Plymouth Ventures Provides Funding for FutureNet Acquisition
ANN ARBOR — Plymouth Ventures announced its sixth investment from Plymouth Venture Partners Fund II, in FutureNet Security Solutions LLC, a subsidiary of Detroit-based FutureNet Group Inc.
On July 10 FNG management announced that it had reached an agreement with Smith & Wesson Holding Corp. to acquire the assets of the company’s perimeter security division, Smith & Wesson Security Solutions Inc.
Over the past three years, SWSS has successfully completed over $130 million in perimeter security projects at more than 110 military installations, 16 distinct federal agencies, and a range of Fortune 500 commercial clients.
FNG and SWSS have collaborated on past projects, and together have completed over $11 million of turnkey security construction projects for the Federal Government.
The asset purchase closed last week with funding from Plymouth Ventures.
“The deal represents a unique combination of strong management, industry leading product and service offerings, a history of successful collaboration and a value equation which will allow FNSS to flourish.” Plymouth Ventures CEO Mark Horne said. “The fact that this is a minority owned enterprise, based in a HUBZone in Michigan’s largest city, makes this deal extra special to us as investors who are thrilled to participate in the rebirth of this region’s urban entrepreneurial communities.”
Added FNG CEO Perry Mehta: “Our relationship with Plymouth Ventures has been a true partnership from the very start. Mark Horne provided the experience, process and speed we needed to execute on this transaction. I expect we will work closely with Mark for many years to come as we continue to grow and strengthen our business.”
Plymouth Venture Partners II is a follow-on fund to Plymouth Venture Partners Fund I. PVP I became fully invested in 2009 after completing investments in 29 companies. Plymouth Venture Partners II invests in growth stage companies in the Great Lakes region. For more information, please visit www.plymouthvc.com.
FutureNet Group Inc. is a Detroit-based federal contractor with more than 125 employees located in its Midwest, Southwest, Southeast and East Coast regional offices. Its certifications include ISO 9001:2008; US SBA 8(a); US SBA HUBZone; several GSA Schedules, etc. For more information, visit www.FutureNetGroup.com, or call (313) 544-7117.