M&A Deal Summary

Primus Capital Funds, Peppertree Capital and Cornerstone Holdings Acquire Pegasus Tower Development

On June 2, 2006, Primus Capital Funds, private equity firm Peppertree Capital and family office Cornerstone Holdings acquired communications company Pegasus Tower Development for 20M USD

Acquisition Highlights
  • This is Primus Capital Funds’ 3rd, Peppertree Capital’s 3rd and Cornerstone Holdings’ 2nd transaction in the Communications sector.
  • This is Primus Capital Funds’ 5th, Peppertree Capital’s 3rd and Cornerstone Holdings’ largest (disclosed) transaction.
  • This is Primus Capital Funds’ 15th, Peppertree Capital’s 8th and Cornerstone Holdings’ 6th transaction in the United States.
  • This is Primus Capital Funds’ 1st, Peppertree Capital’s 1st and Cornerstone Holdings’ 1st transaction in Virginia.
Investment Fate
  • Pegasus Tower Development was sold to a publicly-traded strategic buyer in 2012.

M&A Deal Summary

Date 2006-06-02
Target Pegasus Tower Development
Sector Communications
Buyer(s) Primus Capital Funds
Peppertree Capital
Cornerstone Holdings
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 20M USD

Target

Pegasus Tower Development

Tazewell, Virginia, United States
website
Pegasus Tower Development Co. LLC is a wireless infrastructure management and development services company.

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Buyer(S) 3

Buyer

Primus Capital Funds

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1983
PE ASSETS 900M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Primus Capital is a private equity firm focused on investing in established companies in the business services, healthcare and education industry sectors. Primus looks for established, high-growth companies with strong management and predictable/recurring revenues. The Firm will consider both control and minority positions and has a target investment size of $15 to $40 million. Prospective transaction types include growth equity financings, recapitalizations, and management-led buyouts. Primus was formed in 1984 and is based in Cleveland, Ohio.


DEAL STATS #
Overall 16 of 60
Sector (Communications) 3 of 3
Type (Buyout (LBO, MBO, MBI)) 10 of 13
State (Virginia) 1 of 2
Country (United States) 15 of 59
Year (2006) 1 of 1
Size (of disclosed) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-12 Enclara Pharmacia

Philadelphia, Pennsylvania, United States

Enclara Pharmacia, Inc. is a solutions provider focused on simplifying care delivery in chronic and complex care patient populations to improve patient experience, quality, and cost. We collaborate with healthcare organizations to drive value-based care through expertise, process, and technology.

Sell $269M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-11 Universal Tax Systems

Kennesaw, Georgia, United States

Universal Tax Systems, Inc. is a professional tax software industry for the past 24 years. The company offers a full range of tax compliance, accounting and practice management software programs and services for the tax and accounting professional.

Sell -
Buyer

Peppertree Capital

Chagrin Falls, Ohio, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 4.8B USD
Size Large
Type Sector Focused
DESCRIPTION

Peppertree Capital is a private equity firm that targets investments in mid to large-sized wireless telecommunication infrastructure companies. Peppertree focuses on growing companies with recurring, predictable cash-flows, and led by management with proven track records. Specific areas of interest include communication rooftop developers, fiber network operators, and related real estate projects. Target transaction types include buyouts, recapitalizations and growth capital financings. Peppertree Capital was formed in 2003 and is based in Chagrin Falls, Ohio.


DEAL STATS #
Overall 8 of 19
Sector (Communications) 3 of 6
Type (Buyout (LBO, MBO, MBI)) 6 of 6
State (Virginia) 1 of 1
Country (United States) 8 of 19
Year (2006) 1 of 2
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-21 Alamosa Holdings

LubbocK, Texas, United States

Alamosa Holdings, Inc. is a provider of wireless personal communications services (PCS). It operates the digital, code division multiple access wireless network.

Sell $4.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-19 Crossroads Media

Lansing, Michigan, United States

Crossroads Media LLC is an outdoor media services company providing outdoor advertising services.

Buy -
Buyer

Cornerstone Holdings

Denver, Colorado, United States

Investor Investor Investor Investor

website


Category Family Office
Size Small
Type Sector Agnostic
DESCRIPTION

Cornerstone Holdings is a family backed private investment firm focused on direct company investments as well as real estate opportunities. Within its direct investment practice, Cornerstone generally targets growth oriented companies with $2 to $40 million of sales and $1 to $5 million of EBITDA. The Firm's target investment size is $4 to $15 million. Cornerstone prefers prefers majority equity ownership positions or outright control when investing. Prospective transaction situation includes recapitalizations, LBOs, MBOs, and growth capital financings. Cornerstone Holdings is based in Denver, Colorado.


DEAL STATS #
Overall 6 of 7
Sector (Communications) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 2 of 3
State (Virginia) 1 of 1
Country (United States) 6 of 7
Year (2006) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 Tachyon

San Diego, California, United States

Tachyon is a provider of broadband satellite infrastructure and services designed to augment and extend terrestrial enterprise networks. Tachyon was founded in 1997 and is based in San Diego, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Magna Energy Services

Gillette, Wyoming, United States

Magna Energy Services is a provider of integrated oil and gas services in the Rocky Mountain region. Magna offers workover, fluids management, equipment rental, plug and abandonment, coal bed methane, and oil field construction services with operations bases in Wyoming, Colorado, North Dakota, and Utah. Magna Energy Services was founded in 2007 and is based in Gillette, Wyoming.

Buy -