Rep. Jared Polis Visits FreeWave Technologies, Sees Private Equity at Work
FreeWave’s Wulchin: ‘Our investment by private equity firm TA Associates provided us with the resources to further our growth, leading to a positive impact on our local community and economy.’
BOULDER, Colo., May 4, 2012 – Today Representative Jared Polis (D-CO-2) visited FreeWave Technologies’ headquarters in Boulder, Colorado. FreeWave Technologies (http://www.freewave.com) manufactures the most reliable, high-performance spread spectrum and licensed radios for critical data transmission.
“FreeWave Technologies is yet another example of a Boulder area company successfully attracting capital,” said Rep. Jared Polis. “As FreeWave Technologies demonstrates, private equity investments in Colorado companies have strengthened local businesses and brought good jobs to the region by providing needed investments for growth and to help companies succeed in the global economy,” Rep. Polis concluded.
FreeWave received a $113 million investment by private equity firm, TA Associates, in 2007. This investment has been instrumental in FreeWave continuing to grow its workforce, further its research and development efforts and expand into several new markets over the past five years. During this time, FreeWave increased its employee headcount by 76 percent and achieved record revenue last year. Its Boulder, Colo. facility supplies essential, cutting-edge wireless communications technology to government, defense, utility, energy and private sector customers.
“Our investment by private equity firm TA Associates provided us with the resources to further our growth, leading to a positive impact on our local community and economy,” said FreeWave Technologies CEO Steve Wulchin. “TA Associates has been instrumental in our company’s development over the past several years and we look forward to continuing our success for years to come.”
The $113 million investment is an excellent example of how private equity has the potential to benefit a community as a whole, as FreeWave, in turn, gave $9 million to its employees, which allowed them to also help stimulate the local economy.
As part of an ongoing program to introduce lawmakers to private equity-backed businesses in their districts, the Private Equity Growth Capital Council (PEGCC) arranged for Rep. Polis to meet FreeWave employees and tour its facility. The PEGCC recently launched a new website, to highlight the importance of private equity to the U.S. economy. In 2010 alone, private equity firms invested nearly $150 billion in U.S.-based companies. Private equity firms invested an estimated $23.4 billion in Colorado-based companies over the last 10 years, and there are approximately 60 private equity-backed companies headquartered in the state.
“Private equity-owned companies are important job creators in Colorado and in all 50 states,” said Steve Judge, PEGCC president and CEO. “It is important to highlight the successes of companies, like FreeWave Technologies, and educate the public, policy makers, and the media about the benefits of private equity investment for the U.S. economy,” Judge concluded.
About FreeWave Technologies
Founded in 1993, FreeWave Technologies manufactures the most reliable, high performing, lowest power consumption, spread spectrum and licensed radios for mission-critical data transmission. Through engineering excellence and a relentless commitment to best-in-class manufacturing, FreeWave customers enjoy superior radio up-time, range and the lowest cost of ownership available. Based in Boulder, Colorado, FreeWave designs and manufactures radios that are the leading choice for oil and gas, utility, military and numerous other industrial applications. Organizations that count on radio data communications for operational success where failure and down-time are not an option – trust FreeWave for custom network design, system engineering and customer support that are unparalleled in the market. For additional information, contact FreeWave directly at 866.399.4930 or at newsinfo@freewave.com. Visit the company’s website at (http://www.freewave.com).
About Private Equity at Work
Private Equity at Work is a new initiative by the Private Equity Growth Capital Council aimed at educating media, policy makers and the public about the private equity industry and its positive contributions to the American economy. The campaign is anchored by a new website and resource center and features educational content, industry data and an in-depth look at specific private equity investments that are driving growth and creating jobs.
About the Private Equity Growth Capital Council
The Private Equity Growth Capital Council (PEGCC) is an advocacy, communications and research organization and resource center established to develop, analyze and distribute information about the private equity and growth capital investment industry and its contributions to the national and global economy. Established in 2007 and formerly known as the Private Equity Council, the PEGCC is based in Washington, D.C. The members of the PEGCC are 34 of the world’s leading private equity and growth capital firms united by their commitment to growing and strengthening the businesses in which they invest. More information about the PEGCC can be found at (http://www.investmentcouncil.org).
