Hunter Street Partners, a Minneapolis-based alternative investment management firm, and Five Crowns Credit Partners are increasing their capital commitment to TriStruX, a wireless infrastructure and telecommunication service provider in the Northeast, to finance the acquisition of High Point Utilities, a regional broadband network construction and maintenance company.
Hunter Street and Five Crowns Credit Partners will increase the total size of their senior secured term loan to $14.25 million, providing TriStruX the capital required to facilitate the acquisition of High Point and enabling further flexibility for near-term growth. Hunter Street and Five Crowns announced an initial round of financing to TriStruX in June 2020.
TriStruX was formed as a result of a merger in May 2020 between Telcom Engineering Group and Leone Electric Company, a regional competitor. TriStruX is majority-owned and led by CEO Frank Pena and COO Nick Leone.
The add-on acquisition will add an array of customers in cable TV, fiber optics, and multiple-system operators markets to TriStruX’s customer base. High Point leadership will work with the senior leadership of TriStruX post transaction to ensure the effectiveness of the acquisition.
“This acquisition positions TriStruX to serve a broader range of potential clients and add service offerings to key existing clients in the New York City market,” Andrew Platt, partner at Hunter Street, said.
“We’re proud to provide capital that will help the company grow to take on additional broadband opportunities throughout the five boroughs of New York City,” Neal Johnson, CEO and CIO of Hunter Street, said.
“Expanding TriStruX’s financing will allow it to better develop client relationships and scout out new opportunities,” Chris Taylor, managing director at Five Crowns, said.
“TriStruX has plans to accelerate its growth in its current markets and will continue to evaluate opportunities to expand its business,” Pena said.
“With our new capabilities, TriStruX plans to aggressively pursue opportunities throughout the New York City area and to take on additional projects,” Leone said.