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PostWorks combines with Wexler Video; combined company controlled by H.I.G. Capital; Hadley Partners advises PostWorks
May 2009

New York and Los Angeles (May 2009) – The business of PostWorks, LLC, a leading provider of post-production and equipment rental services to network television, cable, feature film, independent and other media customers, has been combined with Wexler Video, a leader in providing production and post-production equipment rental services for over 25 years.  Senior debt financing for the transaction was provided by affiliates of RBS Business Capital, while subordinated debt financing was provided by affiliates of Babson Capital Management.  Financial terms of the transaction were not disclosed.  PostWorks was advised by investment banking firm Hadley Partners, Incorporated (www.hadleypartners.com).

As a result of this transaction, H.I.G. Capital’s Telecorps Holdings, Inc. controls PostWorks, Orbit Digital, Wexler Video and Coffey Sound, and the combined company is an industry leader in providing production and post-production equipment rental and services.  PostWorks is the premier provider of post-production services in the New York market; Orbit Digital is a leading provider of post-production equipment rental services to the feature film market; Wexler is the market standout in serving the production and post-production equipment rental needs of the non-scripted television industry; and Coffey is the leading provider of audio equipment rental and services in the Los Angeles market.  As a result, Telecorps is able to deliver the industry’s only end-to-end production solution, with the capability to address a customer’s needs from camera lens to screen with both equipment and services.

H.I.G. Capital, the control shareholder of the combined company, is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, New York, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential.  Affiliates of PostWorks maintain a significant minority position in the combined company.

"Joining forces with Wexler will create great opportunities for the combined company. Not only will we be the most diversified service provider to the entertainment industry, but the cross-selling opportunities are enormous." said David Rosen, CEO of PostWorks. "We’re excited to work with the Wexler team and H.I.G. Capital, and believe our respective strengths will create significant value going forward."

“Hadley Partners has been involved in three transactions with our company during the past three years, and has both represented PostWorks and been across the table from us. We are very pleased with the outcome of this transaction and appreciate Hadley Partners’ representation.  The quality of their advice and execution has always been outstanding. Hadley Partners knows where to add value and how to execute on it,” added Rosen.    

For additional information about this transaction, please contact David Hadley at hadley@hadleypartners.com.

About PostWorks (www.postworks.com)
PostWorks is one of the film and television industry's most comprehensive digital motion picture and post-production companies, offering one complete source for every postproduction requirement including film processing, telecine/scanning, non-linear editorial and picture finishing, HD mastering, Digital Intermediate workflows and film recording, as well as comprehensive film and TV sound services. PostWorks has integrated seven acquisitions over the last six years and employs a world class team of artists, engineers and producers to serve Academy Award-winning filmmakers, cutting-edge independents and every major film studio and broadcaster.

About Hadley Partners (www.hadleypartners.com)
Founded in 1999, Hadley Partners always seeks to provide the highest-quality merger & acquisition advisory, private placement and financial advisory services. We have a world-class team of veteran bankers that bring Wall Street experience to middle-market and emerging growth companies. Our goal is to develop relationships of trust with the leaders of these companies and with investors that pursue investment opportunities in such companies. We provide our services in a fair and flexible manner, and we always put our clients’ interests first. Hadley Partners, Incorporated is a registered broker-dealer, and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.

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