Xspedius Management Corp
MPower Communications
Xspedius Holdings Corp
FiberLight, LLC
Globalstar Satellite Communications
Thermo Credit
Meritage Private Equity Fund
Open Range Communications
Thermo Companies

Thermo's management believes telecommunications services are drivers of economic growth. Companies in the sector are being confronted, either directly or indirectly, with technological change, increased competition, an evolving regulatory environment and shortened product cycles. Those factors coupled with fast moving product cycles and on-going pressure to evolve causes volatility in the sector which creates both risk and opportunity. Thermo believes that there are attractive investment opportunities in companies with compelling prospects, competitive advantages, and accomplished management teams.

Thermo has made eight direct investments in the telecommunications industry through Thermo Telecom Partners LLC.
  • Xspedius Management Corp. LLC ("XMC" ). Thermo made a substantial investment to create XMC. Through its investment, XMC acquired substantially all of the assets of e.spire Communications, Inc. ("e.spire"). XMC acquired e.spire's competitive local switching and substantial fiber assets in 36 markets spanning 19 states. XMC was an integrated communications provider and offered traditional local and long distance voice services, dedicated Internet access, and advanced data solutions, including ATM Ethernet. Thermo committed additional capital and management to facilitate XMC's turnaround and growth. TW Telecom acquired XMC in 2006.

  • Xspedius Holdings Corp. ("XHC" ). Thermo also invested in XHC, a competitive communications carrier based in Lake Charles, Louisiana. XHC offered integrated voice, data and Internet services to small and medium-sized businesses throughout the southeastern states, and offered dedicated Internet service through SDSL and T-1's. Effective April 1, 2003, Thermo combined the business of XMC and XHC into one company which operated under the name Xspedius Communications ("Xspedius).

  • MPower Communications ("MPower" ). In 2002, Thermo invested in the Texas assets of MPower Communications. During 2003, these assets were effectively separated from MPower, and independently operated since April 2003 by Xspedius Communications on behalf of Thermo under a management contract and a lease and integrated into Xspedius.

  • FiberLight, LLC, formerly Xspedius Fiber Group, ("FiberLight” ). ACSI Network Technologies, Inc. was acquired by Thermo on November 1, 2003 and is now operating under the name FiberLight, LLC. FiberLight sells and leases to third parties, including other communications companies, municipalities and large enterprise clients, high capacity data transport services via metro fiber and conduit owned by the company. By the end of 2010 the company will own and manage approximately 520,000 metro fiber miles. The company's principal assets are located in Alabama, California, District of Columbia, Florida, Georgia, Maryland, Texas and Virginia.

  • Globalstar Satellite Communications ("Globalstar" Globalstar is the world's most widely used satellite phone service offering voice and data services from virtually anywhere in over 100 countries. Founded in 1991 and funded with in excess of $4 billion of debt and equity, Globalstar launched over 50 satellites which are in low earth orbit and provide the backbone for the system. Thermo acquired substantially all of Globalstar's assets in 2004. Thermo believes that satellite communication for both voice and data represents a small, but growing, and vital subset of the communications marketplace. Given its global reach, the system's ability to transmit voice and data inexpensively from locations unserved by any other communications infrastructure, and new sponsorship from Thermo, Globalstar is expected to grow both revenues and profits dramatically. In 2009, Globalstar completed a $738 million financing for its second generation of satellites and network.

  • Thermo Credit LLC ("Thermo Credit" Thermo Credit is a receivables funding company focused on opportunities in the telecommunications industry. Thermo believes that there is a growing demand for capital from small companies with sales of $10 - $25 million a year who because of their size and their exposure to the telecommunications industry cannot raise sufficient capital to run and grow their businesses. Thermo believes that there is no other receivables focused finance and factoring company solely focused on this micro-cap, telecommunications niche, and as such believes that there is significant opportunity for a telecommunications factoring company due to the large size of the market opportunity, the barriers to entry, and positive growth in the telecommunications industry.

  • Meritage Private Equity Fund, L.P. ("Meritage" Meritage provides private equity to companies focused on communications networks and communications services with areas of focus in broadband, wireless and outsourced services. Thermo is an investor in the fund which is primarily an investor in early stage growth companies. Thermo has also made direct co-investments in Meritage portfolio companies including Xspedius Communications.

  • Open Range Communications ("Open Range" Open Range is a Broadband wireless Internet services provider whose primary focus is delivering wireless high speed Internet and voice services to hundreds of un-served and under-served communities across America. Globalstar made a critical early stage investment in the company and helped arrange Open Range's spectrum licensing agreement with Globalstar. Open Range received subsequent investments of $100 million and $267 million from One Equity Partners, the private equity arm of JP Morgan Chase and U.S. Department of Agriculture's Rural Development Utilities Program respectively.

Copyright 2002-2004 Thermo Companies, Thermo Telecom Partners, LLC