Deal Type: Carve out from public corporation
Exit: Sale to financial buyer
After deciding to focus on the wireless industry in 2000, Genesis Park Partner, Peter Shaper, undertook a search for the right opportunity. In early 2002, Genesis Park was able to buy a satellite provider at an attractive price from the estate of McLeod Communications after the parent filed for bankruptcy. Mr. Shaper stepped in as CEO, and Genesis Park reinvested in the business to improve service and technology and build an extremely reliable and global network. Through a series of acquisitions and organic opportunities, CapRock became the largest provider of VSAT services for remote environments in the world. As the originator of the transaction, Genesis Park took an equity-based warrant in addition to its cash investment.