M&A Deal Summary

Gilat Satellite Networks Acquires DataPath

On November 16, 2023, Gilat Satellite Networks acquired technology hardware company DataPath from Petra Capital Partners and Convergent Capital Partners

Acquisition Highlights
  • This is Gilat Satellite Networks’ 3rd transaction in the Technology Hardware sector.
  • This is Gilat Satellite Networks’ 3rd transaction in the United States.
  • This is Gilat Satellite Networks’ 1st transaction in Georgia.

M&A Deal Summary
Date 2023-11-16
Target DataPath
Sector Technology Hardware
Buyer(s) Gilat Satellite Networks
Sellers(s) Petra Capital Partners
Convergent Capital Partners
Deal Type Add-on Acquisition

Target

DataPath

Duluth, Georgia, United States
DataPath is a designer, integrates, manages and deploys satellite communication systems for military and commercial customers. Solutions include multi-band SATCOM terminals, network control software to manage and control communication networks, and global field support services. DataPath was established in 1982 and is based in Duluth, Georgia.

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Buyer(S) 1

Buyer

Gilat Satellite Networks

Petah Tikva, Israel
Category Company
Founded 1987
Sector Technology Hardware
Employees936
Revenue 926M USD (2019)
DESCRIPTION

Gilat Satellite Networks Ltd. designs and manufactures cutting-edge ground segment equipment, and provides comprehensive solutions and end-to-end services, powered by Gilat’s innovative technology. Delivering high-value competitive solutions, Gilat’s portfolio comprises of a cloud-based VSAT network platform, high-speed modems, high-performance on-the-move antennas and high efficiency, high power Solid State Amplifiers (SSPA) and Block Upconverters (BUC).

DEAL STATS #
Overall 3 of 4
Sector (Technology Hardware) 3 of 3
Type (Add-on Acquisition) 3 of 4
State (Georgia) 1 of 1
Country (United States) 3 of 4
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-19 Spacenet

Tulsa, Oklahoma, United States

Spacenet, Inc. is a provider of IT managed services in North America to the business and government segments.

Sell $16M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-17 Stellar Blu Solutions

United States

Stellar Blu Solutions is a provider of developing cutting-edge connectivity, network, and avionics solutions for next-generation satellite networks. Focused on continuing the development of aircraft communications technologies for the world’s leading airlines, as well as solutions for other aerospace and mobility markets, Stellar Blu provides turn-key inflight connectivity solutions including terminal development, aircraft integration, and certification and installation packages.

Buy $245M

Seller(S) 2

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 29 of 30
Sector (Technology Hardware) 2 of 2
Type (Add-on Acquisition) 17 of 17
State (Georgia) 2 of 2
Country (United States) 29 of 30
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-26 American Vascular Associates

Palm Harbor, Florida, United States

American Vascular Associates is a management services organization that provides a full suite of non-clinical services to vascular physician practices operating in office based labs and ambulatory surgery centers. AVA provides site location & development services, center management, revenue cycle management, staffing, scheduling, credentialing, marketing, compliance, and other services to its clientele. American Vascular Associates was founded in 2008 and is based in Palm Harbor, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-28 Viva Day + Med

Austin, Texas, United States

Viva Day Spa + Med Spa offers a full menu of spa and med spa treatments including botox, fillers, body contouring, laser hair removal, massages, facials, waxing, manicures, pedicures. Viva Day Spa + Med Spa was founded in 2005 and is based in Austin, Texas.

Buy -
SELLER

Convergent Capital Partners

Investor Investor Investor

Category Growth Capital Firm
Founded 1999
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Convergent Capital is a private investment firm that provides growth and debenture financing to late-stage growth companies. Convergent prefers to commit $3 to $12 million per transaction in businesses with at least $10 million in revenues. Convergent is a generalist investor and will consider businesses in a wide range of industries. Investment funds are typically used to assist growth, but the firm can also structure investments around buyouts, recapitalizations, consolidations, and add-on acquisitions. Convergent is licensed as a SBIC. Convergent Capital was formed in 1999 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 42 of 42
Sector (Technology Hardware) 2 of 2
Type (Add-on Acquisition) 13 of 13
State (Georgia) 1 of 1
Country (United States) 42 of 42
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-07 Turtle Fur

Morrisville, Vermont, United States

Turtle Fur is a manufacturer of Comfort-focused headwear and accessories in the outdoor, snow sports, and lifestyle markets. Turtle Fur was founded in 1982 and is based in Morrisville, Vermont.

Buy -
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