HPS Investment Partners Acquires Globecomm
Hauppagge, NY, August 9, 2017--Globecomm Systems Inc., a service provider designing, integrating, and operating complex communication solutions differentiated by capabilities in satellite and wireless, announced today that an investor group led by HPS Investment Partners, LLC and funds managed by Tennenbaum Capital Partners, LLC have entered into a definitive agreement to acquire Globecomm from a New York-based private equity firm. Terms of the transaction were not disclosed.
With nearly 400 employees and 200 engineers spanning 17 offices and 10 countries, Globecomm leverages unique innovations, world-class engineering, and global network connectivity to link anyone to anything, wherever in the world their customers' needs dictate, no matter how remote, hazardous or challenging. Globecomm is dedicated to improving communications and leverages its world class, global teleport and fiber network and data centers to offer end-to-end, managed service communication solutions worldwide, all supported by a 24/7 Network Operations Center.
"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 D. 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 recapitalize and strategically position Globecomm for long-term success. Their collective experience and extensive expertise collaborating with management teams and companies in our industry will further enhance our ability to grow our business and provide our customers with state-of-the art services and solutions. We are eager to work with our new owners that continue to share our passion in the industry in which we operate and are supportive of our long-term future."
The transaction is expected to be completed in the third calendar quarter of 2017, and is subject to customary regulatory approvals.
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