HIG Capital has sold portfolio company Securus Technologies to Castle Harlan, a private equity firm based in New York, NY.
Securus, based in Dallas, TX, was formed by HIG in September 2004 through the merger of Evercom Systems and T-Netix. Today, the company is one of the largest providers of detainee communications and information management solutions, serving approximately 2,200 correctional facilities and more than 850,000 inmates nationwide.
"We have had great success turning Securus into the industry’s leading player through our partnership with HIG," says Rick Smith, Chief Executive Officer of Securus. "In addition to providing capital for our business, HIG has provided significant strategic insight to support our growth, and we believe we are well positioned to continue to win."
"Securus was an extremely successful investment for HIG," says Lewis Schoenwetter, a Managing Director of HIG Capital. "Rick Smith and his team significantly increased EBITDA over the past four years, and the team has driven Securus to the industry’s forefront under his leadership. We look forward to watching the Company’s continued success in the future."
