polartec brings a wealth of new and respected outdoor textile expertise to complement Milliken’s strengths,” shared Halsey Cook, president and CEO of Milliken & Company. “The strategic acquisition broadens our textile capabilities with a product offering to now include fleece and soft-shell outerwear, among others, allowing us to grow in new and exciting spaces.”
“With more than 150 years of textile innovation, Milliken is the best possible ‘natural owner’ of a brand with Polartec's pedigree. I look forward to supporting the integration,” said Polartec CEO Gary Smith. "I’m grateful to Versa Capital Management for their support in realizing Polartec’s full potential, and I'm extremely proud of the global Polartec team for their dedication and hard work that put the company in the position it is in today.”
“We look forward to growing Polartec’s strong brand at Milliken,” said Jeff Price, president of Milliken’s Performance and Protective Textiles Division. “Polartec expands our regional
manufacturing reach and grows our technological expertise, enabling us to further deliver innovative performance textiles to the global market.”
“Milliken provides the perfect platform to ensure the continuation and acceleration of the success of the Polartec brand after years of complex and transformative business repositioning by Gary Smith and his team,” said Greg Segall, CEO of Versa and chairman of Polartec. “It has been a great collaboration with Gary and all of Polartec’s valued employees, and we are proud of all that has been accomplished during Versa’s ownership—notably the feat of reviving an American textile icon and powerful global brand into an enterprise equipped to succeed in today’s highly competitive markets. Milliken is the ideal long-term owner for Polartec, and we look forward to seeing the two companies achieve big things together.”
Versa acquired the assets of the former Malden Mills in 2007 through the then 101-year-old textile manufacturer’s third reorganization. Working with management, the business was transformed, renaming the company Polartec, reorienting it toward a technology- and innovation-led growth strategy, and revamping the company’s leadership, operations, manufacturing footprint and customer relationships.
The transaction is subject to customary closing conditions.
About Milliken
Milliken has been solving everyday problems with innovative solutions for more than 150 years. Our research, design and manufacturing expertise reaches across a breadth of disciplines including specialty chemicals, floor covering, and performance and protective textiles. An unwavering commitment to ethics guides our work to redefine how we add strength and protection to products, how we infuse vibrancy and color into our surroundings, and how we care for the environment. For us, success is when discoveries made within Milliken help us all have more meaningful connections with the world. Discover Milliken at www.milliken.com, and join us on Facebook, Instagram, LinkedIn and Twitter.
About Polartec, LLC
Versa and Polartec were advised by Lazard Middle Market and Sullivan & Cromwell LLP. Milliken
& Company was represented by Jones Day LLP.
To learn more about Milliken’s Performance and Protective Textiles Division, visit
textiles.milliken.com.
Headquartered in Andover, Massachusetts, Polartec is the premium provider of innovative and sustainable textile solutions, combining innovation with eco-engineering to provide relevant, market-applicable textile solutions. Since inventing modern technical fleece in 1981, the engineers at Polartec continue to advance the science of fabric, creating fabric technologies that solve problems and improve the way products are designed and used. Polartec products range from lightweight wicking and cooling fabrics, to insulation and weather protection textiles, and are utilized by leading consumer brands, the U.S. Military and other global militaries, flame resistance, workwear, and contract upholstery markets. For more information, please visit www.Polartec.com and follow Polartec on Instagram, Facebook and T witter .
About Versa Capital Management, LLC
Versa Capital Management, LLC is a private equity investment firm focused on control investments in special situations involving middle market companies and their management teams. Versa focuses on businesses in a diverse array of industries where value and performance growth can be achieved through enhanced strategic, operational and financial management. For more information, please visit www.Versa.com.
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Alex Apparel Group Acquired by Affiliates of Versa Capital Management
Alex Apparel to Drive Growth With its Continuing Commitment
To Providing Women the Highest Quality Eveningwear at Great Values
PHILADELPHIA, PA – May 28, 2019 – Versa Capital Management, LLC (“Versa”) announced today that its affiliates have acquired Alex Apparel Group (“Alex Apparel”) a leading designer and wholesaler of better- and moderate-priced social dresses and separates under the Alex Evenings, SL Fashions and Ignite Evenings brands from Atlantic Street Capital.
