CREEDMOOR, N.C., May 22, 2019 /PRNewswire/ -- StayOnline, a manufacturer and distributor of a wide selection of highly-specialized power cords and cables, announced today that Mark Panico has been appointed CEO, while founder and former CEO Jim Higgins will remain a board member, shareholder and special advisor to the Company.
Higgins and the Board of Directors, who worked together to identify a successor, are confident Panico has the experience and skill set necessary to lead StayOnline into its next phase of growth.
"Over the last six months we have been searching for the right leader to take our business into the future. In Mark, we have identified someone who possesses strong leadership, effective communication skills, deep industry knowledge and close customer relationships," Higgins said. "Mark's previous positions and proven track record of success make him an excellent fit to lead StayOnline. We are confident that his deep experience in data services and robust industry connections will help propel StayOnline into its next chapter."
Panico, whose tenure as StayOnline CEO began Monday, brings more than 20 years of experience in management positions at companies in the data services and manufacturing industry. Most recently, Panico was the president of the Data Communications Division at Legrand, which includes the C2G, Quiktron, Lastar, and Ortronics brands. At Legrand, Panico led the company through six acquisitions in seven years.
"I am looking forward to the opportunity to lead StayOnline as we pursue our next stage of growth," Panico said. "I will continue to build on the solid foundation that has been established and am honored that Jim and the Board of Directors have chosen me to lead the Company."
StayOnline partnered with Huron Capital's non-control equity group, Huron Flex Equity, in 2017 with the goal of pursuing growth organically and through acquisition opportunities.
"We believe Mark's successes in completing acquisitions and strong leadership skills make him the right fit to guide the Company moving forward," Huron Capital Partner Doug Sutton said. "We also would like to sincerely thank Jim for his leadership and contribution to StayOnline over the past 32 years, growing it to the leading power and data cord manufacturer that it is today. The Company's success to date would certainly not have been possible without him."
Founded in 1987 by Jim and Bellinda Higgins, StayOnline manufactures and distributes a wide selection of highly-specialized power cords and cables for the data center, power infrastructure, and industrial markets. The company has one of the largest in-stock inventories of its kind in the world, and exports to more than 100 countries annually. StayOnline's innovations and first to market solutions lead the power cord, plug adapter and power distribution industries. For more information, please visit: www.StayOnline.com
About Huron Capital
Based in Detroit, Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. Celebrating its twentieth anniversary in 2019, Huron Capital has raised over $1.8 billion in capital through six committed private equity funds and invested in over 170 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both control and non-control equity stakes in fundamentally-sound companies that can benefit from the firm's operational approach to creating value. Huron Capital's sector focus includes business services, consumer products & services and specialty industrials. For more information, please visit: www.huroncapital.com.
Brent Snavely, Director
Lambert & Co.