Cerberus Capital Management has acquired Eatontown, New Jersey-based TE Connectivity‘s Subsea Communications business, which has rebranded as SubCom, a provider of fiber optic cable systems. No financial terms were disclosed. In addition to the transaction, David Coughland has been named CEO of SubCom.
NEW YORK, Nov. 5, 2018 /PRNewswire/ — Cerberus Capital Management, L.P. and its affiliates (collectively, “Cerberus”), a global leader in alternative investing, today announced that it has completed the acquisition of the Subsea Communications business of TE Connectivity Ltd. (“TE”). Upon closing, the business has been rebranded to SubCom, LLC (“SubCom”) and industry veteran David Coughlan has been appointed Chief Executive Officer of the new company.
Headquartered in Eatontown, New Jersey with more than 1,400 professionals on four continents, SubCom is a global leader in delivering and maintaining the fiber optic cable systems that transmit nearly all of the world’s data and communications. SubCom’s track record for delivery and performance is backed by more than 200 completed networks on behalf of many of the world’s leading technology-focused companies and entrepreneurs. The business combines comprehensive technical and marine expertise to design, manufacture, deploy, and service the highest quality, most reliable undersea networks on the planet.
To lead SubCom going forward, David Coughlan, a 20-year industry veteran, rejoins the business, where he was previously the General Manager from 2001 to 2014. In addition, Mr. Coughlan was the General Manager of TE’s Sensor Solutions business unit from 2014 to 2016. Most recently, Mr. Coughlan was the Vice President of Business Development at Littelfuse Inc. (NASDAQ: LFUS), a global leader in circuit protection for electronic, automotive, and industrial customers, with over 11,000 employees in more than 50 sales, manufacturing, and engineering facilities worldwide.
“I am excited to be back at SubCom and working with our team members as we begin this new chapter,” commented Mr. Coughlan. “SubCom is already the largest subsea fiber optic cable solutions provider with #1 share in the long-haul market. Through this partnership with Cerberus, we will be able to execute on strategic opportunities to position us for long-term success, while continuing to deliver the highest lifetime value network solutions to our global customers.”
Michael Sanford, Co-Head of Private Equity and Senior Managing Director of Cerberus, added, “We look forward to working with Dave and the SubCom team to build upon the business’ leadership position. We believe that need for reliable, high-performing undersea networks will continue to be exceptionally robust as demand for data and connectivity continues to increase around the world. With its industry-leading capabilities and reputation for operational excellence, we are confident that SubCom will continue to be the partner of choice to deliver and maintain these critical undersea networks for years to come.”
Founded in 1992, Cerberus is a global leader in alternative investing with over $35 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.
SubCom designs, manufactures, deploys, maintains, and operates the industry’s most reliable fiber optic cable networks. Its flexible solutions include repeaterless to ultra-long-haul, offshore oil and gas, scientific applications, and marine services. SubCom brings end-to-end network knowledge and global experience to support on-time delivery, and meet the needs of customers worldwide. To date, the company has deployed over 200 networks – enough undersea cable to circle Earth more than 17 times at the equator. For more information about our solutions, visit us at www.subcom.com.