BAYSIDE CAPITAL ANNOUNCES ACQUISITION
OF PETROCOM, LLC
September 13, 2006 – PetroCom LLC (“PetroCom” or the “Company”) announced that it has entered into a binding agreement to be acquired by an affiliate of Bayside Capital (“Bayside”). Headquartered in New Orleans, LA, PetroCom is a leading cellular carrier in the Gulf of Mexico and a full-service telecommunications solutions provider for the offshore industry.
PetroCom President Ken Wright commented, “We are thrilled to partner with a premier private equity firm as we enter our next stage of growth. Bayside’s investment represents an important milestone in our Company’s history, and their support will enable us to significantly expand our footprint. We will continue to provide excellent service to our valued customers in the Gulf, while broadening our service offerings into new products and markets, both domestic and international.”
Earlier this year, an affiliate of Bayside acquired Sola Communications, a leader in the delivery of telecommunications related services for the offshore oil and gas and emergency services markets. Anthony DiSimone, Managing Director of Bayside, said, “We look forward to working with PetroCom and its management team to build the premier Company in offshore remote communications. We believe that both PetroCom’s cellular and satellite offerings are highly complementary to Sola’s suite of satellite and related customized communications solutions. The combined businesses will allow us to significantly broaden the scope of the critical services we provide for our customers.”
About Bayside Capital:
Bayside Capital is a private investment firm which actively invests in the debt and equity of middle market companies that can benefit from operational enhancements, improved access to capital, or balance sheet realignments. With the ability to provide capital through a broad array of securities including senior and subordinated debt, equity, Debtor-In-Possession facilities, and special situation loans, Bayside has the experience and resources to help companies quickly resume growth initiatives and improve their strategic position. Bayside Capital is an affiliate of H.I.G. Capital, a leading private equity investment firm specializing in acquisitions and recapitalizations of middle market businesses. Based in Miami, Florida, and with offices in Atlanta, Boston, and San Francisco, H.I.G. is one of the most active private equity investors in small and medium-sized companies. We have available in excess of $3 billion of committed equity capital to support our investment activities. In the last decade, we have invested in over 75 companies with combined revenues of over $5 billion. |
