Recent Funding to Support Growth Strategy
SANTA BARBARA, Calif. – December 14, 2005 – Network Hardware Resale (NHR), the leading provider of pre-owned networking equipment, today announced that it has named Mike Sheldon chief executive officer, effective January 1. Chuck Sheldon, the company's founder and CEO since 1996, will continue as chairman of the company's board of directors.
"I have tremendous pride in the achievements of the past 20 years with Network Hardware Resale and its precursor Strand Computer Resale," said Chuck Sheldon. "NHR has been profitable since its inception in 1996, and today it is a $100 million dollar company. I feel confident that we are positioned for even greater success moving forward, and Mike Sheldon is the ideal executive to lead us in the next phase of our development."
Chuck Sheldon will retire as CEO effective January 1, adhering to a timetable he announced to NHR employees in 2004. He will continue to provide strategic leadership as chairman of the company's board of directors. John Sheldon, vice president and company co-founder, has also been appointed to the board of directors.
Mike Sheldon has served as vice president of sales since he joined Network Hardware Resale in 2001. A graduate of MIT, Mike began his career in investment banking with UBS and Barclays Capital in New York before joining Network Hardware Resale.
"I am in the enviable position of assuming the leadership of an exceptional company that is already extremely successful," said Mike Sheldon. "My goal is to continue the culture of integrity, extraordinary service and unwavering commitment to our customers that has made NHR a standout in the pre-owned equipment market. Even with the enormous success of the past decade, NHR has a great deal of potential yet untapped, and we will continue to grow even more aggressively in the next 10 years."
On December 13, Allied Capital announced that it has provided $50.5 million in financing to Network Hardware Resale. The funding will allow NHR to capitalize on opportunities to expand its operations.
"We are delighted to partner with Allied Capital, a company that we believe shares our core values and will be a strong financial ally," said Mike Sheldon. "Access to additional capital will give us greater agility as we evaluate opportunities and execute our growth strategy."
About Allied Capital Corporation
Allied Capital Corporation (NYSE: ALD) is a leading business development company with more than $3 billion in total assets. Since its IPO in 1960, Allied Capital has provided long-term debt and equity capital to thousands of middle market companies throughout the U.S. Allied Capital invests in the American entrepreneurial economy by providing capital to companies seeking a long-term financial partner and access to managerial resources often unavailable to smaller companies. Allied Capital's private finance portfolio currently includes investments in over 100 companies that generate aggregate revenues of more than $10 billion and employ more than 10,000 people. For more information, please visit www.alliedcapital.com.