HCP, a private equity firm based in Chicago, today announced that it has acquired a substantial interest in New Hampshire-based NEPS, LLC.
Founded in 1988 by NEPS’ Chief Technology Officer, Denise Miano, NEPS is a technological leader in the areas of enterprise content management and print management solutions. NEPS produces specialized software based on open standards that support the front end processing and back end printing of specialized business documents.
HCP’s initial investment acquired the interest of all non-management shareholders and recapitalized the company. The investment will also be used to fund future growth in the area of business process outsourcing (BPO) of print production and document management.
Victor Maruri, a partner at HCP, noted, “As companies continue the trend of outsourcing non-core business processes, many will look to reduce document-related printing and storage costs. NEPS is well positioned to capitalize on this burgeoning wave of business process outsourcing.”
The NEPS senior management team is led by William Lowe, CEO, who is well known in the high tech industry both for his role in bringing the IBM PC to market and his tenure as Vice President of Worldwide Development and Manufacturing at Xerox. In addition to his senior management roles with Gulfstream, Moore Corporation and New England Business Services, Lowe has most recently been providing consulting services to both small and large corporations, and brings a wealth of industry leadership experience to his role at NEPS.
Joining Lowe and Miano on the senior leadership team are Cristina Salvatierra Lowe, Chief Marketing Officer, and Bradford Wheatley, Chief Financial Officer. Cristina Salvatierra Lowe held executive roles at Xerox for more than 16 years, and in recent years has independently consulted for companies in the area of marketing, sales, quality improvement, strategy and management training, while Bradford Wheatley brings over 30 years experience in corporate finance and investment banking to NEPS, having had senior positions in both large corporations such as Aetna Life & Casualty and Citicorp, as well as small, entrepreneurial companies, during his career.
“I am delighted with the new management team and the backing of HCP,” said Miano, founder and CTO of NEPS. “This seasoned team and strong financial backing gives NEPS a significantly more competitive position in the marketplace, and as a result, we are already seeing positive impact in customer engagements and incremental revenue.” Collectively, the management team has over 100 years of experience in sales, systems design and implementation of document management and print technologies, and corporate finance.
“We look forward to working with the exceptional NEPS management team as it continues along its growth trajectory,” said Carlos Signoret, also a partner at HCP. “Their reputation within their industry and their intense focus on the customer makes them a great partner.”
William Lowe added, “With HCP’s backing, NEPS will be better positioned to sustain profitable growth, given our strategic focus on both the core business and the business outsourcing initiatives of our customers.”
Terms of the transaction were not disclosed.