Intrepid announced today that it served as the exclusive financial advisor to BCD International, Inc. (BCD) on its recapitalization with High Street Capital, a Chicago-based private equity firm. BCD is a leading supplier of mission-critical video storage solutions that maximize return on investment and reduce the complexities of video data infrastructure for its customers, including security integrators, software distributors, and OEM partners.
For over 20 years, the company has been a trusted partner to all major security industry constituents, delivering the industry’s most durable and best performing purpose-built solutions, unmatched product availability, and a performance guarantee not offered by anyone in the industry. In addition, BCD’s customer-first approach and white-glove service have allowed it to build a global footprint throughout the security community, with more than 150,000 systems currently recording over three million cameras in 90 countries.
To support the exponential growth of the global security market and its strong OEM partnerships, BCD launched an international engineering and manufacturing center in Ahmedabad, India, during the first quarter of 2021, with plans for continued expansion. As a trusted brand in the security industry with proven innovation and speed to market, BCD will continue to provide superior video surveillance and security solutions to global markets for decades to come.
Key participants in the transaction shared some of their thoughts:
What made High Street Capital stand out among other potential investors?
“What mattered most was to find an investment partner who not only ‘got us’ but most importantly ‘dug us,’” commented Jeff Burgess, Founder and CEO of BCD. “Of all the great investors to which we had the privilege to present our place in the security industry, it was evident that High Street Capital did both. Their vision is our vision and vice versa. They have already added strategic value to the organization and have blended in flawlessly with the executive team. In some ways, it is as if they have been here from the onset.”
What made BCD International an attractive investment target?
“From the outset, it was clear to High Street that Jeff had built a strongly differentiated business in the video surveillance infrastructure space by focusing on quality, purpose-built solutions that optimize system performance in each unique recording environment–all while providing industry-leading turnaround times to integrator customers,” said Charlie Bossart who led the investment for High Street Capital. Tim Kurth, Partner at High Street Capital, added: “BCD’s tremendous value-added offering, combined with an explosively growing end market, made the investment case clear. But what became apparent as we dug into the opportunity was the strength and durability of the culture that Jeff has built at BCD, in which employees are empowered to innovate and driven to succeed. High Street looks forward to partnering with Jeff and his team to help execute on BCD’s aggressive growth plans and continue to grow market share globally.”
What did you seek in an investment banking advisor? Why did you select Intrepid?
“We wanted more than just a banker; we wanted a true partner,” further commented Burgess. “For that to be possible, it was imperative that they understood who we are, why we are special, where we have been, and most importantly, where we are going. Intrepid was all that and much more. What they did not know, they quickly learned, as did we about the process. Gary and the team did a fantastic job in preparing us for every step. By the end of the process, the Intrepid team were experts in the nuances of the physical security industry and represented us with great authority.”
What are your thoughts on this outcome for BCD International?
“Congratulations to BCD and High Street Capital on this transaction which pairs BCD with a well-capitalized and strategic-minded partner to accelerate the company’s global expansion strategy,” said Gary Rabishaw, Managing Director and Head of the Commercial & Consumer Technology practice at Intrepid. “I have been doing this for more than 20 years, and rarely have I encountered a founder more passionate, enthusiastic, and dedicated to his craft than Jeff Burgess, which is reflected in the quality of the company’s products, reputation, and most importantly, its people. We are grateful to have had the opportunity to work with BCD and the Burgess family to make this transaction happen. High Street Capital is an ideal partner for BCD with significant expertise in investing and growing similar companies and being local to the Chicago area. Jeff is a living legend in the security industry, and we look forward to seeing what BCD can achieve in this next chapter.”
Clark Hill Law served as the legal advisor to BCD International, led by Steven Pacynski