The private equity firm Acorn Growth Companies on Monday said it has acquired defense electronics services company Telecommunications Support Services, Inc. (TSS), its first deal in the defense electronics segment.
Terms of the transaction were not disclosed. Acorn’s portfolio consists of companies in the Aerospace and Defense sector.
Florida-based TSS provides technical services globally for the telecommunications and broadband industries, with United States Defense Department programs a key focus area for the company. The company’s capabilities include construction and management of earth-based satellite communications systems, radar station depot support and operational services, field installation and testing, head end connectivity and cabling, and integration of communication systems in the areas of wireless, broadband, UHF, VHF and HF.
“TSS represents the perfect mix of culture, products, services, past performance and technical expertise needed to capture the best opportunities in this growing and evolving sector, Rick Nagel, managing partner for Acorn, said in a statement. The company said that additional acquisitions are planned in the electronics segment given expectations of increasing commercial and DoD demand for these services.
Dennis Fritz, founder and CEO of TSS, said in a statement that the deal gives it “access to the kind of capital we’ve needed to reach our full potential.”
TSS’ financial adviser on the deal was Teneo Capital.