Soaring Pine Capital Growth Fund I purchased Chicago-based Technology Solutions, Inc., which will roll up to a holding company called Tikoo Solutions LLC. Birmingham, Michigan-based Soaring Pine Capital, a Simon Group Holdings company, will support the new entity’s expansion in partnership with two veteran cable/wireless executives, Jerry McCoy and William Fenton. Tikoo Solutions will be owned by the fund, the management team and Technology Solutions founder John Urso.
Soaring Pine Capital (Soaring Pine), a Simon Group Holdings company, is pleased to announce the purchase of Technology Solutions, Inc. (Technology Solutions) based in Chicago, Illinois, by Soaring Pine Capital Growth Fund I. In partnership with two cable/wireless industry veterans, Jerry McCoy and William (Bill) Fenton, Soaring Pine will provide support to the management team and leverage its resources to oversee the growth and expansion of Technology Solutions throughout the U.S. Technology Solutions will roll up to a holding company called Tikoo Solutions LLC owned by Soaring Pine Capital Growth Fund I, the management team and John Urso, Technology Solution’s Founder.
Soaring Pine funded the transaction through a combination of equity, mezzanine, and senior debt (along with equity from management and seller rollover equity) to provide a robust foundation for growth. Jerry McCoy will serve as CEO of the newly-formed entity and Bill Fenton will serve as COO. “Soaring Pine is delighted to be working with an exceptional team of seasoned veterans,” said Sam Simon, the Managing Member of Soaring Pine who will also serve as Chairman of the new holding company.
“The cable industry is undergoing dramatic changes with cable operators projected to spend billions in the next five years on infrastructure upgrades,” said Jerry McCoy. “In addition, cable operators are relying more heavily on third-party field services (outsourcing) which provides a great opportunity for growth for companies like Technology Solutions.”
Technology Solutions provides fulfillment and construction services to all major multiple system operators (MSO’s) throughout the U.S. and currently is working in 12 states. Working with John Urso, the new team will leverage the successful foundation that he created by expanding the company’s footprint and branching out into new service lines. “We will build out infrastructure to support the multi-family market as a private cable operator (PCO) in urban areas,” said Bill Fenton, COO. “This is an underserved market that allows the new company to provide affordable internet to lower income households.”
Technology Solutions and its executive leadership team fit well within Soaring Pine’s goal of backing championship-caliber management teams. Technology Solutions will join Vesta Housing Solutions, a modular housing provider, along with Vixta Solutions, a provider of strategic technology consulting, digital platforms and smart enterprise solutions.
Soaring Pine Capital is based in Birmingham, Michigan and is focused on investment opportunities in the following principal areas:
- Midwest lower middle-market companies. Soaring Pine pursues a value-add investment and growth strategy that combines the talents of a highly experienced investment team with the proven day-to-day performance excellence of industry leading operating partners. Soaring Pine leverages the resources of Soaring Pine Capital Series of Funds, a series of committed private equity and real estate funds whose capital comes from a network of successful entrepreneurial families, including Sam Simon, founder of Soaring Pine and Atlas Oil Company (1984).
- A variety of real estate assets including undervalued commercial real estate, multi-family properties, self-storage units, and troubled loans secured by commercial real estate in addition to special situations through its Soaring Pine Capital Real Estate and Debt Funds.
SOURCE Soaring Pine Capital