Calvert Street announces the sale of Precision Camera
On December 22, 2005, Calvert Street Capital Partners ("Calvert Street") completed the sale of Precision Camera and Video Repair, Inc. ("Precision Camera") to a newly formed-company controlled by CIVC Partners, L.P., a private equity firm based in Chicago. Terms of the transaction were not disclosed.
Precision Camera is the largest provider of outsourced warranty repair services for digital cameras and camcorders in North America. The company repairs products covered under extended warranty and service plans sold by major consumer electronics retailers as well as acts as an authorized repair center for more than 20 original equipment manufacturers of digital imaging products.
Calvert Street acquired Precision Camera to partner with management in scaling the business to meet the rapidly growing demand for its services in light of exploding digital imaging technology’s penetration of photographic markets as well as increased consolidation among digital imaging product retailers. During Calvert Street’s investment period the company successfully built capacity and infrastructure and grew to be approximately three times its size at the time of acquisition.