M&A Deal Summary

ABRY Partners Acquires CapRock Communications

On February 2, 2006, private equity firm ABRY Partners acquired communications company CapRock Communications from Genesis Park, Petra Capital Partners and The Riverside Company for 200M USD

Acquisition Highlights
  • This is ABRY Partners’ 5th transaction in the Communications sector.
  • This is ABRY Partners’ 12th largest (disclosed) transaction.
  • This is ABRY Partners’ 29th transaction in the United States.
  • This is ABRY Partners’ 4th transaction in Texas.
Investment Fate
  • CapRock Communications was sold to a publicly-traded strategic buyer in 2010 for 525M USD.

M&A Deal Summary
Date 2006-02-02
Target CapRock Communications
Sector Communications
Buyer(s) ABRY Partners
Sellers(s) Genesis Park
Petra Capital Partners
The Riverside Company
Deal Type Recapitalization
Deal Value 200M USD

Target

CapRock Communications

Houston, Texas, United States
CapRock Communications, Inc. is a provider of satellite communications services to the energy industry and the government.

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Buyer(S) 1

Buyer

ABRY Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 12.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

ABRY Partners is a media and communications focused private equity investment firm. Specific areas of interest include television, publishing, convention/trade shows, for-profit training, couponing, monitoring services, telephone companies, communications towers, music libraries, database providers, wireless communications, and in-store advertisers. ABRY can provide both equity and mezzanine capital, typically committing $20 to $200 million of equity or $15 to $50 million of mezzanine capital per transaction. Prospective transaction situations include buyouts, expansion financings, platform acquisitions, consolidations, and recapitalizations. ABRY Partners was formed in 1989 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 30 of 171
Sector (Communications) 5 of 16
Type (Recapitalization) 1 of 15
State (Texas) 4 of 18
Country (United States) 29 of 145
Year (2006) 4 of 10
Size (of disclosed) 12 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-16 iTradeNetwork

Pleasanton, California, United States

iTradeNetwork is an on-demand solutions provider for the Foodservice and Retail industries. The company is focused on providing the most efficient solution for the entire supply chain from beginning to end. iTradeNetwork provides integrated solutions that fully manage demand forecast planning, promotional planning, buy/sell transactions from placement through transportation, delivery, and payment.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-16 Broadcast Electronics

Quincy, Illinois, United States

Broadcast Electronics, Inc. is a provider of equipment and software solutions to the radio broadcast market.

Buy $100M

Seller(S) 3

SELLER

Genesis Park

Houston, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
Size Small
Type Sector Agnostic
DESCRIPTION

Genesis Park is a private equity firm focused on lower middle-market opportunities. Transaction situations of interest include growth capital financings, carveouts, buyouts, special situations, and helping founder/family companies. The Firm has a preference for majority control, but will consider select minority investments. Prospective businesses are generally profitable ($2 to $20 million) with $5 to $100 million of revenue. Genesis Park was formed in 1999 and is headquartered in Houston, Texas.

DEAL STATS #
Overall 2 of 12
Sector (Communications) 1 of 3
Type (Recapitalization) 1 of 2
State (Texas) 2 of 11
Country (United States) 2 of 12
Year (2006) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Red Arrow Energy

Houston, Texas, United States

Red Arrow Energy, LLC, is an oil and gas company, engages in the acquisition, development, and operation of upstream energy projects

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-22 FuelQuest

Houston, Texas, United States

FuelQuest, Inc. is a provider of supply chain management and tax automation software and services for suppliers, distributors, fuel buyers, and traders in the global downstream energy industry.

Sell -
SELLER

Petra Capital Partners

Nashville, Tennessee, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Petra Capital Partners is a private investment firm that invests in US-based, high-growth businesses operating in the business services, healthcare services, media/publishing, telecom, IT, and information services sectors. Target companies are generally cash-flow positive with revenues in excess of $10 million and growth rates above 20%. Petra can commit up to $20 million per transaction. The Firm typically invests in subordinated debentures with warrants to purchase equity securities. Petra Capital Partners is licensed as a SBIC. The Firm was formed in 1996 and is based in Nashville, Tennessee.

DEAL STATS #
Overall 4 of 30
Sector (Communications) 2 of 2
Type (Recapitalization) 1 of 2
State (Texas) 2 of 7
Country (United States) 4 of 30
Year (2006) 1 of 3
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-01 HealthTeacher

Nashville, Tennessee, United States

HealthTeacher provides timely, medical information to physicians, healthcare professionals, and patients. HealthTeacher is based in Nashville, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-06 Navigator Systems

Dallas, Texas, United States

Navigator Systems, Inc. is a provider of business intelligence and knowledge management IT solutions to Fortune 500 clients.

Sell -
SELLER

The Riverside Company

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Riverside Company is a global private equity firm that seeks investments in profitable lower middle-market companies valued under $400 million. Riverside looks to invest in growth businesses headquartered in North America, Europe, and Asia (primarily Japan and South Korea), that have been in operation for at least five years. Riverside targets investments in a wide array of industries including distribution, automotive, healthcare, education, manufacturing, software, consumer services, plastics, publishing, food, communications, marine, and business services. Riverside was formed in 1988 and is based in New York City.

DEAL STATS #
Overall 15 of 191
Sector (Communications) 1 of 2
Type (Recapitalization) 1 of 4
State (Texas) 1 of 12
Country (United States) 11 of 133
Year (2006) 1 of 4
Size (of disclosed) 7 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-24 Richter Chemie-Technik

Kempen, Germany

Richter supplies pumps, valves, controls and related services to segments of the chemical, fine chemical and pharmaceutical industries, and is a leader in fluoro-polymer lined pumps and valves for handling highly corrosive fluids in the chemical and pharmaceutical industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-28 RCS Management

Carmel, Indiana, United States

RCS offers comprehensive respiratory equipment products and services to more than 800 nursing homes, prisons and hospices in a dozen states. The company rents a broad range of respiratory equipment, provides liquid oxygen, and offers a suite of complementary services.

Buy -
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