The Alex Apparel Group brands, known for their elegant, classic styling, combined with consistent fit and comfort, are sold both online and in over 3,400 retail locations, including major department stores, specialty store chains and boutiques and pure-play ecommerce sites.
Colleen Kelly, Chief Executive Officer of Alex Apparel, said: “We are excited to partner with Versa to continue the strong trajectory of our business. Versa provides us with the tools and resources to advance our strategy underpinned by our longstanding commitment to providing women with high quality classic-social eveningwear that accentuates their beauty.”
“We are very pleased to invest alongside management in this promising market leader in a specialized, attractive product category,” said Greg Segall, CEO of Versa Capital. “Over the past several years, Colleen and her team have been repositioning Alex’s brands, improving product design, growing existing customer revenue and implementing best practices in sourcing and production. We look forward to working with the Alex Apparel team to capitalize on the numerous growth opportunities from increased direct engagement with end-customers, greater sales channel diversification, and potential strategic acquisitions.”
About Versa Capital Management, LLC
Versa Capital Management, LLC is a private equity investment firm focused on control investments in special situations involving middle market companies and their management teams. Versa focusses on businesses in a diverse array of industries where value and performance growth can be achieved through enhanced strategic, operational and financial management. For more information, please visit www.Versa.com.
About Alex Apparel
Alex Apparel designs, sources and distributes branded eveningwear dresses and separates to the better- and moderate-priced segment of the women’s apparel industry. The company’s classic designs are sold under the Alex Evenings, SL Fashions and Ignite Evenings brands and are distributed online and in over 3,400 leading department stores and specialty boutiques nationwide. Visit www.alexevenings.com.
About Atlantic Street Capital
Atlantic Street Capital is a private equity firm that invests in middle market companies with between $4 million and $15 million in EBITDA. The firm invests in fundamentally sound companies that will benefit from capital investment and value-adding strategic and operational initiatives. Atlantic Street Capital’s investment team are hands-on investors who work closely with management to unlock their business’ underlying value and help them succeed. For more information visit www.atlanticstreetcapital.com.
Media Contacts:
Abernathy MacGregor
Chuck Dohrenwend, cod@abmac.com, 212-371-5999 JP Letourneau, jpl@abmac.com , 212-371-5999
I’m Flying In That? Unloved Turboprop Gets Second Look
Silver Airways bets latest propeller planes can win over passengers who recall bumpy, noisy flights on earlier models.
By Robert Wall and Andrew Tangel, for The Wall Street Journal Updated February 4, 2019
A small Florida airline is doubling down on a passenger plane that bigger carriers have long abandoned: the turboprop.
Silver Airways LLC plans to start flying a new, propeller-driven 46-seater in coming weeks. It would be the first new turboprop introduced into U.S. passenger service in years.
The privately held airline expects delivery of 20 new turboprops by the middle of next year, including a roomier 70-seater, to replace an aging fleet of earlier models, some 20 years old.
That is flying in the opposite direction to most other American carriers. Early versions of the turboprop earned a reputation for being bumpy and noisy. Jets came to supplant them on most routes by the late 1990s. Silver Air, and other turboprop boosters, say the planes have come a long way since those days and deserve a second look.
“It’s a beautiful ride, and it’s a quiet ride,” said Chief Executive Steve Rossum, whose airline based in Fort Lauderdale, Fla., flies nearly 100 routes, mostly within Florida and to the Caribbean. The new planes are built by France-based Avions de Transport Regional, or ATR. “We are going to do a great job of rebuilding the turboprop perception in the U.S.,” Mr. Rossum said.
A turboprop might look like an old-fashioned, piston-engine propeller plane, but it has more modern jet engines that drive the rotating blades to propel the aircraft. It was the principal option for short domestic commercial flights in the U.S. until 1993, when Comair, which later became a Delta Airlines Inc. feeder airline, started using 50-set jets. The turboprop airline fleet peaked in the U.S. shortly thereafter, at roughly 1,900 aircraft. The number used in day-to-day airline service now stands at fewer than 100 planes.
Last July, American Airlines Group Inc. retired its last turboprop, a Dash 8, made by Bombardier Inc. of Canada and flown by American’s Piedmont Airlines subsidiary. It was the last of the big U.S. airlines to still fly a turboprop.
