satellite communications

Riverside Partners Sells ITC Global

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Riverside Partners has signed an agreement to sell its portfolio company ITC Global – a provider of satellite communication services – to Panasonic Avionics.

Riverside Partners has owned ITC Global since 2011. During its ownership term the company experienced a period of expansion, quadrupling sales through a combination of organic growth, new customer additions and add-on acquisitions.

Today, ITC Global is a provider of satellite communication services for the energy, mining, and maritime markets.  The company was founded in 2001 and has regional headquarters in Houston, TX; Sion, Switzerland; and Perth, Australia.  ITC Global serves customers at more than 1,200 remote sites across 70 countries and all the world’s oceans (www.itcglobal.net).

“Panasonic’s acquisition of ITC Global highlights the natural alignment of customers across the aviation, energy, mining and maritime markets, all of whom require mobile broadband, high reliability, global coverage and responsive customer service,” said Paul Margis, President and Chief Executive Officer of Panasonic Avionics.  “ITC Global is a proven leader and we share a common passion for excellent customer service.  Together, we look forward to taking satellite communications services to a new level of value and performance.”

Riverside Partners invests in established and growing middle market healthcare and technology-oriented companies that have revenues from $20 million to $200 million and EBITDA’s from $5 million to $25 million. Riverside Partners is currently investing its fifth fund, Riverside Partners Fund V, LP, with $561 million of capital commitments. The firm was founded in 1989 and is based in Boston (www.riversidepartners.com).

Panasonic Avionics Corporation is a supplier of in-flight entertainment and communication systems. The company’s systems integrate with the cabin enabling airlines to deliver travel experiences with a rich variety of entertainment choices.  Panasonic Avionics Corporation was established in 1979 and is headquartered in Lake Forest, CA.  The company has over 4,100 employees and operations in 80 locations worldwide (www.panasonic.aero).

Panasonic Corporation is a developer and engineer of electronic technologies and solutions for customers in residential, non-residential, mobility and personal applications. Since its founding in 1918, the company has expanded globally and now operates around 500 consolidated companies worldwide, recording consolidated net sales of 7.74 trillion yen for the year ended March 31, 2014.

Centerview Partners (www.centerview.com) acted as Panasonic’s exclusive financial advisor. 

© 2015 PEPD • Private Equity’s Leading News Magazine • 3-16-15

Wasserstein Acquires Globecomm Systems

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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

TA Associates Acquires Pactel International

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SpeedCast, a portfolio company of TA Associates, has acquired Pactel International, a satellite communications service provider.

Pactel provides satellite communications services throughout Australia and the Pacific. The company offers Internet, private networking and voice services to oil & gas operators, telecom companies, governments and multinational mining companies. Founded in 1999, Pactel is headquartered in Sydney, with additional offices in Perth, Australia and Jakarta, Indonesia (www.pactelint.com).

TA Associates acquired SpeedCast in September 2012. The buyout of Pactel by SpeedCast follows the December 2012 add-acquisition of Australian Satellite Communications and the January 2013 add-acquisition of Elektrikom Satellite Service.

SpeedCast is a network and satellite communications service provider offering managed networks services in over 35 countries throughout Asia-Pacific, the Middle East, Europe and Africa; and a global maritime network serving customers worldwide. SpeedCast’s customers include telecom carriers, Internet service providers, governments and non-governmental organizations, and other enterprises requiring communication services in locations where wire-based communication is not possible or practical, or where mobility is required. Through its SeaCast product, the company serves the broadband needs of the maritime and offshore oil and gas industries. The company has 13 international sales & support offices and 25 teleport operations and is based in Hong Kong with offices in Beijing, Singapore, Dubai and Kuala Lumpur (www.speedcast.com).

“As a well-established, long-time provider of reliable satellite solutions, Pactel is an ideal fit with our consolidation strategy and growth plans of strengthening SpeedCast’s presence in the Asia-Pacific region,” said Edward Sippel, Managing Principal – Asia Pacific, TA Associates Asia Pacific Ltd. “Through the Pactel acquisition and our earlier investments, we have created a business of scale that can even more effectively serve the needs of satellite communications customers. We anticipate there will be additional consolidation opportunities to grow SpeedCast’s leadership position in this fragmented industry in Asia-Pacific.”

TA Associates makes buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. Since founding in 1968, TA has invested in over 425 companies globally and has raised more than $18 billion in capital. The firm was founded in 1968 and has offices in Boston, Menlo Park, London, Mumbai and Hong Kong (www.ta.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 6-3-13