PHNS, the parent company of Venyu Solutions, has sold Venyu to its management. Venyu provides data protection, recovery and availability services. Gladstone Investment Corporation provided $25 million of subordinated debt and equity in support of the management buyout. Madison Parker Capital also participated in the financing. PHNS was advised by Jones Day on the deal and has been backed by several investors, including Nautic Partners, Gryphon Investors and Ferrer Freeman & Company, since a $90 million LBO in 2000.