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Globecomm sold to investor group

Globecomm Systems has announced that an investor group led by HPS Investment Partners and funds managed by Tennenbaum Capital Partners (TCP) have entered into a definitive agreement to acquire Globecomm from its current owner, New York-based private equity firm Wasserstein & Co.

{mprestriction ids="1,2"}The terms of the transaction have not been disclosed. The sale is expected to be completed in the third calendar quarter of 2017, subject to customary regulatory approvals.

Wasserstein & Co acquired Globecomm in 2013, in a deal worth approximately $340 million. The company has nearly 400 employees and 200 engineers spanning 17 offices and 10 countries, offering satellite communications services to maritime customers alongside its activities in the government and enterprise sectors.

“This transaction positions Globecomm’s business for the future and accelerates our company’s evolution to provide complex communication solutions to the connected world,” said Jason Juranek, chief executive officer of Globecomm.

“I am excited about our strong and growing pipeline of opportunities within our core markets, as well as investments we are making in adjacent verticals, to further expand our diversification strategy.”

“In the more than three years that we have partnered with HPS and TCP we’ve successfully delivered against our customer-focused strategy. With this transition, we have taken significant steps to recapitalise and strategically position Globecomm for long-term success.”{/mprestriction}

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