TAMPA, Fla., Feb. 1, 2023 – Hyde Park Capital, Florida’s premier investment banking firm specializing in sell-side mergers and acquisitions for founder- and family-owned companies, announced today that its client Ascend Wireless Networks, a leading wireless network communications contractor, has been acquired by Sovereign’s Capital, a leading middle-market private equity firm based in Raleigh, North Carolina. The transaction marks another successful industrial and business services transaction for Hyde Park Capital and builds on the momentum of a continuing strong sell-side middle market for mergers and acquisitions in 2022.
Hyde Park Capital served as the exclusive sell-side investment banker to Ascend Wireless Networks for the transaction.
The mobile communication industry is poised for rapid growth in the next few years. According to the GSMA, the world’s largest mobile industry organization, in North America, mobile data traffic growth is forecast to more than triple from 2025 to 2027. In early 2022, smartphones accounted for 83% of mobile connections in North America, and 30 million new smartphone connections are expected to be in place by 2025.
“We built Ascend Wireless over almost a decade to become one of the leading telecom services companies in the Southeast, in the tower sector,” said Don Patterson, founder and CEO, Ascend Wireless Networks. “We are very proud of the excellent company we created, the outstanding work we did for our clients, and the success we earned every day going to work and doing a great job in the field.”
In connection with Sovereign’s Capital, Don said, “We could not be happier to have partnered with a great investment firm like Sovereign’s Capital. We believe that there is tremendous upside for the Ascend Wireless business under its ownership.”
“When we decided to entertain the sale of the company, we interviewed numerous investment banks, and we were very pleased with our selection of Hyde Park as our investment banker,” Patterson added. “Hyde Park Capital played a key role and was an important financial advisor in helping Ascend Wireless negotiate and structure the best deal possible for the company and its partners. The Hyde Park team demonstrated incredible knowledge and expertise throughout the course of our eventual transaction, and we greatly appreciate their efforts on our behalf.”
John Hill, senior managing director, Hyde Park Capital, said, “It’s been an honor working for Don Patterson and Glenn Fausset, Ascend CFO and shareholder, on this important sale of this company transaction. Don has relentlessly built Ascend Wireless since founding it in 2013, and the company has progressively captured additional market share in the telecom services sector because of a great reputation established over the years. It was important to Don and the other shareholders that the structure of the transaction was based on not only the economics of the deal, but also the strategic fit for employees and customers. We believe the company will continue to grow and prosper under Sovereign’s Capital’s ownership.”
Matt Gladdish, vice president, Hyde Park Capital, added, “We are excited to have found such strong strategic alignment between Ascend Wireless and Sovereign’s Capital. We anticipate that Sovereign’s Capital will make a significant contribution to the strategy and execution of expanding the Ascend Wireless platform for years to come.”
About Ascend Wireless Networks
Founded in 2013, Ascend Wireless Networks provides design-build services to the telecommunications industry. Providing a single source design, manage, construct, and optimize service offering, the Company’s expertise includes, raw land, existing structure “buildouts,” tower, rooftop and stealth as well as small cells and DAS sites that can be completed fully turnkey or modular, depending on customer desires. Customers can efficiently meet the goals of ubiquitous high-speed wireless broadband using the innovative methodologies and resources Ascend Wireless Networks offers to complete each project. For additional information, please visit www.ascendwirelessnetworks.com.
About Sovereign’s Capital
Founded in 2012, Sovereign’s Capital is a lower middle-market private equity firm operating in the industrial services, commercial and consumer services, education, healthcare information technology, specialty & B2B software, B2C software, tech-enabled goods and services, and medical devices sectors. Sovereign’s Capital has offices in Raleigh NC, Atlanta GA, Chattanooga TN, San Francisco CA, and Jakarta Indonesia. Seeking partnerships with company’s carrying a team first mindset and thriving culture, Sovereign’s Capital provides a values-driven approach to investing, an ability to hold investments long term, and a willingness to customize solutions to owner needs. Additional information is available at www.sovereignscapital.com.
About Hyde Park Capital
Hyde Park Capital is an institutionally focused boutique investment banking firm specializing in mergers and acquisitions and focusing on serving the corporate finance needs of successful founder and family-owned companies. Hyde Park’s principals have extensive investment banking experience managing merger and acquisition engagements, including executing sell-side and buy-side sale of company assignments, recapitalizations, financial advisory services, fairness opinions, and raising growth capital and acquisition financing for companies, including equity, mezzanine, and senior debt. Hyde Park Capital has extensive experience across numerous industry sectors, including industrial, technology, healthcare, business, and financial services. Hyde Park Capital is headquartered in Tampa, Florida, and is a member of FINRA and SIPC. Hyde Park Capital is also a member of the Geneva Capital Group (GCG) International M&A Alliance (see www.gcg.com). For additional information, please visit www.hydeparkcapital.com.
John H. Hill, Jr.
Hyde Park Capital
Hyde Park Capital