Private equity firm buys Rick Kearney’s Mainline Information Systems

0
Private equity firm buys Rick Kearney’s Mainline Information Systems
Private equity firm buys Rick Kearney’s Mainline Information Systems

A global private equity firm headquartered in Miami has acquired Tallahassee-based Mainline Information Systems, founded by local tech entrepreneur Rick Kearney.

Kearney said H.I.G. Capital plans to invest hundreds of millions of dollars into Mainline, adding that it would be “just too much for me as an individual to try to grow at that pace.” The amount and terms of the sale were not disclosed.

“I’ve been doing it for 35 years, and the company’s not going anywhere. It’s going to continue for, hopefully, another 100 years,” said Kearney, who served as Mainline’s chairman before the sale. “There comes a time when it’s best to pass the baton to someone else. In this case, it’s a private equity company.”

link

Leave a Reply

Your email address will not be published. Required fields are marked *