An affiliate of Moorgate Capital Partners has partnered with management to acquire substantially all of the assets of ITC Service Group (ITC) from its founding shareholders.
ITC is a leading provider of planning, design, installation and maintenance services to the telecommunications and IT industries. Most recently, the company has been focused on designing, installing, maintaining and providing operational management services for fiber–to-the-home networks, an area that is expected to grow dramatically over the next several years as major industry participants deploy significant capital to build and upgrade networks. ITC currently employs approximately 700 people across the United States.
Tim Sauer, ITC’s founder, who will remain an owner and the President of ITC, says:“We are excited to partner with Moorgate and leverage their financial and industry expertise in order to accelerate the growth of the company.”
“ITC has a strong heritage in the telecommunications industry. With a reputation for quality and innovation, ITC has become a leading service provider to a number of major fibre-to-the-home and broadband operators,” says Michael Alexander, Partner at Moorgate. “We are delighted to be partnering with ITC’s experienced management team and look forward to working together to strengthen the company’s position in this rapidly evolving industry.”
Debt financing for the transaction was provided by Credit Suisse Park View BDC, Inc, QS Capital Strategies L.P. (Quilvest), and California Bank & Trust.
