Serviscope gets cash infusion

June 29, 1994

Independent service organization Serviscope announced this month that it is acquiring $10.5 million in new equity. The infusion should be the last round of private financing before the Wallingford, CT, ISO seeks public funds,according to Emile

Independent service organization Serviscope announced this month that it is acquiring $10.5 million in new equity. The infusion should be the last round of private financing before the Wallingford, CT, ISO seeks public funds,according to Emile Geisenheimer, Serviscope chairman and generalpartner of Nazem & Co., Serviscope's lead investor.

Serviscope has grown dramatically since it was founded in 1990.The company's cash requirements have grown as well, and as a resultServiscope has recently received several rounds of private equityfinancing.

The latest round will ensure the company's long-term stabilityand growth and will support Serviscope as it pursues an aggressiveexpansion strategy, Geisenheimer said. The financing also putsServiscope on a track to go public in the near future.

While Serviscope sorts out its financial picture, the companyis still searching for a new chief executive to replace DonaldSouthard, who left the company earlier this year (SCAN 4/6/94).