NAPLES — ASG Software Solutions recently secured $250 million in debt financing from TPG Opportunities Partners. Terms of the deal were not disclosed.
TPG, formerly Texas Pacific Group, is a private investment firm based in San Francisco that has raised nearly $52 billion since 1992.
The $250 million loan will help refinance debt currently held by ASG, a provider of software services for large corporations around the world. Arthur Allen, the founder of ASG, will remain as the company's chairman and CEO, according to a statement.
“We are excited about this loan and working with TPG to meet our financial obligations, while we work toward putting our company on firm financial footing and implementing our strategy for growth,” Allen says in a statement.
The company will add two unnamed independent directors to its board and its current management will undertake a review to enhance the company's competitiveness, according to the statement.
ASG is ranked 47th largest company on the Gulf Coast, according to the Gulf Coast 500, a compilation of the largest companies from Tampa to Naples by revenues. In 2011, the company reported $253 million in revenues, the same as in 2010.