M&A Deal Summary

NEXTLINK Communications Acquires WNP Communications

On January 18, 1999, NEXTLINK Communications acquired communications company WNP Communications from Alta Equity Partners, Valhalla Partners, Seaport Capital, M/C Partners, Advent International, Madison Dearborn Partners and Providence Equity Partners for 695M USD

Acquisition Highlights
  • This is NEXTLINK Communications’ 1st transaction in the Communications sector.
  • This is NEXTLINK Communications’ largest (disclosed) transaction.
  • This is NEXTLINK Communications’ 1st transaction in the United States.
  • This is NEXTLINK Communications’ 1st transaction in Virginia.

M&A Deal Summary

Date 1999-01-18
Target WNP Communications
Sector Communications
Buyer(s) NEXTLINK Communications
Sellers(s) Alta Equity Partners
Valhalla Partners
Seaport Capital
M/C Partners
Advent International
Madison Dearborn Partners
Providence Equity Partners
Deal Type Add-on Acquisition
Deal Value 695M USD

Target

WNP Communications

Earlysville, Virginia, United States
WNP Communications, Inc. is a provider of broadband wireless services.

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Buyer(S) 1

Buyer

NEXTLINK Communications

Auburn Hills, Michigan, United States

website


Category Company
Founded 1994
Sector Communications
DESCRIPTION

Nexlink Communications is the industry leader in the distribution of high quality wireless devices, personal electronics and accessories with a wide portfolio of products ranging from OEM, ODM, and fully remanufactured in the United States. Our channels of distribution encompass Regional Carriers, MVNOs, Dealer Agents, Enterprise/M2M and insurance providers. The company offers an array of turnkey business solutions designed to help partners increase sales, profitability, and efficiencies. Nexlink combines quality products with outstanding customer service, always delivering confidence to its customers.


DEAL STATS #
Overall 1 of 1
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Virginia) 1 of 1
Country (United States) 1 of 1
Year (1999) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 7

SELLER

Alta Equity Partners

Concord, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
Size Small
Type Sector Agnostic
DESCRIPTION

Alta Equity Partners is a private equity firm focused on acquiring lower middle-market, US-based companies. The Firm is a generalist investor but targets companies exhibiting recurring revenue business models, low capital intensity, proven management, and opportunities for growth. Prospective transaction situations of interest include recapitalizations, management buyouts, divestitures, and special situations. Alta Equity Partners was formerly known as Alta Communications. Alta Communications was formed in 1989 and the Firm changed its name to Alta Equity Partners in 2010. Alta Equity Partners is based in Concord, Massachusetts.


DEAL STATS #
Overall 8 of 45
Sector (Communications) 5 of 20
Type (Add-on Acquisition) 7 of 36
State (Virginia) 1 of 2
Country (United States) 8 of 43
Year (1999) 2 of 5
Size (of disclosed) 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-01 Coloma Wireless

San Francisco, California, United States

Coloma Wireless, a company formed to participate in the FCC's WCS/2.3 GHz spectrum auctions. Coloma purchased spectrum covering 75 million pops.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-04-12 Fundy Communications

Fredericton, New Brunswick, Canada

Fundy Communications is a cable TV and telecommunications provider in the province of New Brunswick, Canada. Alta made an initial investment in Fundy to enable the Company (which was publicly-traded at the time) to build a telecommunications infrastructure.

Sell CA$460M
SELLER

Valhalla Partners

Vienna, Virginia, United States

Investor Investor Investor

website


Category Venture Capital Firm
Founded 2002
PE ASSETS 440M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Valhalla Partners is a private equity and venture capital firm focused primarily on providing capital to technology companies in the Mid-Atlantic US. Valhalla will invest at all company stages, including early-stage needs as well as more mature company situations such as divestitures. Sub-sectors of tech Valhalla will consider include software, internet, digital media, mobile, and data storage. Valhalla Partners was formed in 2002 and is based in Vienna, Virginia.


DEAL STATS #
Overall 2 of 32
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 2 of 21
State (Virginia) 1 of 9
Country (United States) 2 of 32
Year (1999) 1 of 2
Size (of disclosed) 3 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-06-18 Intersolv

Redwood City, California, United States

Desktop development and data warehousing tools.

Sell $534M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-05-12 CareerBuilder

Chicago, Illinois, United States

CareerBuilder provides comprehensive online recruiting products and services for job seekers and employers and has uniquely syndicated its trademarked technology and content to create a network of private-label career sites. CareerBuilder was founded in 1995 and is based in Chicago, Illinois.

Sell -
SELLER

Seaport Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Seaport Capital is a private equity firm that targets equity and mezzanine investments in private middle-market companies. Funds are generally used to support late-stage growth opportunities, as well as buyouts and recapitalizations. Seaport prefers businesses with high margins and recurring revenues. Sectors of interest include marketing services, publishing, media, communications, business services, education, software, cable, and information services. Seaport seeks private companies valued between $25 and $150 million and looks to commit up to $30 million of equity per transaction. Seaport requires board representation and typically holds investments for three to seven years. Seaport Capital was formed in 1997 and is based in New York City.


