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Brightwood Capital Advisors and PhenixFIN Corporation (NASDAQ: PFX) announced financing for CCP Capital Strategies’ acquisition of Wireless Maritime Services (WMS) from AT&T and Anuvu. WMS, based in Miramar, Florida, specializes in maritime cellular networks. The existing management will continue leading WMS as it operates independently. Brightwood emphasizes growth potential in the technology sector, while PhenixFIN expresses excitement over WMS’s customer growth opportunities. Together, they aim to support WMS’s expansion in maritime connectivity.
Positive
PhenixFIN's financing aids CCP's acquisition of WMS, enhancing its market position.
WMS's management continuity may ensure operational stability during the transition.
Increased consumer data consumption is expected to drive revenue growth for WMS.
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NEW YORK--(BUSINESS WIRE)--
Brightwood Capital Advisors (“Brightwood”), a leading private credit firm, and PhenixFIN Corporation (“PhenixFIN”), a publicly traded business development company, announced today that they have provided debt and equity financing to support CCP Capital Strategies’ (“CCP”) acquisition of 100 percent of Wireless Maritime Services, LLC (“WMS”) stock from AT&T and Anuvu.
Formed in 2005 and headquartered in Miramar, Florida, WMS provides maritime cellular networks enabling secure, high-performance connectivity at sea. WMS’ existing management team will continue to lead to the business, which will now operate as an independent platform.
“We are pleased to partner with PhenixFIN to provide a customized financing solution in support of CCP’s acquisition of Wireless Maritime Services especially given their success in the technology and telecommunications sector, which is a core market where we see continued growth opportunity,” said Sengal Selassie, Chief Executive Officer and Managing Partner at Brightwood. “Brightwood’s broad capabilities to serve borrowers across various stages of their business’s life cycle is an essential aspect of our investment strategy. Wireless Maritime Services has been an industry leader for over 15 years, and we look forward to their continued success, further bolstered by growth in consumer data consumption.”
“We are highly impressed by the WMS team, their strong expertise, and impressive growth story. We are excited to have the opportunity to partner with WMS, Brightwood, and CCP to help WMS grow its customer base and offer consumers more choices to stay connected while they are traveling,” said David Lorber, Chief Executive Officer at PhenixFIN.
“Brightwood and PhenixFIN were great partners, demonstrating tremendous flexibility throughout all phases of the acquisition,” said David Collier, Managing Partner at CCP. “Their insights during diligence were invaluable and we look forward to growing WMS together with them.”
About CCP Capital Strategies
CCP Capital is a private equity investment firm focused on companies operating in specialty communications, aerospace and government services. The firm specializes in working with founder-operators and in executing seamless divestitures to build best-in-class middle market companies. CCP has offices in Greenwich, CT and Atlanta, GA. For more information, please visit: www.ccpcap.com.
About PhenixFIN
PhenixFIN Corporation (NASDAQ: PFX) is a public, non-diversified, internally managed closed-end investment management company that has elected to be regulated as a business development company under the Investment Company Act of 1940. PhenixFIN is led by an investment team with a long track record of investing in private and public small and middle market companies, specializing in providing senior debt and equity capital to U.S. businesses.
PhenixFIN Corporation is headquartered in New York City. For more information, please visit: https://phenixfc.com/.
About WMS
WMS is a leading provider of maritime cellular networks, supporting the cruise, ferry, yacht and shipping industries worldwide. As award winning technology leaders, WMS enables digital transformation shaping the future of maritime by connecting people, data, and things through an exceptional wireless network experience. The company is headquartered in Miramar, FL with additional operations in Atlanta, GA.
About Brightwood Capital
Brightwood Capital Advisors, LLC is a leading private credit firm with a long-standing track record of investing in middle market businesses. Brightwood specializes in providing senior debt capital primarily to U.S. businesses with $5-$75 million of EBITDA within five core industries: technology & telecommunications, healthcare, business services, transportation & logistics and franchising. Brightwood partners with non-sponsored businesses as well as private equity sponsors to provide customized financing solutions for directly originated investments.
Founded in 2010, Brightwood is a minority-owned firm with a team of over 50 employees who manage more than $4 billion of assets on behalf of its primarily institutional investor base. Brightwood is headquartered in New York City. For more information, please visit: https://brightwoodlp.com/.
What is the purpose of PhenixFIN's recent financing?
PhenixFIN provided financing to support CCP Capital Strategies' acquisition of Wireless Maritime Services, aiming for market expansion in maritime connectivity.
What company did PhenixFIN finance the acquisition for?
PhenixFIN financed the acquisition of Wireless Maritime Services, which it purchased from AT&T and Anuvu.
What is PhenixFIN's stock symbol?
PhenixFIN's stock symbol is PFX, traded on NASDAQ.
Who is involved in the acquisition of Wireless Maritime Services?
The acquisition involves CCP Capital Strategies, financed by PhenixFIN and Brightwood Capital Advisors.
What are the expected impacts of the acquisition on WMS?
The acquisition is expected to bolster WMS's growth and customer base in the maritime connectivity sector.