As jets took over U.S. skies, propeller planes started to appear outdated. Many passengers remember the sometimes-shaky flights, loud engines and cramped spaces of the turboprops of yesteryear.
A high profile crash of an ATR turboprop in the U.S. in 1994, killing all 68 people onboard, also marred the image of such planes.
Brian Jacobson, who last flew on a turboprop on a flight from Detroit to Milwaukee about a decade ago, associates propeller-driven planes with small-plane crashes he sees on the local news. “I would generally prefer to be on a jet,” said Mr. Jacobson, a 30-year old attorney who lives in Chicago. “It seems safer.”
Accident rates for turboprops – which in many parts of the world serve remote regions where operations can be more challenging – are higher than for jets.
In North America, on average 0.91 turboprop was lost per million flights each year between 2013 and 2017. For jets, the average annual loss rate was 0.21 aircraft per million flights during the same period.
ATR says the that plane enhancements, such as the introduction of new onboard electronics, combined with efforts to bolster training, are helping to close the safety gap between turboprops and jets.
A spokeswoman for Silver Airways said the airline’s fleet of Saab turboprops had a strong safety record, and that the airline hasn’t had any fatal accidents in its three- decade history. She said the accident statistics could be skewed by smaller operators flying in extreme weather conditions in places such as Alaska.
Today’s turboprops don’t resemble earlier models, thanks to years of technological advances. They now feature gear to damp vibration and reduce cabin noise, putting their comfort level on par with smaller jets. “There is the perception props are noisy, they feel uncomfortable, you feel a lot of vibration during flights,” even though that no longer applies to modern designs, said Ray Jaworski, a Forecast International analyst.
In many cases, they also burn far less fuel, making them much cheaper to operate over short distances. During short hops, planes spend most of the journey either ascending or descending, with little time at cruise altitude, where a jet’s higher speed saves the most time. On such flights, turboprops can complete the journey in roughly the same time as a jet while consuming a fraction of the fuel.
“A turboprop aircraft is not an old-technology aircraft. It is a modern, high- technology aircraft,” said Stefano Bortoli, chief executive of ATR, a joint venture between Airbus SE and Italy’s Leonardo SpA.
Outside the U.S., many airlines still love the turboprops. Turboprops, for instance, fly regularly between London City airport and Aberdeen, Scotland, a two-hour 20 minutes long journey that includes a stop in Newcastle.
While the U.S. fleet of turboprops is vanishing, the global fleet is still growing strongly. ATR expects it to number 4,060 turboprops in passenger service in 2037, up from 2,260 last year.
Together, ATR and Bombardier make almost all of the world’s commercial turboprops. Bombardier, amid wider restructuring, in November agreed to sell that business to Longview Aviation Capital Corp., the parent of Canadian aircraft maker Viking Air Ltd.
The turboprop “isn’t sexy if you look at it from a distance,” Mr. Bortoli said, but he added: “If people would get to know it better, they would discover a gem.”
Jonathan Rost of Plymouth, Wis., is a fan. He said there is a certain charm turboprops have lent to his getaways to the Bahamas. He last flew Silver in 2015, from Fort Lauderdale to Treasure Cay in the Bahamas. He described the roughly hourlong flight as comfortable, if a bit noisier than riding on a jet.
It’s always been kind of an adventure to get to this little spot that we love,” said Mr. Rost, 71.
FOR IMMEDIATE RELEASE
Versa Capital Management Completes Successful Sale of Bell and Howell
PHILADELPHIA, PA – December 4, 2018 – Versa Capital Management, LLC (“Versa”) announced today the successful closing of the sale of Bell and Howell, LLC (“Bell and Howell” or the “Company”) to Boston-based WestView Capital Partners (“WestView”). Founded in 1907 and based in Durham, NC, Bell and Howell today is a leading national provider of technology- enabled solutions focused on enhancing communications and e-commerce experiences.
Versa, along with co-investor Access Value Investors, acquired Bell and Howell in 2011, and this sale is the culmination of the successful repositioning and realization of the investment which included two previous division divestitures in 2017 (BCC Software and Fluence Automation).
Versa worked closely with Bell and Howell’s management to lead a significant and value- creating transformation of the Company’s business over the last seven years. Versa supported management’s right-sizing and repositioning of the Company, transforming its legacy business of supplying high-volume production mailing systems and services, into a highly profitable and growing business focused on providing technology and mechatronic service solutions for business-to-consumer communications and commerce.
