Boston-based buyout shop Riverside Partners is taking a majority stake in ITC Global, a provider of satellite communications services to mining, energy and maritime businesses operating in remote environments. Terms of the deal were not released.
Riverside Partners, a Boston-based private equity firm, announced today that it has entered into an agreement to acquire a majority equity interest in ITC Global (“ITC” or the “Company”), an international provider of satellite communications services to mining, energy and maritime businesses operating in remote or harsh environments. As part of the transaction, Riverside Partners will also provide the Company with significant capital to support ITC’s future growth initiatives. ITC is headquartered in St Petersburg, Florida. The investment is expected to close following customary regulatory approvals.
ITC Global provides enterprise grade satellite communications services on a global basis. ITC’s customers enjoy custom-designed, innovative solutions, including regional and/or global clouds of capacity, hybrid fiber-satellite networks and high-level network engineering. ITC maintains facilities across the Americas, Europe, Asia, Australia and Africa, employs a global engineering and technical staff and runs state-of-the-art Network Operations Centers (NOCs) in St. Petersburg, Florida, Harahan, Louisiana and Perth, Western Australia.
“My management team and I were searching for a partner who took the time to understand our technology and end markets, and could provide the strategic and financial resources for our continued growth. We are excited about our partnership with Riverside and believe their expertise and commitment to growth will help us continue to scale our organization while providing the best technology solutions for our customers,” said Joseph Spytek, co-founder and Chief Executive Officer of ITC Global. “We are rapidly expanding our dedicated network and customer service capabilities as we follow our customers around the world and expand our market reach. We have all become accustomed to real-time, always-on connectivity and today’s corporate enterprise applications require a network that is scalable, predictable and highly available. Our customers rely on ITC to provide this connectivity to their remote locations through our global satellite network.”
“We believe that Joe and his management team have built a technologically advanced platform with significant growth potential,” said Steven F. Kaplan, a General Partner at Riverside Partners. “ITC’s global satellite communications network provides its customers with the mission critical bandwidth necessary for those businesses to function in an integrated manner with all of their geographically dispersed locations as well as to provide the communications necessary to support remote workforces. ITC has a deep understanding of their customers’ communications needs, offers superior customer service and enables increased efficiencies in the mining, maritime and oil & gas industries.”
About ITC Global
ITC Global is one of an elite group of companies that is able to deliver enterprise grade satellite communications on a global basis, with facilities across The Americas, Europe, Asia and Australia, and trained engineering and technical staff in key strategic locations. Providing satellite communications systems and ongoing support to some of the world’s largest and most successful mining companies in some of the most difficult and remote locations, ITC Global is also using its people, processes and technologies to deliver innovative solutions to oil and gas clients operating in developing markets and emerging gas fields. For more information, please visit www.itcglobal.com
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm focusing on growth-oriented companies in the healthcare and technology industries. Riverside is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20 – $200 million and with $5 – $25 million of EBITDA.