Pamlico Capital Announces Recapitalization of PrizeLogic
Southfield, MI (PRWEB) June 30, 2016 -- Pamlico Capital (“Pamlico”) and the management team of PrizeLogic LLC (“PrizeLogic” or the “Company”) announced today that Pamlico has completed a recapitalization of the Company. CEO Keith Simmons, CTO Tim Welch, and CFO Jeff Blackman along with other management team members, will maintain significant ownership in PrizeLogic and will continue to manage the growth of the Company with support from Pamlico. Further transaction details have not been disclosed.
Headquartered in Southfield, Michigan and founded in 2008, PrizeLogic develops and executes digital promotions for large consumer brands and retailers. The Company offers an integrated software, legal and administrative solution that enables brands to engage consumers while ensuring data security and compliance. The Company has executed over 5,000 promotions since inception. Mr. Simmons noted, “Our team is proud of the success we have achieved to date and is excited about accelerating our next phase of growth with Pamlico. We chose Pamlico because of their successful history of partnering with founder-owned businesses, experience within the marketing services sector, and proven track record enhancing growth at portfolio companies.”
Pamlico Partner Eric Wilkins said, “Pamlico has had prior success in digital marketing services and was seeking another opportunity in the space. PrizeLogic really stood out for us due to their experienced sales team and a highly scalable technology platform.” Pamlico Vice President Jay Henry added, “PrizeLogic represents a leading platform in their core market with several organic and inorganic expansion opportunities. Their customers praise PrizeLogic’s execution, and their mobile technology capabilities provide relevant consumer data for the leading brands they serve.” PrizeLogic is the tenth investment in Pamlico Capital III, a fund with $650 million of committed capital.
With a team of more than 175 professionals and having achieved another year of double digit revenue growth in 2015, PrizeLogic has been recognized within the industry as a clear leader. PrizeLogic has been recognized on the Inc. 5000 list four years in a row, as one of Chief!Marketer’s “Promo Top Shops,” and as one of the Crain’s Detroit Top 200 largest private companies. PrizeLogic has partnered with some of the most recognized Fortune 100 brands in the world including Pepsi, MillerCoors, Subway and Disney to ideate and execute promotions engaging consumers beyond the prize.
PrizeLogic was represented by JEGI, a New York City based investment bank that specializes in the media, marketing, software and tech-enabled services sectors, and Cozen O Connor P.C (legal advisor). Pamlico was advised by Alston & Bird LLP (legal advisor).
About PrizeLogic
Founded in 2008, PrizeLogic is the most trusted digital partner for results-driven promotions. Millions of consumers have participated in over 5,000 promotions launched by PrizeLogic since inception. PrizeLogic’s in-house experts provide services ranging from technology and security to legal and fulfillment, ensuring efficient and timely execution while maintaining creative excellence. The Company consistently innovates in order to keep brands relevant in an evolving digital world. The Company has offices in Southfield, MI (HQ), Scottsdale, AZ, New York, NY, Chicago, IL, Los Angeles, CA and Atlanta, GA. For additional information, please visit http://www.prizelogic.com.
About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 that primarily invests in growing middle-market companies in the U.S. Pamlico Capital seeks control-oriented growth equity investments of up to $100 million alongside proven management teams in its target industries; business & technology services, communications, and healthcare. Since inception, the firm, based in Charlotte, NC, has invested over $2.5 billion. For additional information, please visit http://www.pamlicocapital.com.
John Vail, http://www.PrizeLogic.com, +1 (914) 450-0655, [email protected]
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