New orbit: Investment group snaps up Globecomm

New owners: For the second time in four years, Hauppage satellite specialist Globecomm Systems has changed hands.

One of Long Island’s most productive high-tech manufacturers is under new management.

Hauppauge’s Globecomm Systems announced Wednesday that an investor group led by New York City-based HPS Investment Partners and California-based Tennenbaum Capital Partners has reached a “definitive agreement” to acquire Globecomm from NYC private equity firm Wasserstein & Co.

Terms of the deal were not disclosed. Globecomm last changed hands in 2013, when Wasserstein & Co. acquired it for $340 million.

Boasting 200 engineers and nearly 400 employees total, Globecomm manages fiber networks and data centers in 10 countries, the backbone of it global managed-communications solutions. The satellite and wireless ace is “eager to work with new owners that continue to share our passion in the industry,” according to CEO Jason Juranek.

“With this transition, we have taken significant steps to recapitalize and strategically position Globecomm for long-term success,” Juranek said Wednesday. “This transaction positions Globecomm’s business for the future and accelerates our company’s evolution to provide complex communication solutions to the connected world.”

The new owners are certainly connected: HPS Investment Partners boasts roughly $40 billion in assets under management, while Tennenbaum Capital Partners’ portfolio includes $18.5 billion invested in more than 500 companies.

But it’s not their deep pockets that really orbits Juranek’s satellites. Instead, it’s their “collective experience and extensive expertise collaborating with management teams and companies in our industry,” according to the CEO.

And that’s especially invigorating, he added, with Globecomm eager to branch out.

“I’m excited about our strong and growing pipeline of opportunities within our core markets, as well as investments we are making in adjacent verticals, to further expand our diversification strategy,” Juranek said.

The transaction is expected to be completed in the third quarter of Calendar 2017, subject to regulatory approvals.