News

Oct 17 2018

AFS Technologies Announces New Equity Investment from Symphony Technology Group

Symphony Technology Group Now Majority Owner of AFS Technologies. Purpose-built Software Delivering High Value Outcomes for Consumer Goods Manufacturers, Food Distributors, and Sales Agencies.

AFS Technologies, Inc. (“AFS”) a leading provider of software solutions purpose-built for consumer goods manufacturers, food distributors, and sales agencies, announced today that it has reached an agreement with STG Partners (“STG”) in which funds managed by STG have acquired a majority equity interest in AFS. TPG Specialty Lending, Inc. (TSLX or “TSLX”), which has been an investor in AFS since 2011, will retain a meaningful ownership interest in AFS going forward and will continue to support AFS as a financing partner.

Joe Bellini, CEO of AFS, noted, “Over the past twelve months, AFS has made significant research & development investments across its product portfolio and customer support organization. These investments have resulted in additional market-leading features and functionality, more streamlined architectures, and intuitive user interfaces and workstreams. As we initiate our launch into the next phase of innovation, the additional capital invested by STG and TSL will provide AFS with the flexibility to continue delivering best-in-class value to customers.”

AFS is an established market leader, with an end-to-end consumer goods platform across Trade Promotion, Retail Execution, Mobility, Analytics, Customer Management, Order Management, Warehouse Management, ERP and automated revenue recognition. It serves leading Food and Beverage CPG companies, including seven of the top 10 constituents of the Forbes Top 100 list. With over 1,300 installations globally, AFS solutions deliver value across tier-1, tier-2, and tier-3 customers. AFS is also a Microsoft Globally Managed ISV Partner – managed through the Worldwide OCP team.

Independent analysts, including Gartner and the Promotion Optimization Institute, have ranked AFS software products best-in-class, noting AFS’ differentiation in having implementations across every major geography.

William Chisholm, STG Managing Partner said, “AFS is an established market leader providing innovative software solutions that serve the needs of over 1,300 customers in the consumer goods industry across 50 countries. We are thrilled to partner with Joe and the AFS team to help accelerate the growth of the company’s next generation of retail execution, supply chain, trade promotion management and automated revenue recognition software solutions. We look forward to embarking together on the journey ahead.”

Barclays acted as financial advisor and Paul Hastings LLP acted as legal advisor to STG. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor to TSL.