Maritime Telecommunications Network (MTN), of Miramar, Fla., a provider of satellite-based communications
, networking and other services to the cruise and offshore oil and gas industries
, announced completion of its acquisition by an affiliate of Perseus, L.L.C. Perseus is a merchant bank
and private equity fund management company with offices in Washington, D.C. and New York City. Financial terms of the transaction were not disclosed.
Over the past year, MTN has significantly expanded in its core markets and made significant inroads in its military business. In March 2004, MTN launched a joint venture with Cingular Wireless
(formerly AT&T Wireless
) to give passengers on North American cruises the ability to use their own mobile phones
at sea for the first time. The company recently established Maritime Satellite Television Network, which will be the first service to bring land-based-quality television service to cruise ships on a global basis.
David B. Kagan, Chief Executive Officer of Maritime Telecommunications Network, said: “Over the past two years, we have enjoyed a strong and mutually beneficial relationship with David Moross and his colleagues at Falconhead Capital, and I look forward to maintaining an equally strong and equally beneficial relationship with our new partners at Perseus. We particularly look forward to leveraging Perseus’ experience and relationships to grow our business, in our core cruise and offshore oil & gas industries, while continuing to serve our customers.”
Perseus generally invests in companies in which it can participate in the company's strategic planning, operations and development and thereby add significant value to the investment. Curtis Glovier, a Managing Director at Perseus, commented: “We believe MTN is a great company with a bright future and are particularly enthusiastic about the new cellular joint venture with Cingular Wireless.”
Maritime Telecommunications Network, Inc., the leader in maritime communications, provides broadband solutions for voice, data, Internet and compressed video services to the mobile maritime industry using state-of-the-art VSAT technology. MTN is focused on cost-effective, high-speed satellite solutions while maintaining the highest standards of quality. MTN's Digital Seas Internet product, the first Information Technology concession, provides turnkey Internet cafés to the cruise and offshore oil and gas industries. More information on MTN is available at www.mtnsat.