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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"www.thermocredit.com).
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"
www.fiberlight.com).
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"
www.globalstar.com).
Thermo acquired substantially all of Globalstar's assets pursuant to a sale
order by the US Bankruptcy Court. 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",
www.meritagefunds.com)
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 (
www.unitedengines.com). 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") pursuant to a
sale order by the US Bankruptcy Court. 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.
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