Emerging Technology Insider
The technology-driven provider of infrastructure services QualTek accesses $50 million of new debt
Company continues to provide best-in-class telecommunications and infrastructure services to customers
Financing provides the Company with greater liquidity as it takes steps to improve its financial position for future growth
QualTek Services Inc. ("QualTek" or the "Company") (NASDAQ: QTEK), a leading turnkey provider of infrastructure services to the North American 5G wireless, telecom, power grid modernization and renewable energy sectors, today announced the successful closing of new money incremental term loans providing $55 million in immediately available funds under its existing term loan credit agreement.
The Company also announced the appointment of Cari Turner of Alvarez & Marsal as Chief Restructuring Officer to support QualTek’s management team and the Board of Directors.
“QualTek will use the runway afforded by this financing to continue to take decisive action to strengthen our balance sheet and position us to maintain our industry leadership position well into the future,” said QualTek’s Chief Executive Officer Scott Hisey. “We are grateful to be welcoming Cari as we move through this important phase for our Company.”
The Board appointed Emanuel R. Pearlman to serve as an independent director on the Company’s Board. Mr. Pearlman is the Founder, Chairman, and Chief Executive Officer of Liberation Investment Group, an investment management and consulting firm that provides financial consulting, devises capital structures, negotiates IPOs, leads acquisitions and mergers, implements restructurings, and creates other complex financial plans for a variety of companies. Mr. Pearlman will also serve as a member of the special committee of the Board that has been established to review and approve strategic and financial alternatives. The Company also announced the departure of Maha Eltobgy as a member of the Board of Directors.
Advisors Kirkland & Ellis LLP is serving as legal counsel, Jefferies LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. The Company has retained C Street Advisory Group to serve as the strategic communications advisor.
Founded in 2012, QualTek is a leading technology-driven provider of infrastructure services to the 5G wireless, telecom, power grid modernization and renewable energy sectors across North America. QualTek has a national footprint with more than 65 operation centers across the U.S. and a workforce of over 5,000 people. QualTek has established a nationwide operating network to enable quick responses to customer demands as well as proprietary technology infrastructure for advanced reporting and invoicing. The Company reports within two operating segments: Telecommunications, and Renewables and Recovery and has already become a leader in providing disaster recovery logistics and services for electric utilities.
For more information, please visit https://www.qualtekservices.com.
Source: QualTek Services
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