M/C Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, M/C Partners has acquired 5 companies. It has also invested in 2 others.

M/C Partners’ most common sectors for investment are communications (64%) and information technology (20%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (44%) and growth capital (20%). In total, M/C Partners has invested in 18 US states and 7 different countries. Its largest (disclosed) acquisition occurred in 2013 when it acquired Lightower Fiber Networks for $2.0B.

In the last 3 years, M/C Partners has exited 1 company. The Firm’s most common exit type is trade sale (55%). M/C Partners’ largest (disclosed) exit occurred in 2017 when it sold Lightower Fiber Networks for $7.1B.

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M&A Summary

  • M&A Total Activity65
    • M&A Buy Activity41
    • M&A Sell Activity24
  • Total Sectors Invested 6
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 55
  • M&A Advisors 6

M/C Partners

53 State Street, Suite 2602,
Boston, Massachusetts 02109
United States
(617) 345-7200
www.mcpartners.com
mcp@mcpartners.com

M/C Partners is a private equity and venture capital firm that targets communications, media and information technology companies throughout the US, Canada and Europe. M/C looks to invest $5 to $50 million per transaction and is usually the first institutional investor in its portfolio companies. Areas of interest include cable system operators, wireline communications services, fixed wireless broadband operators, media/content, mobile wireless data software and services and operators, wireless tower operators and on-demand software companies. Prospective transaction types include buyouts, growth capital and seed capital financing. M/C partners was formerly known as Chestnut Street Partners. M/C Partners was founded in 1986. The Firm is based in Boston with additional offices in San Francisco and London.


Investment Criteria

Sectors of Interest: Business Services, Communications, Information Technology, Internet Software and Services, Media, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Stake Purchase, Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 5 50
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.6/yr) # 33 1 - 3 4 - 41
vol $2.3B $2.3B
Sell (0.4/yr) # 22 1 1 - - - 24
vol $12.6B $7.1B $19.7B
  65

Most Recent M&A

Company Date Value Type
Bel Air Internet LLC 2020-12-22 - Add-on Acquisition
Sherman Oaks, California · www.belairinternet.com
AerioConnect LLC 2020-10-13 - Buyout (LBO, MBO, MBI)
Newbury Park, California · www.aerioconnect.com
QOS Networks 2020-09-21 - Growth Capital
Irvine, California · www.qosnet.com
TowerCom LLC 2020-05-12 - Growth Capital
Neptune Beach, Florida · www.towercomenterprises.com
Connectivity Wireless Solutions 2019-03-25 - Secondary Buyout
Duluth, Georgia · www.connectivitywireless.com
Gossamer Threads, Inc. 2019-01-08 - Buyout (LBO, MBO, MBI)
Vancouver, British Columbia · www.gossamer-threads.com
Carbon60 Networks, Inc. 2019-01-08 - Buyout (LBO, MBO, MBI)
Richmond Hill, Ontario · www.carbon60.com
Everstream Solutions LLC 2018-03-09 - Secondary Buyout
Cleveland, Ohio · www.everstream.net
Lightower Fiber Networks LLC 2017-07-18 7.1B USD Add-on Acquisition
Boxborough, Massachusetts · www.lightower.com
Neutral Connect Networks 2017-07-10 - Acquisition Financing
West Palm Beach, Florida · www.neutralconnect.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
CoreLink Data Centers LLC 2007-01-01 CoreLink - Las Vegas Data Center 2012-08-20 1
Mount Prospect, Illinois · www.corelink.com Chicago, Illinois

M&A by Sector

Sector Current # Value All-time # Value
Communications 5 (36%) - 26 (63%) 2.1B (91%)
Information Technology 5 (36%) - 8 (20%) 190M (8%)
Business Services 2 (14%) - 3 (7%) -
Internet Software and Services 1 (7%) - 2 (5%) 14M (1%)
Media - - 1 (2%) -
Technology Hardware 1 (7%) - 1 (2%) -
Total 14 - 41 $2.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 11 (79%) - 33 (80%) 2.3B (99%)
  California 5 (36%) - 6 (15%) 23M (1%)
  Florida 2 (14%) - 4 (10%) -
  Virginia - - 3 (7%) -
  Texas - - 3 (7%) -
  Massachusetts 1 (7%) - 2 (5%) 2.0B (85%)
  Illinois 1 (7%) - 2 (5%) 190M (8%)
  Colorado - - 2 (5%) 123M (5%)
  Iowa 1 (7%) - 1 (2%) -
  Georgia 1 (7%) - 1 (2%) -
  Washington - - 1 (2%) -
  South Carolina - - 1 (2%) -
  Oregon - - 1 (2%) -
  Ohio - - 1 (2%) -
  New York - - 1 (2%) -
  New Mexico - - 1 (2%) -
  Missouri - - 1 (2%) -
  Michigan - - 1 (2%) -
  Hawaii - - 1 (2%) -
Canada 2 (14%) - 3 (7%) -
  Ontario 1 (7%) - 2 (5%) -
  British Columbia 1 (7%) - 1 (2%) -
Puerto Rico 1 (7%) - 1 (2%) -
United Kingdom - - 1 (2%) 14M (1%)
Malta - - 1 (2%) -
Poland - - 1 (2%) -
Slovakia - - 1 (2%) -
Domestic 11 (79%) - 33 (80%) 2.3B (99%)
Cross-border 3 (21%) - 8 (20%) 14M (1%)
Total 14 - 41 $2.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (36%) - 18 (44%) 160M (7%)
Growth Capital 4 (29%) - 8 (20%) -
Venture - - 6 (15%) -
Divestiture 1 (7%) - 3 (7%) 190M (8%)
Recapitalization - - 1 (2%) 2.0B (85%)
Acquisition Financing 1 (7%) - 1 (2%) -
Add-on Acquisition 1 (7%) - 1 (2%) -
Consolidation 1 (7%) - 1 (2%) -
Secondary Buyout 1 (7%) - 1 (2%) -
Stake Purchase - - 1 (2%) -
Total 14 - 41 $2.3B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 8 (33%) 10.0B (51%)
Trade Sale 7 (29%) 9.5B (48%)
Secondary Sale 5 (21%) 190M (1%)
IPO 4 (17%) -
Total 24 $19.7B

Top M&A Advisors

Financial Deals
MVP Capital LLC
 2
Waller Capital Partners LLC
 1
Legal Deals
Choate Hall & Stewart LLP
 2
Norton Rose Fulbright LLP
 2
Goodwin Procter LLP
 1

Deal Values

buy # Total
> $1B 1 $2.0B
$100M to $1B 2 $313M
< $100M 2 $37M
TOTAL $2.3B
Largest Lightower Fiber Networks LLC
$2.0B (2013-04-11)
sell # Total
> $1B 4 $16.4B
$100M to $1B 8 $3.1B
< $100M 3 $144M
TOTAL $19.7B
Largest Lightower Fiber Networks LLC
$7.1B (2017-07-18)

M&A Connections

Deals
Acquired from
Investor(s)
2%
1 (2%)
Strategic(s)
7%
3 (7%)
Exited to
Investor(s)
21%
5 (21%)
Strategic(s)
54%
13 (54%)

Investor Summary

Size

Large

PE Assets

1.5B USD

Established

1986

Specialist/Generalist

Generalist

Leadership

Brian Clark

Managing Partner

David Croll

Managing Partner

Gillis Cashman

Managing Partner

James Wade

Managing Partner

Edward Keefe

CFO & CCO

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