Hastings Equity Partners Builds Leading Telecom Services Platform with Investment in WiseConnect
BOSTON, MA, March 21, 2023 – Hastings Equity Partners (“Hastings”), a preferred capital partner to founders of lower middle market businesses, is pleased to announce its Fund V portfolio company, GridSource, Inc.’s (“GridSource”) acquisition of WiseConnect, Inc. (“WiseConnect”). This is the first add-on investment GridSource has completed since Hastings acquired GridSource in December 2022.
Founded over 20 years ago and headquartered in Overland Park, KS, WiseConnect is a leading, asset-light provider of mission-critical end-to-end solutions for the nation’s largest telecommunications companies. The company offers a comprehensive suite of services spanning the network’s entire lifecycle, from initial infrastructure build to installation, fulfillment, maintenance, and upgrade for end users, including:
• Infrastructure solutions: fiber path creation, placement, and splicing,
• Managed solutions: re-occurring installation, maintenance, repair, and troubleshooting of data, video, and voice services for residential and commercial subscribers; underground and aerial service drop placement to single family homes, and
• Network solutions: development and installation of fiber and wireless networks in multi dwelling units “MDUs”, multi-tenant units “MTUs”, and planned communities.
The partnership between GridSource and WiseConnect will result in greater service offerings, a larger geographic footprint, and the ability to better capitalize on the growing demand for upgrading and maintaining network infrastructure.
Rob Scaramella, Managing Director at Hastings, said of the investment, “The combination of GridSource and WiseConnect is in line with Hastings’ investment thesis to create a scaled, diversified services platform that can meet the complete needs of our customers across the telecommunications lifecycle. WiseConnect’s national footprint, comprehensive service offering, and asset-light model complement GridSource’s best-in-class self-performance capability as the go-to installation and maintenance contractor for telecom and gas customers in its region.”
“We are excited to partner with Hastings and GridSource for the next chapter of WiseConnect’s growth”, said Tom Mohl, WiseConnect’s President & CEO. “From the beginning of this journey, Hastings was the partner of choice for their industry experience, strategic vision, operational resources, and approach to partnership with WiseConnect’s management team. Partnering with Hastings gives us the resources to capitalize on the unprecedented growth opportunity that we see in the industry.”
The current senior leadership team will remain with WiseConnect and are committed to the company’s continued growth and success.
Locke Lord provided legal counsel, KSM provided financial advisory services, Forvis provided tax services, and Equity Risk Solutions provided insurance services to Hastings on the acquisition.