MIAMI, FL – (August 25, 2008) Trivest Partners (“Trivest”) today announced that it has acquired ATX Networks, Inc. (“ATX” or the “Company”), a leading designer and manufacturer of equipment for cable operators. Trivest and ATX’s management team, led by CEO Ken Wildgoose, acquired the Company directly from its non-active founder. Mr. Wildgoose and his team will continue to lead ATX’s daily operations. The ATX transaction represents the second platform investment for Trivest Fund IV.
ATX designs and manufactures a diversified suite of products used to fulfill the everyday requirements of the world’s largest cable companies for their network operations, maintenance and expansion needs. Headquartered in Ajax, Ontario, the Company has assembled a blue-chip customer base that includes every major cable operator in the United States and Canada. ATX focuses its product offering in the cable headend, but its product portfolio includes equipment found across the entire cable network architecture.
Ken Wildgoose, ATX’s President and CEO stated, “The ATX / Trivest partnership comes at an opportune time in our Company’s history. There are many growth opportunities for ATX and aligning ourselves with a proven financial partner such as Trivest provides the support we need to capitalize on the favorable industry dynamics. In addition, Trivest’s extensive experience in niche manufacturing will prove to be a valuable resource as we expand our business.”
Chip Vandenberg, a partner at Trivest stated, “The ATX transaction is consistent with Trivest’s long-standing investment strategy to acquire well run, founder-owned businesses in partnership with management. We are delighted to be working with Ken and his team and look forward to the Company’s continued success.”
Jamie Elias, a partner at Trivest added, “Trivest was particularly attracted to ATX due to their leading market share in their core product line. The cable network continues to evolve as high definition content and video-on-demand become more prevalent. ATX is well positioned to benefit from cable operators’ need to expand bandwidth and enhance services.”
Trivest’s newest investment vehicle, Trivest Fund IV, ATX management, and other co-investors provided equity for the transaction. The financing was led by CIBC Leveraged Finance, CIT Capital Ltd. and Bank of Nova Scotia.
Trivest Partners is a private investment firm that focuses on partnering with founder/family owned businesses in the United States and Canada. Since its founding in 1981, Trivest has completed more than 145 transactions, totaling nearly $4.0 billion in value. For additional information, please visit www.trivest.com.
