Msite

Silverpeak, the technology investment bank, acted as the exclusive financial advisor to MSite, the Liverpool-based provider of workforce management SaaS and solutions, on its acquisition by the Infobric Group (a portfolio company of Summa Equity). This acquisition unites the domestic market leadership of MSite and Infobric, in the UK and the Nordic region respectively, to create a European digital leader serving the construction sector.

MSite is a leading technology company in workforce management at construction sites. MSite’s platform is actively deployed by Tier 1 contractors such as Balfour Beatty, BAM, Morgan Sindall and Vinci Construction, as well as on the London 2012 Olympic Park. It is estimated that 40% of the UK’s construction workforce is enrolled on MSite’s platform today.

MSite will now become part of the Infobric Group. This acquisition is Infobric’s first outside the Nordic region and an important part of its international growth. MSite’s UK market-leading position lays the foundation for knowledge transfer that will strengthen Infobric’s offering for its entire customer base.

Silverpeak worked with MSite and its shareholders as their exclusive adviser to explore their options. Upon identifying the right time to launch the process, the Silverpeak team worked to a tight timetable to prepare the process, identify and pre-qualify potential buyers, negotiate the transaction and manage the process through to final completion, all within 4 months.

Neil Norman, Founder and CEO of MSite said: “To an entrepreneur, first exposure to the world of corporate finance advisors is daunting and you naturally question the value of their service. Frankly speaking, we could not have done this without the expertise and hard work of the Silverpeak team. At first, they challenged us to get ready for what was to come, then they expertly took the transaction across the line. If we do another deal, it will be with Pietro and the Silverpeak team.”

Pietro Strada, the Managing Partner at Silverpeak leading the process, added: “We are delighted to have advised MSite on this transformative transaction in the construction technology sector. Neil and his team have built a market-leading company centered around Msite’s SaaS platform, which has been validated by many of the most demanding and innovative UK construction companies. We thank MSite’s shareholders for their trust in Silverpeak and are proud to have delivered a great outcome for all.”

HIG Capital

Silverpeak, the technology investment bank, acted as the exclusive financial advisor to H.I.G. Capital (“H.I.G.”) and the management of the sub-sea division of Xtera Communications Inc (“Xtera”) on the acquisition of substantially all the assets of Xtera, a provider of innovative and bespoke sub-sea fiber optic solutions. Silverpeak supported H.I.G. who provided debtor-in-possession financing to the Xtera debtors in connection with the Chapter 11 case.

Established in 1998 and based in the UK (Harold Wood, Essex) and the US (Allen, Texas), Xtera supplies un-repeatered and repeatered sub-sea systems, using high performance optical amplifiers to carry data. Under H.I.G.’s ownership, Xtera’s management and technical team will remain at the helm of the business, focused on successfully executing key existing customer contracts and expanding the business in the rapidly growing markets it serves with a clear roadmap of disruptive product launches.

Thanks to their longstanding relationship, Silverpeak were appointed by the management of the sub-sea business line as exclusive advisors to find a financial sponsor, identifying H.I.G. as the most suitable partner based on their knowledge of the optical communications sector and belief in the management team.  Silverpeak also acted as exclusive financial advisors to H.I.G. providing financial advice through all phases of the transaction and working closely with Carl Harring, Managing Director at H.I.G. Capital.

Stuart Barnes, VP & GM of Xtera Sub-sea commented: “We selected Silverpeak because of their in-depth knowledge of the tech space, and in particular optical communications.  Throughout the process, they provided a great combination of intellect and pragmatism, which yielded a great result.”

Keith Henderson, COO of Xtera added that “The Silverpeak team are dedicated professionals with in-depth relationships in the technology market: without Silverpeak we would not have found a financial sponsor who could work to tight timelines and successfully close our MBO.  Silverpeak assisted us flawlessly from the beginning to the end of the transaction.”

Pietro Strada, the Managing Partner at Silverpeak leading the process, said “Our sector knowledge and relationships secured the trust of the management team and allowed us to find a formidable financial sponsor in H.I.G.  This transaction was complex and intense: the team here did an outstanding job at addressing the execution challenges.  We are delighted to have assisted H.I.G. and management in acquiring Xtera. The new business offers differentiated technology to submarine cable operators and no doubt will become a market leader in the years ahead.”