Financing provides the Company with greater liquidity as it takes steps to improve its financial position for future growth
QualTek Services Inc., a leading turnkey provider of infrastructure services to the North American 5G wireless, telecom, power grid modernization and renewable energy sectors, 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.
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“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.”
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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.
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