An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
QualTek Services Inc. (NASDAQ: QTEK) has secured $55 million in incremental term loans to enhance its financial position and continue its growth in telecommunications and infrastructure services. The financing aims to improve liquidity and support the company's strategic initiatives. QualTek has also appointed Cari Turner of Alvarez & Marsal as Chief Restructuring Officer to assist in this phase. Emanuel R. Pearlman has been appointed as an independent director as part of governance improvements. The Company operates in the North American 5G, telecom, power grid modernization, and renewable energy sectors, employing over 5,000 personnel across 65 locations.
Positive
Secured $55 million in new incremental term loans to improve liquidity.
Appointment of Chief Restructuring Officer demonstrates commitment to strengthening financial position.
New independent director brings extensive financial and strategic expertise.
Negative
None.
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
BLUE BELL, Pa.--(BUSINESS WIRE)--
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, Jeffries Group 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.
About QualTek
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.
Forward Looking Statements
This communication contains forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements about the financial condition, results of operations, earnings outlook and prospects of QualTek. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of the management of QualTek and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by QualTek.
Should one or more of the risks or uncertainties materialize or should any of the assumptions made by the management of QualTek prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements concerning the matters addressed in this communication and attributable to QualTek or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this communication. Except to the extent required by applicable law or regulation, QualTek undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this communication to reflect the occurrence of unanticipated events.
What is the recent financing announcement by QualTek Services Inc. (QTEK)?
QualTek Services Inc. announced the successful closing of $55 million in incremental term loans to enhance liquidity and support future growth.
Who has been appointed as the Chief Restructuring Officer at QualTek?
Cari Turner from Alvarez & Marsal has been appointed as the Chief Restructuring Officer to support QualTek's management team.
What is QualTek's focus in the telecommunications sector?
QualTek Services Inc. is a leading provider of infrastructure services in the North American 5G wireless, telecom, power grid modernization, and renewable energy sectors.
How many operational centers does QualTek have in the US?
QualTek has over 65 operation centers across the United States.
What is the role of Emanuel R. Pearlman at QualTek Services Inc.?
Emanuel R. Pearlman has been appointed as an independent director and will serve on the special committee reviewing strategic and financial alternatives.