“We are very pleased to see our investment in Bell and Howell reach its successful conclusion through this multi-year strategic repositioning, performance improvement and asset divestiture program,” said Gregory Segall, Versa’s CEO. “All three sales have enabled Versa to provide a significant return for our investors, while providing each of the divested business’s customers and employees new ownership to continue their growth. We wish WestView only future success.”
Mr. Segall continued: “We would also like to thank the Bell and Howell team including President Larry Blue and CFO Arthur Bergens for their many contributions, as well as Vice Chairman and former CEO Ramesh Ratan, who retired from the Company upon closing of the transaction. We also extend our appreciation to all of Bell and Howell as they embark on this next chapter.”
Added Mr. Ratan, “Our partnership with Versa has been an unqualified pleasure and success.”
Bell and Howell was represented by Capstone Headwaters and Morgan Lewis & Bockius LLP.
About Versa Capital Management, LLC
Versa Capital Management, LLC is a Philadelphia-based private equity firm with $1.25 billion of committed capital under management. Versa is focused on control investments in special situations involving middle market companies and their management teams in a diverse array of industries where value and performance growth can be achieved through enhanced strategic, operational and financial management. For more information, please visit www.Versa.com.
About Bell and Howell:
Founded in 1907, Bell and Howell is focused on improving customer experience by providing advanced technologies in high-growth markets. Leveraging a rich history and expertise in mechatronics and workflow efficiency, the Company delivers comprehensive solutions in retail click-and-collect, factory intelligence, consumer packaging automation, and production mail. The Company is one of the largest and most sophisticated service organizations in the world, with more than 800 service engineers, 24/7/365 customer service and technical support centers, as well as advanced remote monitoring and diagnostic capabilities. For more information, please visit www.bellhowell.net.
Media Contacts:
Abernathy MacGregor
Chuck Dohrenwend, cod@abmac.com, 212-371-5999 JP Letourneau, jpl@abmac.com , 212-371-5999
FOR IMMEDIATE RELEASE
Versa Capital Completes Two Successful Divestitures From Its Investment in Bell and Howell
PHILADELPHIA, PA – October 12, 2017 – Versa Capital Management, LLC (“Versa”) announced today that it has completed the sale of BCC Software, LLC (“BCC”) to Thompson Street Capital Partners.
BCC, based in Rochester, NY, is a leading provider of postal software and data marketing solutions to direct mail owners, marketers and printers. BCC’s solutions are used by its customers to process more than 30 billion pieces of mail each year. Versa acquired BCC as part of its acquisition of Bell and Howell, LLC (“Bell and Howell” or “the Company”) and later spun it out into a separately capitalized business.
In addition, Bell and Howell completed the sale on August 1st, 2017, of its Sorting equipment division to Fluence Automation, a newly formed company established by Sorting Division management and a third- party investment group.
These two divestitures position Bell and Howell to focus on growing its larger core mechanatronic services, mail inserting and vision systems businesses, while providing substantial capital to the debt-free Company to support growth initiatives as well as a further return of capital to its owners. Affiliates of Versa, along with co-investor Access Value Investors, remain the owners of Bell and Howell, which is based in Durham, NC.
“We are very pleased to continue monetizing our investment in Bell and Howell through these transactions,” said Gregory Segall, Chairman of Bell and Howell, and CEO of controlling shareholder Versa Capital Management, LLC. “These divestitures enable us to return additional capital to our investors, while benefiting BCC’s and Bell and Howell’s customers and employees. Bell and Howell remains debt-free and exceptionally well positioned to execute on its core services and technologies platforms.”
Mr. Segall continued: “We also would like to thank BCC President Christopher Lien for his many contributions. We wish him and the team at BCC well as they embark on this exciting new chapter in BCC’s history.”
BCC was represented in its sale to Thompson Street Capital Partners by Lincoln International. Bell and Howell was represented in the Fluence transaction by Headwaters MB. Morgan, Lewis & Bockius LLP advised Versa on both transactions.
