ABRY Partners: Financing partner for the media and communication industries

CapRock Completes $200 Million Private Equity Recapitalization

HOUSTON (February 2, 2006) - CapRock Communications, a leading global satellite communications provider to extreme and remote locations, announced today that it has completed a $200 million recapitalization through a majority share sale to Boston private equity firm ABRY Partners.  After generating a dramatic internal rate of return of 93 percent and a gross cash-on-cash return of 13.4 times for its previous owners, Genesis Park and The Riverside Company, CapRock’s senior management team initiated the process to recapitalize the company last year to support its long term global expansion strategy.

 

“CapRock has enjoyed a strong 25 year history, but the last four years have seen dramatic double digit compound annual growth fueled by globalization and vertical market expansion,” CapRock CEO Peter Shaper, said.  “The investment and support of Genesis Park and The Riverside Company have enabled CapRock to expand globally with acquisitions and new operations in Brazil, Indonesia, Mexico and West Africa.  We are proud of the return on investment CapRock’s employees have generated for our shareholders and look forward to continuing to expand our service capabilities for our customers in partnership with ABRY.”

 

Reflecting on the deal closure, ABRY Partners’ Jay Grossman said, “CapRock’s track record of success, both financially and as a true market leader, makes it a compelling addition to our portfolio.  We believe in the management team and their vision for expanding CapRock’s leadership in the remote satellite communications market.” 

 

CapRock’s existing management team, including Shaper, Olivier and the firm’s outside directors will continue their leadership of the company, with ABRY replacing Riverside on the board of directors.  CapRock intends to utilize the recapitalization to continue to expand its offering globally, lead the market in new products and services, and provide the highest quality and most reliable service available for the unique needs of its clients. 


Established in 1981, CapRock Communications is a premier global satellite communications provider for the off-shore energy, maritime, construction and mining industries, as well as for disaster relief and government applications. The Company utilizes the latest field proven satellite technologies to deliver highly reliable managed communication services for broadband networking, real-time video and digital telephony to the world's harshest and most remote locations. CapRock delivers on its promise to be the market's reliability leader by leveraging "best of breed" partnerships, technical expertise and a robust self-owned and operated global infrastructure that includes four international teleports and nine regional operation centers across the U.S., Central and South America, Europe, West Africa and Asia Pacific. More information about CapRock is available at www.caprock.com.

 

Based in Boston, Massachusetts, ABRY Partners specializes as a financing partner for the media and communication industries and enjoys a position as one of the most experienced and successful media-focused private equity investment firms in North America. Since 1989, ABRY has completed over $18 billion of leveraged transactions and other private equity and mezzanine investments, representing investments in more than 450 media properties.  Extensive and long-standing relationships with many different stakeholders in the media and finance businesses allow ABRY to contribute significant value to operating partners and portfolio companies. 

 

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