Private equity firm GTCR has signed a definitive agreement to acquire Onvoy, LLC from Communications Infrastructure Investments, the company said.
Onvoy, headquartered in Minneapolis, Minnesota, provides wholesale voice-enabling services nationwide.
As part of the transaction, GTCR will partner with CEO Fritz Hendricks and the Onvoy management team as they continue to grow and develop the company´s service offerings and geographic breadth.
GTCR combined its long history of investment in the Telecommunications industry with its recent experience working directly with Onvoy to identify the company´s unique position in the marketplace. GTCR is currently a minority shareholder in Onvoy and has a representative on the board. This unique position allowed GTCR to better understand the strong value proposition that Onvoy offers its customers.
Onvoy provides easy-to-use voice and text functionality to carriers and integrators that choose to focus on customer-facing applications and service rather than infrastructure management. The company combines an intuitive software interface with its nationwide network of physical switches and dedicated transport to offer leading wholesale telecommunication services. Onvoy´s customers include major wireless carriers, rural telephone companies, high-growth Voice over IP (VoIP) and Over-The-Top (OTT) communications companies.
The transaction is expected to close in the first quarter of 2016.
Stephens Inc. served as financial advisor to GTCR and Latham and Watkins LLP provided legal counsel. Gibson Dunn and Crutcher LLP provided legal counsel to Onvoy.
Founded in 1980, Chicago-based GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services and Technology, Healthcare, Technology, Media and Telecommunications and Growth Business Services industries.
Onvoy delivers API-driven origination, messaging, termination, 911 and toll free as well as traditional telephony services, including tandem, database and OS/DA. White-label hosted PBX and vFax round out Onvoy´s innovative, customer-focused solutions. Founded in 1991, Onvoy is based in Minnesota.