Chatsworth, Calif.—B-to-b media company 101communications announced Monday it has secured $25 million in senior financing from Merrill Lynch Capital. 101communications said the proceeds from the financing will provide the company with the capital necessary to fuel organic growth and fund acquisitions.
"The new financing has further solidified our balance sheet and will allow 101 to aggressively pursue a number of attractive growth initiatives," said Stuart K. Coppens, 101 communications’ exec VP-CFO.
Founded in 1998, 101communications is backed by Frontenac Co., a Chicago-based private equity firm, in partnership with current management. Frontenac continues to be the majority shareholder of the company.