Hunter Street Partners Increases Capital Commitment to Leading Telecom Services Company
MINNEAPOLIS, November 24, 2020 /PRNewswire/ — Hunter Street Partners (“Hunter Street”), a Minneapolisalternative investment management company and Five Crowns Credit Partners (“Five Crowns”), are increasing their capital commitment to TriStruX, a leading provider of wireless telecommunications and infrastructure services in the North East, to finance the acquisition of High Point Utilities (“High Point”), a regional broadband network construction and maintenance company.
Hunter Street and Five Crowns Credit Partners will increase the total size of their senior secured term loan to $14.25 million, providing TriStruX with the capital needed to facilitate the acquisition of High Point and allowing greater flexibility for near-term growth. Hunter Street and Five Crowns announcement a first round of financing at TriStruX in June 2020.
TriStruX was formed as a result of a merger in May 2020 between Telcom Engineering Group and Leone Electric Company, a regional competitor. TriStruX is majority owned and led by the CEO Franck Pena and chief operating officer Nick Leone.
Complementary Acquisition Allows TriStruX to Add a Range of Customers in the Cable TV, Fiber Optic and Multi-System Carrier Markets, Further Diversifying into the Broadband Segment of the Telecom Industry . High Point’s management will work closely with TriStruX’s senior management following the transaction to ensure the effectiveness of the acquisition.
“This acquisition allows TriStruX to serve a wider range of potential customers and add service offerings to existing key customers in the New York City market,” said Andre Platt, Partner at Hunter Street. “We are proud to provide capital that will help the company grow to take advantage of additional broadband opportunities in the five boroughs of New York City,” noted Neal Johnson, CEO and CIO of Hunter Street.
“TriStruX’s expanded funding will allow it to better develop its customer relationships and pursue new opportunities,” said Chris Taylor, Managing Director of Five Crowns.
“TriStruX plans to accelerate its growth in its current markets and will continue to evaluate opportunities to expand its business,” said Mr. Pena. “With our new capabilities, TriStruX plans to actively pursue opportunities across the New York City region and undertake other projects,” said Mr. Leone.
The merger of Telcom Engineering Group (founded in 1991) and Leone Electrical Company (founded in 1977) resulted in an expanded offering to existing enterprise customers, increased ability to undertake new projects and improved operational efficiency through cost savings. ‘ladder.
ABOUT HUNTER STREET PARTNERS
Hunter Street Partners is a Minneapolisalternative investment management company that provides capital solutions to operating partner teams and lower middle market companies in corporate finance, real estate and specialty finance. The firm focuses on fundamental-driven, asset-driven credit and equity opportunities. Learn more about Hunter Street Partners at www.hunterst.com.
ABOUT FIVE CREDIT CROWNS PARTNERS
Five Crowns, a Newport Beach-based investment firm, was founded in 2003 to make value-oriented equity investments in lower-middle-market companies with an opportunistic approach. Driven by attractive market opportunities, the company expanded into credit in 2016 to provide flexible and creative financing solutions for acquisitions, shareholder buyouts, dividend wrap-ups and various growth initiatives.
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SOURCE Hunter Street Partners