Lancaster firm invests in Oregon company
A Lancaster-based private equity firm closed a deal to buy a business that offers live receptionist services.
The firm, PennSpring Capital LLC, said this week it acquired Securus Contact Systems, which is based in Portland, Oregon, and offers 24/7 call services for companies across the country and in Canada. Terms of the deal were not disclosed.
Steve Lemma, Securus co-founder and CEO, said in a statement that his six-year-old company chose to enter talks with PennSpring because of the latter’s resources and the expansion opportunities they could afford.
"We have grown quickly in a few short years and our trajectory improves each month. PennSpring’s capital resources, sales acumen, and merger and acquisition expertise are the keys we have sought to unlock the greater potential of Securus Contact Systems," Lemma said.
PennSpring has made a number of investments since it was founded in 2018. They include the purchase of PSST Seamless Data Solutions of Louisville, Kentucky, in July. Justin Davis, co-founder and partner of PennSpring, said the firm has worked within heavily fragmented industries with owners interested in continuing to work and hold a stake in their companies.
"We seek to learn everything we can, understand the inefficiencies and opportunities for improvement," Davis said. "It’s our job, be it financial or professional, to address those areas and make improvements so that the company grows with us."
Securus’ owners - Lemma and Chief Technology Officer Kris Drebin - are staying in their positions along with the company’s 120 full-time employees.
Drebin added that PennSpring understands the value of technology in the business-service space, and has already begun working with Securus to evolve its proprietary call-handling software. PennSpring plans to double the company’s sales and explore interest on the open market for a buyer.
While the private equity firm has invested in numerous businesses outside its headquarters in Lancaster County, Davis said that it looks to focus towards the local community in 2019 and is in talks for a possible local acquisition in the coming weeks.
"We want to be the resource in the Lancaster area as we believe the need exists for what we do," he said.