DEAL STATS #
Overall 2 of 27
Sector (Communications) 1 of 8
Type (Add-on Acquisition) 2 of 16
State (Virginia) 1 of 1
Country (United States) 2 of 25
Year (1999) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-01-01 WNP Communications

Earlysville, Virginia, United States

WNP Communications, Inc. is a provider of broadband wireless services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-08-01 SirsiDynix

Lehi, Utah, United States

SirsiDynix, Inc. is a provider of integrated library systems (ILS) software, which is specialized enterprise resource planning software for libraries used to automate and optimize the entire operation of a library as well as enhance a library’s ability to serve its users and community. SirsiDynix was founded in 1979 and is based in Lehi, Utah.

Buy -
SELLER

M/C Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

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.


DEAL STATS #
Overall 5 of 31
Sector (Communications) 5 of 20
Type (Add-on Acquisition) 2 of 16
State (Virginia) 2 of 3
Country (United States) 5 of 26
Year (1999) 2 of 4
Size (of disclosed) 5 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-01 TeleCorp Wireless

Arlington, Virginia, United States

TeleCorp Wireless, Inc. provides digital wireless personal communications services to a licensed service area.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-02-23 FrontierVision Partners

Denver, Colorado, United States

FrontierVision Partners, L.P. is a provider of cable television systems in small and medium-sized suburban and exurban communities. The company controlled over 500,000 subscribers, principally in the states of Ohio, Kentucky, and Maine.

Sell $2.1B
SELLER

Advent International

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 76.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Advent is a global private equity firm that targets investments in North America, Europe, Asia, and Latin America. Advent's emerging market efforts are concentrated in Central Europe and Latin America. Advent seeks transactions valued between $50 million and $5 billion and can commit up to $2 billion of equity capital per investment. Broad areas of interest include business & financial services, retail & consumer, technology, media, & telecoms, healthcare & life sciences, and industrial. Prospective transaction types include buyouts, growth capital financings, take privates, and recapitalizations. Advent was formed in 1984 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 10 of 201
Sector (Communications) 3 of 16
Type (Add-on Acquisition) 5 of 76
State (Virginia) 1 of 1
Country (United States) 5 of 71
Year (1999) 1 of 14
Size (of disclosed) 23 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-12-01 CVC

Rochester, New York, United States

CVC, Inc. is a manufacturer of semiconductor equipment used in the production of evolving tape- and disk-drive recording heads, optical components, passive components, magnetoresistive random-access memories and various logic devices.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-26 Internet Securities

New York, New York, United States

Internet Securities, Inc. provider of economic, political and financial information on emerging markets via the Internet.

Sell -
SELLER

Madison Dearborn Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 28.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Madison Dearborn Partners (MDP) is a large private equity firm that targets buyouts of private or publicly held companies, divestitures of larger companies, recapitalizations of family-owned or closely-held companies, acquisition-oriented financings, and financings to fund internal growth. MDP's target investment size is $100 to $600 million in buyout oriented transactions and $100 to $400 million in growth capital commitments. Areas of interest include basic industries (natural resources, chemicals, energy and power, automotive, building products, food, metals and mining, refining, paper, packaging and forest products, and general manufacturing), as well as communications, consumer products/services, financial services, and healthcare. Madison Dearborn Partners was formed in 1992 and is based in Chicago, Illinois.


DEAL STATS #
Overall 3 of 68
Sector (Communications) 1 of 10
Type (Add-on Acquisition) 1 of 29
State (Virginia) 1 of 2
Country (United States) 3 of 60
Year (1999) 1 of 4
Size (of disclosed) 18 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-01 Ruth s Chris Steak House

Metairie, Louisiana, United States

Ruth's Chris is one of the largest fine dining restaurant companies in the U.S. Ruth's Chris originated in New Orleans and is now found in cities throughout the United States, foreign countries, and one U.S. territory.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-02-02 Eldorado Bancshares

Laguna Hills, California, United States

Eldorado Bancshares, Inc. is a company offers a broad range of commercial banking products and services to small and medium-sized businesses and retail customers.

Sell -
SELLER

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 57.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.


DEAL STATS #
Overall 3 of 90
Sector (Communications) 3 of 16
Type (Add-on Acquisition) 2 of 36
State (Virginia) 1 of 5
Country (United States) 3 of 64
Year (1999) 1 of 3
Size (of disclosed) 21 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-01 Bresnan Communications

Purchase, New York, United States

Bresnan Communications LLC operates cable television systems serving approximately 300,000 basic subscribers in Montana, Wyoming, Colorado and Utah. Bresnan delivers advanced products and services such as high-speed Internet access, high-definition television, video-on-demand and telephone to residential and business customers across an upgraded network.

Buy $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-02-01 Western Wireless

Issaquah, Washington, United States

Western Wireless Corporation is a cellular network operator that provided mobile telecommunications service to subscribers in 19 western states and seven countries.

Sell -