About Versa Capital Management, LLC
Based in Philadelphia, Versa Capital Management, LLC is a private equity investment firm with more than $1.4 billion of assets under management focused on control investments in special situations involving middle market companies where value and performance growth can be achieved through enhanced operational and financial management. Versa has a diverse portfolio of North American businesses including Allen-Vanguard International, Avenue Stores, BridgeStreet Global, Polartec, SynCardia Systems, and Silver Airways. More information can be found at Versa.com.
Media Contact:
Abernathy MacGregor
Rivian Bell, rlb@abmac.com, 213.630.6550
Chuck Dohrenwend, cod@abmac.com, 212.371.5999
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Media Contact:
Misty Pinson
954-292-8169
mediarelations@silverairways.com
Silver Airways Announces Major Strategic Growth Developments and New Leadership
Upgrades Fleet with Agreement for Up to 50 ATR-600 Series Aircraft Valued at Up to $1.1 Billion
Appoints Veteran Aviation Executive Steven A. Rossum as CEO and Promotes Jason Bewley to President
Explores Expanding Caribbean Operations via Seaborne Airlines
Fort Lauderdale, Fla. (August 1, 2017) – Silver Airways (“Silver” or the “Company”), the airline of choice in Florida and the Bahamas, announced today several strategic developments that will enable its continued growth.
Upgraded Fleet
Silver announced today a historic agreement by signing a letter of intent to renew and expand its fleet with up to 50 new ATR-600 series aircraft. This is a significant strategic accomplishment for the airline and a transaction valued at up to $1.1 billion. The initial order is for 20 ATR-42-600 aircraft and the agreement also provides Silver the ability to upgauge to the larger series ATR-72-600s. With this deal, Silver becomes the first fully independent U.S. regional airline in more than 20 years to sign a new aircraft deal of this magnitude. The firm 20 aircraft will be lease financed by Silver.
“Thanks to our incredibly dedicated and hardworking team, this aircraft acquisition is a monumental leap forward for Silver, our team members, and our passengers, and will allow us to expand our network with greater reach, including further into the Caribbean and the Southeastern United States,” said Jason Bewley, Silver Airways’ President and CFO. “As the world’s leading regional aircraft, new ATRs will provide Silver’s passengers unparalleled experience and reliability and our pilots the industry’s most advanced cockpit. Silver is honored to partner with ATR as its North American launch customer for these technologically advanced aircraft.”
Christian Scherer, ATR’s Chief Executive Officer declared: “Our thanks and congratulations go to our new customer Silver Airways. Silver's detailed evaluation vindicates our belief that the ATR42-600 is the obvious aircraft of choice to upgrade older 30-50 seat regional fleets. We are excited that the travelling public in the U.S. will discover that, when they are onboard an ATR -600 series, flying on a modern prop-jet bears no comparison to the regional aircraft of yesteryear – it is as comfortable and affordable as regional flying jets!”
Silver will take delivery of up to four ATRs this year starting in the fourth quarter following receipt of regulatory approvals. Remaining deliveries of the first 20 aircraft are expected to be completed by the first quarter of 2020. Crew training will be conducted by ATR at its new training facility in Miami, which is home to a new multi-million-dollar investment of a Full Flight Simulator (FFS) for the ATR-600 series aircraft. The new aircraft will replace Silver’s existing fleet of 21 Saab 340B Plus turboprop aircraft over time. More information about the ATR-600 series aircraft, including photos, can be found on ATR’s website at www.atr-aircraft.com.
The new ATR-600 series features the widest cabin in the regional aircraft market with a new ergonomic design and lightweight slim seats offering passengers maximum comfort. Silver’s ATR fleet will be configured with 46 seats in a 2-2 seating configuration with up to a 32-inch pitch offering more legroom than many mainline aircraft. In addition, Silver’s ATR fleet will have spacious full-size overhead bins for carry-on bags along with full-size lavatories and bright LED lite cabins that are quieter than regional jets. The new ATR-600 series also features the latest innovations in cockpit technology with simplified, integrated LCD advanced functions, enhancing safety, and improved handling for pilots, as well as the latest in avionics technology. The state-of-the-art, all glass cockpit further reduces flight crew workload and enhances situational awareness while providing better reliability, maintenance cost savings and weight reduction.
