Koch Equity Development, in conjunction with co-investors including affiliates of Eaglehill Advisorsand MSD Capital, have acquired a minority equity stake in Trident Private Holdings III, the holding company of Transaction Network Services (TNS).
TNS, a portfolio company of Siris Capital Group, provides connectivity and gateway services via a global network enabling its customers to exchange data and information and transact worldwide. Siris acquired TNS in a sponsor-led “take-private” transaction in 2013 and will continue to hold a controlling interest.
“Siris and KED share a similar philosophy on how to drive world-class performance and create value in companies like TNS,” says Frank Baker, co-founder and managing partner of Siris. “The investment provides a solid foundation for TNS’ management team to continue to pursue attractive growth and acquisition opportunities in new products and markets.”
“This is an exciting investment opportunity for KED,” says Brett Watson, managing director of KED. “TNS has an excellent reputation for delivering reliable interoperability solutions and a strong management team with a consistent record of delivering results.”
Matt Flamini, president of KED, adds: “Joining with best-in-class investors like Siris in businesses with strong management teams is a core tenet of the KED investment strategy.”
Bob Aquilina, Siris Capital Executive Partner and Executive Chairman of TNS, says: “The investment is a strong validation of the market leadership and growth strategy of TNS, as well as the success achieved by the management team and Siris to date. We welcome the fresh perspective of the new investors to the board and their commitment to the success of TNS.”
Mike Keegan, TNS’ chief executive officer, says: “Following the recent divestiture of the Caller Name and Line Information Database Solutions business, the company is better positioned from both a capitalisation and growth perspective, providing us ample flexibility to continue to focus on growth in global managed network services across the payments, financial services, and telecom verticals, while continuing to serve our customers’ most mission-critical requirements at the highest levels.”