Strategic Advisory Services Help Drive Transaction to a Successful Close

Challenge

SeaMobile offers packaged and customized wireless solutions for the maritime industry, including cruise lines, ferries, yachts, container ships and offshore oil and gas platforms. The Company offers cellular telephony and wireless data services, in addition to other communications services, such as mobile internet.

Solution

SeaMobile, founded in 2005, was a pre-revenue company, but recognized an opportunity to offer a complete maritime communications system through an acquisition of MTN, and tapped Cascadia Capital to help manage the process. Maritime Telecommunications Networks, is the largest provider of satellite bandwidth delivery to cruise ships, owning nearly 90% of the market, and maintains a 49% ownership stake in Wireless Maritime Services, a JV with Cingular.

Results

After an intense set of discussions, SeaMobile signed an LOI with Perseus to acquire MTN. This LOI created a compressed timeline for financing and completing the transactions. Cascadia Capital managed the transaction process, allowing management to focus on key areas of diligence and form a plan for going forward business integration. Since closing the transaction in June 2006, the combined SeaMobile-MTN has realized substantial topline growth.