New Leadership
Concurrent with the announcement of its upgraded fleet, Silver also has named Steven A. Rossum as its new Chief Executive Officer, effective August 7, 2017. Mr. Rossum replaces Sami Teittinen, who has decided to leave Silver for personal reasons. In addition, Jason Bewley, presently Executive Vice President of Commercial and CFO, has been promoted to President and Chief Financial Officer of Silver in recognition of his valuable contribution to bringing the company to this stage of development.
“Although it was a very difficult decision to leave Silver as it enters this exciting new phase of growth, it has been a privilege to lead Silver for these past four years and to see many tangible results of our efforts,” said Silver Airways President and CEO Sami Teittinen. “I leave knowing that Silver is in the right place both strategically and tactically to continue to execute its plans under the leadership of Steve, Jason, and the team. Most importantly, I have complete confidence that the Silver brand and our 700 team members will continue to grow and thrive as the Company enters this exciting new chapter.”
Mr. Rossum, who most recently served as a Partner at Smith, Gambrell & Russell, LLP, and as the Chief Executive Officer and a Managing Director of that law firm’s aviation consulting business, is an experienced aviation executive with a proven track record of leading improved operational and financial performance at regionally focused airlines. He has been serving as Silver’s external general counsel and fleet transactions advisor and he was a senior executive at Pinnacle Airlines in connection with its successful restructuring and emergence as a subsidiary of Delta Air Lines. He also was General Counsel of AirTran Airways, Reno Air, and DHL Airways and held Chief Financial Officer and other senior financial management positions at AirTran, National Air Cargo, and ASTAR Air Cargo. He holds B.A. and B.S. degrees from the State University of New York at Binghamton and a J.D. degree, with distinction, from Emory University School of Law.
“Silver is at an exciting and very promising point in its ongoing strategic plan, and I am very pleased to have the opportunity to join this excellent team of aviation professionals,” said Mr. Rossum. “The momentum of our airline – as demonstrated by the order for new ATR-600 series aircraft, the potential for Caribbean expansion, and our amazing team members – were key reasons I decided to join Silver. The Company has made great strides over the past year, and we have more good things in store as we continue to upgrade our company across the board for the benefit of our passengers, employees and stakeholders. I look forward to working closely with the Silver team that works so hard for our passengers.”
“We want to thank Sami for his leadership and wish him the best with his future endeavors,” said Gregory Segall, Silver Airways Chairman and CEO of Versa Capital Management, LLC, whose affiliates own Silver. “And we welcome Steve to the team. He has been an important contributor to Silver’s recent accomplishments in a key advisory capacity, and he’s the right person to lead the company forward. Working in partnership with newly named President and CFO Jason Bewley and the rest of Silver’s management, we have a great team for the future.”
Potential Expansion into the Caribbean
Finally, Silver announced today that it has entered into negotiations with Seaborne Airlines (“Seaborne”) to explore commercial cooperation including potentially a combination in support of its long-term goal to become a major U.S. airline. Seaborne is a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier’s hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier’s seaplane operation. Versa Capital is the largest creditor of Seaborne as well as its majority owner.
Seaborne’s experienced and dedicated employees, portfolio of markets, and business partnerships could help facilitate Silver’s route network’s expansion into a variety of highly attractive flight destinations. Further updates will be provided as the evaluation of Seaborne progresses.
Mr. Rossum concluded: “My new colleagues and I are fully focused on safety, reliability, growth and working toward fulfilling Silver’s promising future. I am looking forward to working with the hardworking men and women of Silver as we take delivery of our new ATR-600 series aircraft, explore opportunities with Seaborne, and execute on a number of other strategic growth initiatives across the Company. This is truly an exciting time for our employees, passengers, and the communities we serve – I’m confident we’ll have more good news to share down the road.”
Consummation of the ATR fleet upgrade and certain transactions involving Silver with Seaborne remain subject to certain conditions including receipt of requisite regulatory approvals.
About Silver Airways
As the airline of choice for Florida and the Bahamas, Fort Lauderdale-based Silver Airways operates more routes within Florida, and between Florida and the Bahamas than any other airline. The airline averages 125 daily flights to 18 destinations in Florida (including hubs in Fort Lauderdale, Orlando, and Tampa) and the Bahamas. Silver is a codeshare partner with JetBlue, United Airlines, and Avianca, and has interline agreements with American Airlines, Delta Air Lines, Air Canada, Alaska Airlines, Bahamasair, Hahn Air, Azul Brazilian Airlines, and All Nippon Airways. Silver currently operates a fleet of 21 highly reliable and fuel-efficient 34-seat Saab 340B Plus turboprop aircraft under its FAA Part 121 air carrier certificate. More information is available at www.silverairways.com.
