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Solis Capital Sells Miro Technologies to Boeing
Transaction Demonstrates Success of Solis Approach in Partnering to Build Businesses
NEWPORT BEACH, Calif., Oct. 25, 2012 /PRNewswire-iReach/ -- Solis Capital Partners, a lower middle-market private equity firm, announced today that it has sold its stake in Miro Holdings Inc., the parent company of Miro Technologies, to The Boeing Company. Miro is a software company specializing in enterprise asset management, maintenance, repair and overhaul (MRO) services, and performance-based logistics (PBL) management for government and commercial customers worldwide. Terms of the transaction were not disclosed.
Solis acquired Miro from Spirent plc, a U.K.-based communications technology company. As a result of today's sale, Miro will become part of the Boeing Global Services & Support business.
"We are very proud of the Miro team," said Craig Dupper, managing partner at Solis. "With Solis as their partner, the team firmly established Miro as the best in the world in its niche. The sale to Boeing is a natural next step in Miro's evolution, benefitting Miro's customers and employees as well as Solis investors."
Miro Technologies is headquartered in La Jolla, CA. and employs approximately 120 people with operations in the United Kingdom, Saudi Arabia, and Oman.
"We have appreciated the efforts of the Solis team in supporting our growth," said Vincent Monteparte, president & CEO of Miro Technologies. "We are pleased to now provide our leading MRO and PBL supply chain software capabilities as part of The Boeing Company."
As with all Solis investments, Miro was acquired with the goal of growing and enhancing the business through development and support of the leadership team, detailed strategic planning, and disciplined execution. Solis structures its investments so that the interests of all
parties are aligned, and the companies are positioned and capitalized for success. As specialists in lower middle-market investing, Solis recognizes that equity investing is not passive --it requires attention and follow-through. Dupper stressed that today's sale once again validates the Solis approach – putting equity into action to build great businesses.
"We view Solis investments as true partnerships. In doing so, we develop tailored structures that align interests, and bring the resources and support necessary to succeed," said Daniel Lubeck, managing director at Solis. "We continue to seek opportunities to invest in companies that can benefit from the Solis approach, particularly companies at transition points such as management buyouts, family business changeover, managed exits, owner asset diversification, infusion of growth capital, or balance-sheet deleveraging. For Solis, equity doesn't mean passive investing, it means action."
About Solis Capital Partners
Headquartered in Newport Beach, CA, Solis Capital Partners is a lower middle-market private equity firm investing in Western U.S. businesses with $15 - $100 million in revenues. Utilizing its customized equity in action approach to growing and enhancing lower middle-market companies, Solis has produced superior investment returns since its founding in 2002. The firm is actively investing through its second fund, Solis II. For additional information, see www.soliscapital.com.Media Contact:
Joseph Ames Ames & Associates, 949.300.7433, firstname.lastname@example.org
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SOURCE Solis Capital Partners