Thermo Capital Partners
Thermo Credit LLC
FiberLight LLC
Globalstar Satellite Communications
Prudential Capital Partners
Meritage Private Equity
United Engines LLC
Xspedius Management Corp.
Xspedius Holdings Corp.
Thermo Companies

Thermo Capital Partners LLC, ("TCP") headquartered in Denver, CO., was formed to provide growth capital to small and medium sized companies. TCP believes that the consolidation of the financial services and banking industries is not adequately serving those businesses and anticipates that the trend will continue with the further globalization of the financial services industry. The firm is interested in the areas where it sees significant opportunity and has strong capabilities, proprietary deal flow and excellent reputation.

TCP is interested in providing capital to proven management teams who require strategic capital for organic growth, acquisitions or early stage financing. TCP is focused on investments from $5 to $100 million in telecommunications, business services and technology companies. In exchange for its investment, TCP expects a majority investment position and significant ownership in the venture. Historically, TCP has worked closely with its management teams serving as an experienced resource in strategic and financial decisions and in responding constructively to market changes. TCP and its affiliated companies have successfully employed a strategy of management autonomy and have structured incentives to align shareholder and management interests. TCP works with management to set realizable milestones which are critical steps in achieving the broader strategic goals leading to increased company value. These milestones incorporate performance measures and associated economic incentives that create near term and long-term opportunity for management.

TCP has invested and is active in the following companies:
  • Thermo Credit LLC, ("Thermo Credit" Thermo Credit is a privately held funding company that provides asset based loans and factoring services exclusively to the communications industry. In 2002, TCP sponsored a management team of industry professionals and fully funded its business plan. Thermo Credit targets established companies in every segment of the communications market including Long Distance, VoIP, Triple Play, Wholesale, Wireless, ISPs, CLECs and Content Providers who, because of their size and exposure to the telecommunications industry, cannot raise sufficient capital to run and grow their businesses. The company believes there is no other financing company solely focused on this micro-cap, telecommunications niche, and as such believes there is significant opportunity due to the large size of the market opportunity, the barriers to entry, and positive growth in this segment of the telecommunications industry.

  • FiberLight LLC ("FiberLight" FiberLight is an Atlanta- based company, is a leading provider of network infrastructure solutions and strategic network design services. FiberLight designs, constructs and maintains an extensive fiber optic infrastructure in 21 markets including the metro areas of Atlanta, GA; Baltimore, MD; Dallas, TX; Houston, TX; San Antonio, TX; South Florida; Tampa, FL; and Washington, D.C. FiberLight serves a diverse customer base including local and long distance telecommunications carriers, internet service providers, municipalities, utilities, Fortune 500 enterprises and Federal Government entities. FiberLight owns approximately 520,000 fiber miles and is well positioned for further growth as the need for high capacity data solutions increases.

  • Globalstar Satellite Communications ("Globalstar" Thermo acquired substantially all of Globalstar's assets in 2004. Thermo has provided critical support to Globalstar and has managed to restructure its businesses and capital structure to position the company for continued expansion in wireless markets around the globe. With over 375,000 subscribers, Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial and recreational users in more than 120 countries around the world. The company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages.

  • TCP has also made investments in two funds, Prudential Capital Partners, L.P. ("PCP") and Meritage Private Equity Fund, L.P. ("Meritage", to enhance its deal flow and expand its network of resources. PCP is a $600 million mezzanine fund with exclusive access to Prudential Capital Group's mezzanine deal network. The fund is focused on the middle market with a preference for manufacturing and service companies and has a fundamental value orientation, which stands to benefit from the disruptions in the high yield bond market. Meritage provides private equity to companies focused on communications networks and communications services with areas of focus in broadband, wireless and outsourced services. The fund is primarily an investor in early stage growth companies.
TCP has concluded its participation in the following investments:
  • United Engines LLC ( During 2001, Thermo and a senior management team made a $10 million investment to purchase two related companies, United Engines and UE Manufacturing (collectively "United"), in the diesel engine distribution and power transmission businesses. United sells engineered equipment, parts and service to numerous markets including transportation, drilling, power generation, and oil field services. The three-member management team and ownership group were previously senior managers at Stewart and Stevenson Services, including its past President/ CEO, Senior Vice President for Distributor Operations and its Vice President of Manufacturing. TCP successfully exited the business in 2006 thrugh a management-led recapitalization.

  • Xspedius Management Corp, LLC ("XMC" ). TCP made a substantial investment to create XMC. Through its investment, XMC acquired substantially all of the assets of e.spire Communications, Inc. ("e.spire"). XMC acquired e.spire's competitive local switching and substantial fiber assets in 36 markets spanning 19 states. XMC was an integrated communciations provider and offered traditional local and long distance voice services, dedicated Internet access, and advanced data solutions, including ATM Ethernet. Thermo committed additional capital and management to facilitate XMC's turnaround and growth.

  • Xspedius Holdings Corp. ("XHC" ). TCP also invested in XHC, a competitive communications carrier based in Lake Charles, Louisiana. XHC offered integrated voice, data and Internet services to small and medium-sized businesses throughout the southeastern states, and offered dedicated Internet service through SDSL and T-1's. Effective April 1, 2003, Thermo combined the businesses of XMC and XHC into one company which operated under the name Xspedius Communications ("Xspedius"). Thermo facilitated the acquisitions of MPower and ICG assets for Xspedius. TW Telecom acquired Xspedius in 2006.

Copyright 2002-2004 Thermo Companies, Thermo Capital Partners, LLC