Riverside Partners said Monday that it has completed its buy of a majority stake in ITC Global. The deal was announced in November. St Petersburg, Fla.-based ITC provides satellite communications services to mining, energy and maritime businesses operating in remote or harsh environments.
Riverside Partners, a Boston-based private equity firm, announced today that it received final regulatory approval and has completed its acquisition of a majority equity interest in ITC Global (“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. ITC Global is headquartered in St Petersburg, Florida. The terms of the transaction, which was previously announced in November 2011, were not disclosed.
ITC Global provides enterprise grade satellite communications services on a global basis. ITC Global’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 Global 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.
“The creation of this partnership is exciting as ITC Global continues on its path of aggressive growth,” said Joseph Spytek, co-founder and Chief Executive Officer of ITC Global. “We are excited to work closely with Riverside Partners to drive our market leading position in providing fully managed global communications networks to the mining, energy, and maritime sectors. We will continue with Riverside Partners’ support to expand our product offerings and geographic coverage as well as provide our global clients with the highest level of reliability and service in the industry. Since originally announcing the investment by Riverside Partners in November of last year, we continue to see considerable growth in our business and have recently been awarded major energy contracts in the Gulf of Mexico and the North West Shelf of Western Australia.”
“We are excited to provide ITC Global with the capital and backing to accelerate its growth in the satellite industry,” said Steven F. Kaplan, a General Partner at Riverside Partners. “ITC Global has a high value-add position in their market, and the Company’s presence in the key mining, energy, and maritime verticals positions the Company for significant global expansion. We look forward to continuing to work with Joe and his team to create meaningful value for ITC Global’s customers.”
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. For more information, please visit www.riversidepartners.com.