CopperCom rescued by a grizzly

CopperCom, a company whose tagline is “liberating the local exchange,” got its own version of liberation this week when The Heico Companies, a 23-year old company started by the owner of the NBA’s Memphis Grizzlies, agreed to purchase the majority of the company for an undisclosed amount.

CopperCom’s previous investors, which include 11 venture capital firms as well as Intel, will maintain a stake in the company, though the company declined to detail the transaction.

The deal, which is expected to close in the next 30 days, comes just a few weeks after CopperCom laid off most of its 85 employees and announced that it was seeking financial alternatives.

“We started calling some of the [laid off] people on Monday,” said a CopperCom spokeswoman. “About 80% of the people are back already.”

Privately held Heico acts as a holding company and has more than 30 companies in its portfolio, with $1.5 billion in revenue and 9000 employees. The Chicago-based company, which has investments in aerospace, plastics, food production and material-handling equipment, was founded by Michael Heisley, who continues to take an active role in many of the portfolio companies.

The new owners of CopperCom, though, will keep the current management in place including President and CEO Mike Myers.

“The strategy and execution remain the same,” the spokeswoman said. “[Heisley is] going to let the management do what they do best.”