Lender Acquires Human Capital Development CompanyPosted: Updated:
Indianapolis-based Adayana Industry Group has been acquired by a company owned by a Florida private lending firm. AVX Learning LLC says the Indiana business consulting, learning and technology services provider will continue to operate as an independent business unit. January 23, 2014
INDIANAPOLIS, Jan. 23, 2014 -- AVX Learning LLC announced the acquisition of Adayana Industry Group, an Indianapolis-based leader in organizational performance. Adayana Industry Group will continue normal operations as an independent business unit.
Adayana Industry Group provides learning, technology and business consulting services to help Fortune 500 companies improve their organizational performance.
AVX Learning LLC is a subsidiary of AVX Holdings, Inc., a portfolio company of West Palm Beach, Fla.-based private lending firm Comvest Capital ("Comvest"), a longtime lender to Adayana.
"Comvest shares Adayana's values, including our commitment to our customers," said Vice President of Sales and Marketing Steve McQueen. "This is an ideal relationship that will help Adayana's ability to grow and better serve our clients."
The new ownership will also bring new leadership to Adayana. Alan Kessman will now serve as President and Chairman of the Board of Adayana. Kessman is an Operating Partner at Comvest and previously was the CEO of Custom Cable Industries, ISOETEC Communications, Inc. Executone Information Systems, Inc. and Vion Pharmaceuticals, Inc.
"Following the acquisition by AVX we look forward to setting a direction and supporting management in their effort to put into place the programs necessary to enhance the value proposition for our customers," said Kessman. "It is our fervent hope that through Adayana's dedicated managers and employees we can establish the Adayana Industry Group as the preeminent leader in learning, technology and business consulting services in our targeted markets."
AVX also acquired the Adayana Government Group which will operate independently.
Adayana (www.adayana.com), headquartered in Indianapolis, Ind., is a global organizational performance improvement provider. Adayana uses integrated learning, technology and business consulting services to improve the performance of our clients' human capital and channel partners. Working with the world's largest Fortune 500 companies, Adayana was named one of Inc. Magazine's 500 fastest growing companies for three consecutive years.
About Comvest Partners
Comvest Partners, with $1.1 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. Our firm includes seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.7 billion of capital in over 115 public and private companies.
Source: Adayana Industry Group, Comvest Partners