Soaring Pine Capital Growth Fund I has bought Chicago, Illinois-based Technology Solutions, Inc., the company said.
The purchase was financed by Simon Group Holdings company Soaring Pine Capital.
In partnership with two cable/wireless industry veterans, Jerry McCoy and William (Bill) Fenton, Soaring Pine will provide support to the management team and leverage its resources to oversee the growth and expansion of Technology Solutions throughout the US Technology Solutions will roll up to a holding company called Tikoo Solutions LLC owned by Soaring Pine Capital Growth Fund I, the management team and John Urso, Technology Solution´s Founder.
Soaring Pine funded the transaction through a combination of equity, mezzanine, and senior debt (along with equity from management and seller rollover equity) to provide a robust foundation for growth. Jerry McCoy will serve as CEO of the newly-formed entity and Bill Fenton will serve as COO. “Soaring Pine is delighted to be working with an exceptional team of seasoned veterans,” said Sam Simon, the Managing Member of Soaring Pine who will also serve as Chairman of the new holding company.
Technology Solutions provides fulfillment and construction services to all major multiple system operators (MSO´s) throughout the US and currently is working in 12 states.
Technology Solutions and its executive leadership team fit well within Soaring Pine´s goal of backing championship-caliber management teams. Technology Solutions will join Vesta Housing Solutions, a modular housing provider, along with Vixta Solutions, a provider of strategic technology consulting, digital platforms and smart enterprise solutions.
Soaring Pine Capital is based in Birmingham, Michigan and is focused on investment opportunities in Midwest lower middle-market companies.
A variety of real estate assets including undervalued commercial real estate, multi-family properties, self-storage units, and troubled loans secured by commercial real estate in addition to special situations through its Soaring Pine Capital Real Estate and Debt Funds.