BOSTON, MA — Riverside Partners, a Boston-based private equity firm, announced today that its portfolio company ITC Global, a leading provider of satellite communication services for the energy, mining, and maritime markets, has entered into a definitive agreement to be acquired by the Panasonic Corporation. Founded in 2001 with regional headquarters in Houston, Texas; Sion, Switzerland; and Perth, Australia, ITC Global serves customers at more than 1,200 remote sites across 70 countries and all the world's oceans.
Riverside Partners acquired ITC Global in 2011. Steven F. Kaplan, a General Partner at Riverside Partners, said “This is a very exciting development for ITC Global. During our ownership, the company experienced an exciting period of expansion, growing sales through a combination of organic growth, new customer wins, and successful acquisitions.”
“My management team and I are very excited about this combination” said Joe Spytek, ITC Global's founder and Chief Executive Officer. “It fulfills the vision we had when Riverside Partners invested in the Company. Panasonic's global capabilities and leadership in satellite-based communication will enable ITC Global to enhance our core service offerings to all of our customers,” said Spytek. “This combination assures ITC Global's long-term access to next-generation satellite technology resources and strengthens our ability to deliver optimal value and service to meet our customer's current and future mission requirements.”
Upon the closing of the acquisition, ITC Global will become “ITC Global, A Panasonic Company” and will operate as an independent unit of Panasonic Avionics. ITC Global will continue to execute its current strategic plan under the leadership of Spytek, who will report to Paul Margis, President and Chief Executive Officer of Panasonic Avionics. ITC Global’s management team will remain in place and will continue to focus on its customers in the energy, mining, and maritime markets, while Panasonic Avionics will remain dedicated to its customers in the aviation market.
Panasonic’s global capabilities and leadership in satellite-based communication will enable ITC Global to enhance our core service offerings to all of our customers. Joe Spytek Founder and Chief Executive Officer, ITC Global
Panasonic, through its subsidiary Panasonic Avionics Corporation, is a leading provider of inflight communications and entertainment systems to the aviation market. By combining complementary strengths, ITC Global and Panasonic Avionics will become a new leader in global satellite services poised to support long term customer requirements as demand for bandwidth and efficient, reliable communications solutions continues to grow across the energy, mining, maritime and aviation markets.
The transaction is expected to close after customary conditions have been met and regulatory approvals obtained. Financial details were not disclosed.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund V, L.P. The fund focuses on growth-oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. Today, Riverside Partners manages $1 billion of equity capital and seeks to make investments in companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit www.riversidepartners.com.
About ITC Global
ITC Global is a leading provider of satellite communications to the energy, mining, and maritime markets. Companies in remote and harsh environments require communications with both global coverage and unwavering customer service. ITC Global enables improved real-time decision making and enhanced health, safety and environmental management through a unified communications solution, tailored to the requirements of each client. Solutions include custom network design, hardware implementation, field engineering, technical support and enterprise-grade satellite bandwidth. ITC Global operates 24 x 7 carrier-class networks across the Americas, Europe, Asia, Africa and Australia. ITC Global is a portfolio company of Boston based private equity firm Riverside Partners www.riversidepartners.com. For more information, please visit www.itcglobal.com.
About Panasonic Corporation
Panasonic Corporation is a worldwide leader in the development and engineering of electronic technologies and solutions for customers in residential, non-residential, mobility and personal applications. Since its founding in 1918, the company has expanded globally and now operates around 500 consolidated companies worldwide, recording consolidated net sales of 7.74 trillion yen for the year ended March 31, 2014. Committed to pursuing new value through innovation across divisional lines, the company strives to create a better life and a better world for its customers. For more information about Panasonic, please visit the company's website at www.panasonic.net.
About Panasonic Avionics Corporation
Panasonic Avionics Corporation is the world's leading supplier of inflight entertainment and communication systems. The company's best-in-class solutions, supported by professional maintenance services, fully integrate with the cabin enabling airlines to deliver the ultimate travel experiences with a rich variety of entertainment choices, resulting in improved quality communication systems and solutions, reduced time-to-market and lower overall costs.
Established in 1979, Panasonic Avionics Corporation, a U.S. corporation, is a subsidiary of Panasonic Corporation of North America, the principal North American subsidiary of Panasonic Corporation. Headquartered in Lake Forest, California with over 4,100 employees and operations in 80 locations worldwide, it serves over 200 customers worldwide and provides IFEC systems on over 3,700 aircraft. For additional information, please visit www.panasonic.aero.
Riverside Partners’ Contact:
Steven F Kaplan
General Partner
617-351-2820
skaplan@riversidepartners.com