Wasserstein & Co. has entered into an agreement to acquire Globecomm Systems, a satellite communications provider, for $14.15 per share in cash. The transaction is valued at approximately $340 million. Globecomm has consolidated revenues of $320 million and an adjusted EBITDA of approximately $38 million.
The transaction will be financed through a combination of cash provided by Wasserstein & Co. and other co-investors, as well as debt financing. Highbridge Principal Strategies has entered into a commitment letter for the debt financing.
Globecomm Systems is a global communications services provider. Including satellite and other transport mediums, the company offers a suite of system integration, system products, and network services. Markets served include government, wireless, media, enterprise and maritime in the United States, Europe, South America, Africa, the Middle East and Asia. The company is based in Hauppauge, NY (www.globecommsystems.com).
“Globecomm is a leader in developing and managing complex communications solutions with a strong track record of growth and innovative engineering that leverages its global communications network,” said Anup Bagaria, Co-Managing Partner of Wasserstein & Co. “Globecomm has also made successful investments in new product development that we believe will drive future growth in both the company’s existing and new markets.”
Wasserstein & Co. is focused primarily on leveraged buyout investments and related investment activities in the media, consumer products and water equipment and services industries. The firm has offices in New York and Los Angeles (www.wasserco.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-27-13