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Audax Controls, Stone-Goff Exits, at Centerline Communications

Audax Private Equity has acquired a controlling interest in Centerline Communications, a professional services organization that focuses on the design, build and maintenance of wireless and wireline network infrastructure. Although Audax Private Equity disclosed the transaction today, the company said the transaction took place in August 2021. Audax Private Equity said it acquired a portion of the ownership interest of Wincove Private Holdings and all of the ownership interest of Stone-Goff Partners. Audax Private Equity did not disclose the terms of the transaction.

Josh Delman, founder and CEO of Centerline, will continue to lead the company alongside the existing management team, Audax Private Equity said. It said Delman and Wincove will maintain minority ownership positions in the company.

“The investment will support Centerline’s continued organic and acquisition growth as it pursues its mission to grow its national footprint and further expand its scope of services focused on the development and maintenance of critical network infrastructure,” a statement from Audax Private Equity reads.

According to Audax Private Equity, since its initial investment, Centerline has completed three acquisitions that have helped expand the company’s geographic coverage and range of service offerings: Maicom, which closed in August 2021; P. Marshall & Associates, which closed in December 2021; and J5 Infrastructure Partners, which closed in December 2021.

Maicom is a critical infrastructure focused services organization based in North Andover, Massachusetts, that provides critical infrastructure installation and maintenance for major multiple-system operators throughout the United States and Canada in support of their networks, Audax Private Equity said. It said Centerline acquired Maicom from Boston-based investment firm Heritage Holding.

Marshall & Associates is an engineering, real estate, and construction management organization based in Atlanta that provides professional services to national wireless operators and major infrastructure owners throughout the Southeast and Gulf Coast regions, Audax Private Equity said.

J5 Infrastructure Partners, based in Irvine, California, is a real-estate, construction management and engineering firm supporting national wireless operators and several national and regional broadband providers in the West region, Audax Private Equity said. It said Centerline acquired J5 Infrastructure Partners from Raleigh-based investment firm Ridgemont Equity Partners. The founders of each business (Paul Maiuri from Maicom, Patrick Marshall from P. Marshall & Associates and John Barker from J5 Infrastructure Partners) and their management teams are planning to remain with the combined platform, according to Audax Private Equity. With the strategic acquisitions, the Centerline platform has more than 1,200 professionals helping to support the deployment of critical infrastructure in the United States and Canada, Audax Private Equity said.

Centerline CEO Delman said his company believes that working with Audax Private Equity would help Centerline to meet the growing demand within its customers to work with larger, self-performing service organizations that can provide turnkey solutions to critical infrastructure within their national networks. He mentioned Centerline diversifying its services within the platform to better support customers.

David Wong, managing director of Audax Private Equity, said his company believes Centerline is well-positioned to grow organically and through acquisitions. Audex Private Equity and Audax Private Debt are businesses operated by Audax Group, an investment manager with offices in Boston, New York and San Francisco.

Audax Private Equity said it has invested more than $8 billion in more than 150 platforms and more than 1,000 add-on companies, and it is investing out of its $3.5 billion, sixth private equity fund.

The investor exiting Centerline, Stone-Goff Partners, invested in Centerline in 2017, alongside Delman and Wincove Private Holdings.

“While partnering with Stone-Goff, Centerline achieved impressive organic growth, completed four acquisitions, augmented its executive team and built out its board, among many other accomplishments,” according to a statement from Stone-Goff.

Delman said Centerline appreciated its partnership with Stone-Goff as Centerline scaled up rapidly in the telecommunications business. He said Stone-Goff’s support was instrumental as Centerline evolved into a national organization serving large network providers.

“It was an awesome experience to partner with Josh and his team as they delivered on the vision of becoming more and more important to their telecommunications infrastructure customers,” said Laurens Goff, cofounder of Stone-Goff Partners.

Stone-Goff Partners said it is a private equity firm that invests in lower middle-market, technology-driven service businesses.