Fortress Solutions said Tuesday that it has acquired Restor Telecom. Financial terms weren’t announced. Leesburg, Florida-based Restor provides telecom equipment repair services. Fortress is a portfolio company of Galatyn Private Equity and VSpeed Capital.
DALLAS–(BUSINESS WIRE)–Fortress Solutions, a leading provider of telecom equipment repair, forward and reverse logistic programs and related professional services, announced today that it has acquired Restor Telecom based in Leesburg, Florida. With the acquisition, Fortress Solutions has become the second largest private company providing worldwide telecom equipment repair services.
Fortress Solutions, founded in 2002, has realized consistent year over year sales growth since its acquisition by Galatyn Private Equity and VSpeed Capital in 2012. The Company will significantly broaden its repair and logistics services with the addition of Restor Telecom’s customer base, highly skilled engineers and technical capabilities. Restor has realized consistent and sustained growth in the telecom equipment repair and logistics markets for over 30 years. Founded in 1982, Restor has set the standard of delivering high quality repair services in the market while providing cost-effective repair alternatives to the largest telecom operators. The merger of Fortress and Restor will provide the strongest and most reliable alternative for telecom repair and logistics services available in today’s market.
Fortress will continue to operate Restor’s development and production facilities in Leesburg, Florida and will maintain all of the current Restor employees. Current customers of Restor will see no disruptions in the high quality operations and customer service they experience today. Lisa Somerville, Restor’s Chief Executive Officer, will continue with Fortress as EVP and General Manager of Florida Operations. John Somerville will assume the newly created position of Chief Information Officer for Fortress and Grant Davis will continue in his current role as Vice President of Strategic Account Development.
The combination of Fortress and Restor will create the second largest telecom equipment repair supplier in the global market. The global market for the telecom equipment repair supplier market is expected to reach $508 million in 2015 and grow to $527 million in 2016 according to Greg Collins of Exact Ventures(a). He further explains, “The global telecommunications equipment repair market is a subset of the overall telecom carrier services market that includes advanced and reverse logistics, professional field services, equipment resale and supply, and video set-top box clean and screen services. When these services are combined with telecom equipment repair, the global market revenue for the carrier services market exceeds $4 billion annually.”
Brendon Mills, Chief Executive Officer of Fortress Solutions, added, “With the acquisition of Restor Telecom, we have significantly broadened our customer base and enhanced our reverse logistics capabilities and service offerings. Fortress now supports Telecom, Mobile and Video Equipment Reverse Logistics offerings to service providers in over 60 countries worldwide. This worldwide logistics capability includes 35 countries with distribution facilities and 25 countries with next business day coverage.”
Mr. Mills continued, “The acquisition is highly synergistic. We have a minor overlap in repair capabilities and only two shared major customers. With the inclusion of Restor’s repair capability, Fortress now supports repair processes for over 480 equipment manufacturers and 1,050 independent system platforms. With over 55,000 individual equipment SKUs supported, Fortress supports one of the largest spans of equipment repair offerings available worldwide.”
“All of us at Restor are very pleased to combine forces with Fortress,” said Lisa Somerville. “For over 25 years, Restor has been a leader in third party telecom repair and logistics. Restor is well known for its engineering capabilities, superb quality and turn-around time performance. With the combined financial, technical and operational strengths of the combined company, we look forward to offering new products and services to our combined customer base.”
For questions on the merger, or to receive a detailed FAQ and summary of the transactions, please contact Dan Walsh at +1-214-453-5600 or email firstname.lastname@example.org.
About Fortress Solutions
Fortress Solutions is a leading provider of product lifecycle repair and logistics services for the telecommunication and cable equipment markets. Founded in 2002, Fortress has built a reputation as a top supplier for service providers who demand high quality product repair, certification and logistics services. Fortress Solutions is headquartered in Plano, Texas with facilities in Leesburg, Florida and Lenexa, Kansas. Please visit the Fortress Solutions website at www.fortsol.com or the company Twitter feed at @Fortsol.
Note (a) – Market share calculations based on research from Exact Ventures, an independent market intelligence firm based in Burlingame, California.