About ATR
Founded in 1981, ATR is the world leader in below-90-seat regional aircraft. Since its creation, ATR has sold over 1,500 aircraft. ATR aircraft equip the fleets of some 200 airlines in nearly 100 countries. ATR is an equal partnership between two major European aeronautics players, Airbus and Leonardo. Based in Toulouse, France, ATR is well established worldwide with a large customer support and sales network, including Customer Service Centers, training centers and warehouses. For additional information, log on to www.atr-aircraft.com. ATR can be followed on YouTube at ATRbroadcast and on Twitter at @ATRaircraft.
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Bell and Howell Sells Sorting Business to Fluence Automation
Move provides focus and funding to fuel innovation and continued growth
Durham, N.C., August 1, 2017 — Bell and Howell announced today that it has spun off its mail-sorting business and certain parcel-labeling technologies to a new company named Fluence Automation. The newly formed company is owned by a group of investors that includes members of the Bell and Howell sorting leadership team.
“This strategic move is part of our plan to accelerate Bell and Howell’s continued growth as we extend our capabilities in our traditional mail-production business while also expanding our industry-leading innovation in areas such as e-commerce, robotics and track-and-trace technologies,” said Dr. Ramesh Ratan, president and CEO of Bell and Howell. “This move, along with the acquisition of Sensible Technologies earlier this year, and other initiatives we are currently pursuing, means our mail-production customers can feel confident that Bell and Howell is committed to providing the products and services they rely on – now and in the future.”
As part of the transaction, Bell and Howell and Fluence Automation will remain close strategic partners in several areas. The two firms have entered into a service agreement that will allow Fluence Automation to leverage Bell and Howell’s extensive service-technician network when and where appropriate. Bell and Howell will also be licensing certain technology from Fluence Automation.
Fluence Automation will be led by Bell and Howell’s longtime VP and General Manager of Sorting Mike Swift as president and CEO. “We are excited to build upon Bell and Howell’s success in the sorting and parcel industry,” Swift said. “Our customers will continue to receive the excellent products, software and service that they are accustomed to. In the near-term, we will continue to rely upon Bell and Howell as a valued partner in many areas of our day-to-day business. Fluence Automation will focus on growth in the mail- and parcel-encoding and sorting market, leveraging our sorting-expertise team while collaborating with Bell and Howell in areas such as service support. There are many exciting, new opportunities in our sights.”
“This move is a win-win for all parties involved,” said Gregory Segall, chairman of Bell and Howell, and CEO of Versa Capital Management, LLC, whose affiliates, along with co-investor Access Value Investors, own and control Bell and Howell. “It’s good for the customers, the employees and each company. Both businesses are very healthy and on a significant growth trajectory. With this new direction, each can now focus their time, resources and development efforts to better serve their customers.”
For additional information on Bell and Howell, visit BellHowell.net, call 1-800-220-3030, or follow the company on LinkedIn and Twitter @bellandhowell.
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About Bell and Howell
Bell and Howell is shaping the future of communications and commerce. We deliver innovative service and technology solutions that enrich customer communications and fulfillment for the world’s largest finance, industry and public-sector enterprises. Our software and hardware streamlines high-volume, high-integrity production of customer communications and products, maximizes postal discounts, and monetizes every customer touchpoint. Our service organization is among the most sophisticated in the world for production workflow, automation and industrial mechatronics. Headquartered in Research Triangle Park, North Carolina, with offices around the world, Bell and Howell is the trusted partner to thousands of organizations globally. For additional information, visit www.bellhowell.net.
Media Contact:
Glenn Gillen, APR
S&A Communications
919-377-9552
ggillen@sacommunications.com
© 2017 Bell and Howell, LLC. All rights reserved. Bell and Howell and the Bell and Howell logo are trademarks or registered trademarks of Bell and Howell, LLC. All other trademarks and service marks are the property of their respective owners. Specifications are subject to change without notice.