Tollgrade Communications Acquired by Golden Gate Capital
May 10 2011 - 5:39PM
Tollgrade Communications, Inc. (Nasdaq:TLGD) today announced the
closing of its previously announced sale to Golden Gate Capital, a
global private equity firm. The transaction was completed in
accordance with the terms of a merger agreement, which was
announced in February 2011 and approved by Tollgrade shareholders
at a special meeting held last week. In connection with the
transaction, Tollgrade's shares will cease to be publicly traded.
Tollgrade is a leading provider of network service assurance
solutions for telecommunications operators in the United States and
Europe and is a market leader in the broadband access market, with
approximately 112 employees around the globe. Tollgrade's smart
grid solutions for the utilities industry enable electric utilities
to provide real-time grid intelligence and immediate fault
detection, which helps to minimize the impact of outages and
optimize utilization of assets. "We are very pleased that we
successfully finalized this transaction with Golden Gate Capital.
It is an exciting day and an important milestone for Tollgrade, and
we are looking forward to further developing our market presence
and serving our customers even better by enhancing our product
portfolio," said Ed Kennedy, CEO and president of Tollgrade
Communications. "Backed by the strength of Golden Gate Capital,
Tollgrade will continue to drive its leading technological position
in three key sectors: managed services, communications and smart
grid."
Golden Gate Capital is a San Francisco‐based private equity firm
with more than $9 billion of capital under management. The
multi-sector fund has equity investments in companies across a
broad range of industries, including a rich background and growing
presence in the telecommunications and smart grid space.
"We are excited to partner with Tollgrade's existing management
team to pursue a variety of growth opportunities from such a stable
and proven base of business," said John Knoll, managing director of
Golden Gate Capital. "With the support of Golden Gate's resources
and deep industry expertise, Tollgrade can continue to build upon
its leading technologies and products to better serve its
customers. We are delighted to have Tollgrade join our portfolio."
About Tollgrade
Tollgrade Communications, Inc. (Nasdaq:TLGD) is a leading
provider of network assurance solutions for the telecommunications
and utilities industries. Our real-time Smart Grid Monitoring
solutions allow utility customers to continuously detect key
circuit parameters, and communicate mission critical data
wirelessly to a central location to provide Continuous Grid
Intelligence™. Tollgrade telecommunication products and solutions
enable communication service providers to efficiently manage their
access networks in an age of increased competition, continually
evolving technology, and ongoing pressure to reduce costs.
Installed in more than 70 of the world's telecommunications
operators, Tollgrade systems test over 250 million subscriber lines
worldwide. For more information, visit Tollgrade online at
www.tollgrade.com.
The Tollgrade Communications, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7127
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private investment
firm with approximately $9 billion of capital under its management.
The firm's charter is to partner with world-class management teams
to make equity investments in situations where there is a
demonstrable opportunity to significantly enhance a company's
value. The principals of Golden Gate have a long and successful
history of investing with management partners across a wide range
of industries and transaction types, including going-privates,
corporate divestitures, leveraged buyouts and recapitalizations.
For additional information, visit www.goldengatecap.com.
The Golden Gate Capital logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=9673
CONTACT: Greg Nulty, Corporate Communications
Office: 724 720 1465
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