An affiliate of private equity and alternative asset investment firm HIG Capital has acquired CABLExpress Corporation d/b/a CXtec and TERACAI Corporation.
Headquartered in Syracuse, New York, CXtec is a provider of refurbished networking and telephony hardware and data centre cabling products to a diverse base of blue-chip customers.
Since its founding in 1978, CXtec and its equal2new brand of certified pre-owned equipment have established a market-leading position with deep domain expertise. CXtec’s systems and testing / certification processes ensure that IT procurement professionals are able to maintain and extend the life-cycle of existing IT infrastructure equipment by purchasing reliable refurbished hardware products at significant savings and short lead times. The company’s growing RapidCare service provides third-party maintenance solutions.
TERACAI, also headquartered in Syracuse, is a Cisco Premier Partner and a provider of IT infrastructure solutions. TERACAI plans, designs, implements and monitors IT solutions that address clients’ network, data centre, cloud collaboration, security, mobility, and contact centre needs.
Richard Stokes, managing director at HIG Capital, says: “CXtec is an established leader in the market for refurbished networking and telephony hardware, and we look forward to supporting the continued expansion of the company's product and service offerings. CXtec and TERACAI are exceptionally well-positioned for continued growth, driven by a compelling value proposition and attractive industry tailwinds. We are excited to work with the company to take the business to the next level.”
William G Pomeroy, who founded CXtec in 1978, has retired as CEO but will continue to serve on the board of directors and retain an ownership interest in the company.
Pomeroy says: “I am proud of the business that we have built and look forward to the next chapter. HIG’s vision for CXtec’s future and support for the company’s strong culture gives me significant confidence that CXtec will continue to build on its outstanding reputation and legacy.”
Pete Belyea, who has served the company for over 26 years in various leadership capacities, including most recently as president has assumed the role of chief executive officer, effective immediately.
“We’re excited to partner with HIG Capital, a highly respected investment firm with significant industry expertise,” says Belyea. “CXtec continues to distinguish itself through a compelling value proposition, rigorous focus on product quality, and exceptional customer service, and we see a number of opportunities to accelerate growth to meet the evolving needs of our clients.”
