Soaring Pine Capital has acquired Technology Solutions, a provider of fulfillment and construction services to operators of cable or direct-broadcast satellite television systems. Soaring Pine partnered on this transaction with Jerry McCoy and William (Bill) Fenton, two cable/wireless industry executives. Mr. McCoy will serve as CEO and Mr. Fenton will serve as COO.
“The cable industry is undergoing dramatic changes with cable operators projected to spend billions in the next five years on infrastructure upgrades,” said Mr. McCoy. “In addition, cable operators are relying more heavily on third-party field services which provide a great opportunity for growth for companies like Technology Solutions.”
Technology Solutions is a full service provider of fulfillment and construction services to cable and direct-broadcast satellite television systems including storm rebuilds and repair; cable/fiber burials; video installation; directional boring; VOIP (voice over internet protocol) installation; telephony installation; equipment recovery; quality control audits; and node maintenance. The company was founded in 2003 by John Urso and is headquartered in the Chicago suburb of Schaumburg (www.tsiconnects.com).
Soaring Pine intends to grow the business by expanding the company’s footprint and branching out into new service lines. The buy of Technology Solutions was funded by Soaring Pine through a combination of equity, mezzanine, and senior debt in combination with management and seller equity.
Soaring Pine Capital invests in lower middle-market companies that have at least $2 million of EBITDA and enterprise values up to $50 million. Sectors of interest include energy, infrastructure, transportation, logistics, manufacturing, and business services. Other portfolio companies owned by Soaring Pine include Vesta Housing, a provider of up-scale modular housing (www.vestahs.com) and technology consulting firm Vixta Solutions (www.vixtasolutions.com). Soaring Pine is headquartered in the Detroit suburb of Birmingham (www.soaringpine.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 5-17-16