NewSpring Capital has closed its buy of X5 Solutions. No financial terms were disclosed. Based in Seattle, X5 Solutions is telecommunications solutions provider.
RADNOR, Penn.–(BUSINESS WIRE)–NewSpring Capital (“NewSpring”), a family of private equity funds, announced today that NewSpring Holdings, the firm’s dedicated control buyout strategy, has completed its acquisition of X5 Solutions.
Headquartered in Seattle, Wash., X5 Solutions is a privately held company offering a complete suite of custom telecommunications solutions, from Traditional Voice and Data Services to SIP Trunking, Hosted Voice, Conferencing, Unified Communications and Ethernet. From the company’s roots in the Pacific Northwest to its current status as an international provider of telecom solutions, X5 consistently has focused first on customer service.
“With our acquisition of X5 Solutions, we see a unique opportunity to build on X5’s reputation for excellence by significantly expanding the company’s operational capacities and broadening the market for its products and services,” said Skip Maner, General Partner, NewSpring Holdings.
According to Maner, X5’s incoming management team has extensive experience in the telecom industry and knows the importance of investing in advanced technologies and features. Greg Forrest and Rick Hirsh bring decades of executive-level experience serving as founders and CEOs of several large, successful B2B technology service providers and technology integrators.
“The acquisition of X5 was a central first step in NewSpring’s long-term growth strategy,” explained Greg Forrest, incoming CEO of X5 Solutions. “The goal is to identify strong regional providers like X5 Solutions in a number of NFL-type cities and create a larger geographic carrier footprint to provide expanded communications, cloud and managed services.”
Forrest said the company will unveil new offerings that are appropriate for the market as early as late 2015, including extending cloud telecom/application capabilities, providing a Unified Communications solution for the retail, wholesale and government market sectors, and helping firms develop and migrate from TDM to SIP technology.
“This is an exciting opportunity for X5 Solutions to transform its infrastructure,” said Richard Reynolds, outgoing President/CEO, X5 Solutions. “I leave the company in excellent hands, and am very confident in the new leadership team and their vision to strengthen the brand customers have come to trust for over 15 years. Now, customers can look forward to a further broadening of network coverage and an expanded product/service portfolio – all delivered with the support and favorable cost structure that has positioned X5 as a consistent leader in the enterprise and Government sectors.”
About NewSpring Holdings
NewSpring Holdings, LLC, based in Radnor, Penn., focuses on control buyouts and platform builds, targeting profitable, growing companies with between $5 million and $25 million of revenue in business process automation, services, software and niche manufacturing/distribution. NewSpring Holdings seeks to partner with small businesses in transition or who need a financial partner to better assist them in achieving their goals. NewSpring Holdings is part of the NewSpring Capital family of funds, a leading provider of private equity capital focused in the Mid-Atlantic region with over $1 billion of committed capital supporting more than 100 portfolio companies across growth equity, control buyout and mezzanine debt funds. NewSpring Capital combines deep operating knowledge with financial and investing expertise to provide growing companies the financial resources, advice, network of contacts and strategic partnerships necessary to be successful. To learn more about NewSpring Capital, please visit www.newspringcapital.com.
About X5 Solutions
X5 Solutions is backed by more than two decades of experience in the telecom industry. The company has navigated the changing landscape of providers and communication technologies to deliver diverse solutions to private and public businesses, government agencies and wholesale partners across North America. X5 Solutions’ customer-focused approach and ability to leverage carrier diversity to customize solutions has fueled its success. X5 Solutions offers a complete suite of solutions, including Traditional Voice and Data Services, SIP Trunking, Hosted Voice, Conferencing, Unified Communications and Ethernet.