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August 27, 2012

Fortress Solutions Acquired by Two Private Equity Groups

By Jacqueline Lee, Contributing Writer

Vspeed Capital, LLC and Galatyn Private Equity have acquired Fortress Solutions. In addition, the groups announced that two major players from Vspeed will join Fortress as CEO and CFO: Brendan Mills and Brian Alton, respectively.

The terms of the arrangement are not fully known, but most of current management will remain in place, and Fortress will continue to operate from its headquarters in Plano, Texas. According to details released today, current sales, operations and engineering staff as well as technicians will keep their positions.

Fortress maintains, refurbishes and otherwise manages back-office equipment for cable and telecommunication service providers. The company delivers life-cycle management for data-backhaul, mobile voice and wireline voice products.

“We are very pleased with the acquisition and addition of Fortress Solutions to our investment portfolio,” stated Ty Miller, president of Galatyn Private Equity. “Fortress Solutions is an exciting player in the multi-billion dollar market for the repair and refurbishment of technology products.”

Brendan Mills has extensive experience in the communications industry. In 1999, he founded GENBAND (News - Alert) and served as the company’s CEO through 2005. In 2006, Mills founded RipCode Inc., a company focused on deploying mobile, three-screen video.

Mills then successfully sold RipCode to RGB Networks. In addition to serving in executive positions at Cisco (News - Alert), Dell and NetWorth Inc., Mills serves as a Senior Advisor to ATEME S.A., a video technology company based in France.

Alton and Mills worked together at RipCode, where Alton was CFO. Alton also worked as a CFO consultant for Ignite Technologies and Tango Networks (News - Alert) in addition to serving as CFO for Cyneta Networks.

“I am excited to be both an investor and a principal in Fortress Solutions. The company has a long history of profitability and a future with enormous growth potential,” said Mills. “The thesis of extending the lifecycle of these long-lived capital assets in the communications market is extremely compelling to customers.”

According to the Dallas Business Journal, both Galatyn and Vspeed are familiar presences in North Texas business circles. GENBAND has headquarters in Frisco, Texas, while RipCode conducted business out of Richardson (News - Alert), Texas.


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Edited by Braden Becker
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