McLeodUSA sells CapRock Services
McLeodUSA continued to shed assets today with the announcement that it has sold CapRock Services to a holding company formed by a group led by two private-equity firms. The group, headed up by Genesis Park LP and The Riverside Company, will take control of CapRock UK, the company’s UK operations, and Spacelink Systems, the satellite subsidiary of CapRock Services.
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CapRock Services, which operated under CapRock Communications, provides managed telecom and satellite services to the oil and gas industry in the Gulf of Mexico and the North Sea.
Expected to close in the third quarter, the transaction will result in Errol Olivier, vice president and GM of CapRock Services, becoming the new president. Peter Shaper, a founding partner of Genesis Park, will become the new CEO.
Terms of the deal were not disclosed. McLeodUSA acquired CapRock Services in a December 2000 stock-for-stock acquisition of CapRock Communications. At the time, the deal was valued at $197 million plus the net assumption of $335 million in debt.
--Vince Vittore, executive editor
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© 2012 Penton Media Inc.
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