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