Date
Jan 2020
Region
Texas
We are pleased to announce the recapitalization of our client, Norris Training Systems Inc. (“Norris”), by Surge Private Equity LLC (“Surge”). The transaction closed January 3, 2020 and details were not disclosed.
Operating for 30+ years, Norris provides training hosting services to over 2,500 clients across its five facilities in Houston, Austin, San Antonio, and a newly launched Dallas location. Norris has consistently dominated the Texas market through its exceptional focus on quality customer experience, boasting a 10% top-line CAGR over the past 14 years.
The deal closed with financing from Modern Bank, N.A. (“Modern”). Primary sellers David and Linda Norris retained a minority share and will remain on in their current capacity as operators.
Surge is a Dallas-based private equity firm that typically seeks majority investments in growing businesses with $2-7.5MM of EBITDA. Together with its lending partners, Surge provides entrepreneurs with liquidity and investors with higher yields and greater accessibility through lower investment minimums. Surge primarily invests in companies where the seller will remain on board in an ongoing capacity.
With the addition of Norris, Surge now operates five platform investments with three add-on acquisitions. Thiago Farias is being hired to head up portfolio operations – traveling from company to company in an operationally-focused capacity to assist in the growth and development of Surge’s holdings.
Modern is a privately owned, entrepreneurial bank that provides flexible, competitive and reliable senior debt financing solutions to commercial companies. Their experienced bankers specialize in working with lower middle market companies and their owners to provide low-cost cash flow-based financing solutions.
Whether expanding a business, acquiring a company, or financing a new product, clients have come to rely on their deep credit market and industry knowledge, and the ability to provide tailored solutions for a variety of credit-related needs.
Chris Heckert, Managing Director Mergers & Acquisitions, with support from Senior Vice President Julio Dominguez, successfully completed the recapitalization. Executive Managing Director Bill Kushnir established the initial relationship with Norris.
"Norris is a great company with fantastic leadership. The opportunities for growth with a partner like Surge are incredibly exciting,” said Heckert.
To explore the many other transactions that we have supported in this industry, visit our dedicated Business Services page.
The information we learn from customers helps us personalize and continually improve your experience. Here are the types of information we gather.
We receive and store any information you enter on our Web site or give us in any other way. We do not sell or rent your personal information to others without your consent. We use the information we collect only for the purposes sending promotional information, enhancing the operation of our site, serving advertisements, for statistical purposes and to administer our systems. We DO NOT use third parties to provide customer service, to serve site content, to serve the advertisements you see on our site, to conduct surveys, to help administer promotional emails, or to administer drawings or contests, but reserve the right to do so in the future without advance notice.
DealForce, LLC’s affiliates are all part of one corporate family, they work with one another and may work together to provide services to you. The sharing of your information among affiliates enables DealForce to serve you more efficiently and makes it more convenient for you to do business with Generational Group. DealForce is permitted by law to share information with its affiliates. All of our affiliates follow similar privacy policies.
For reasons such as improving personalization of our service, we might receive information about you from other sources and add it to our account information.
Generational Group may license the use of its intellectual property including but not limited to its name, likeness, and logo for the use of affiliated offices. Such affiliated offices may not be owned, controlled, managed, supervised or staffed by employees, officers, or agents of Generational Group. Affiliated offices may be independently owned and operated. For more information about a particular office, please contact Generational Group at its office in Dallas, Texas.
This page may contain other proprietary notices and copyright information, the terms of which must be observed and followed.
Information on this web site may contain technical inaccuracies or typographical errors. Information may be changed or updated without notice. Generational Group may also make improvements and/or changes in the products and/or the programs described in this information at any time without notice.
Generational Group does not want to receive confidential or proprietary information from you through our web site. Please note that any information or material sent to Generational Group will be deemed NOT to be confidential. By sending Generational Group any information or material, you grant Generational Group an unrestricted, irrevocable license to use, reproduce, display, perform, modify, transmit and distribute those materials or information, and you also agree that Generational Group is free to use any ideas, concepts, know-how or techniques that you send us for any purpose.
Our computer system protects personal information using advanced firewall technology.
Information Generational Group publishes on the World Wide Web may contain references or cross references to other products, programs and services that are not announced or available in your country. Such references do not imply that Generational Group intends to announce such products, programs or services in your country. Consult a Generational Group representative for information regarding the products, programs and services which may be available to you.
Generational Group makes no representations whatsoever about any other web site which you may access through this one. When you access a non-Generational Group web site, please understand that it is independent from Generational Group, and that Generational Group has no control over the content on that web site. In addition, a link to a non-Generational Group web site does not mean that Generational Group endorses or accepts any responsibility for the content, or the use, of such web site. It is up to you to take precautions to ensure that whatever you select for your use is free of such items as viruses, worms, Trojan horses and other items of a destructive nature.
IN NO EVENT WILL Generational Group BE LIABLE TO ANY PARTY OR ANY DIRECT, INDIRECT, SPECIAL OR OTHER CONSEQUENTIAL DAMAGES FOR ANY USE OF THIS WEBSITE, OR ON ANY OTHER HYPERLINKED WEBSITE, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, BUSINESS INTERRUPTION, LOSS OF PROGRAMS OR OTHER DATA ON YOUR INFORMATION HANDLING SYSTEM OR OTHERWISE, EVEN IF WE ARE EXPRESSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
Furthermore, all information contained within this website is the property of Generational Group.