The Bellevue-based Trilogy counts wireless vet and new Seattle Mariners CEO John Stanton among its founders.
Trilogy International Partners, the Bellevue telecommunications holding company that counts new Seattle Mariners CEO John Stanton among its founders, has sold a majority stake to a publicly traded Canadian investment firm.
Alignvest Acquisition, a Canadian entity created last year to buy a company, acquired 50.1 percent of Trilogy’s equity value earlier this month. The deal, which also included all of voting shares in Triology, values the combined entities at $875 million.
Trilogy’s earnings before interest, taxes, depreciation and amortization, are expected to come in at $101 million, and $120 million next year, Alignvest said. The firm, listed on the Toronto Stock Exchange, said those figures were “adjusted,” but didn’t specify what that entailed.
Trilogy’s management team will continue to run the company, and its 14 employees will remain in Bellevue. The company controls majority stakes in two wireless services: New Zealand’s 2degrees and NuevaTel of Bolivia, which operates under the Viva brand.
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For Trilogy, the sale gives the company an infusion of cash to pay down debt and access to a public stock market without the cost and investor disclosures required by an initial public offering.
Trilogy was founded in 2005 by three veterans of Western Wireless after that firm merged with Alltel. Western’s corporate descendants also include Bellevue-based T-Mobile US
Stanton will remain Trilogy’s chairman, Brad Horwitz will continue as chief executive, and vice chairman Theresa Gillespie will also remain on board. Stanton and Gillespie are married.
The three are also partners at Trilogy Equity Partners, a separate Bellevue entity that invests in technology companies and is unaffected by the Alignvest deal.
Stanton and Horwitz together will own more than 20 percent of the company, Alignvest said.
Stanton also leads the ownership group that bought the Seattle Mariners from Nintendo of America in August, holding the title of chairman and chief executive.
Two partners from Alignvest Management, the investment company that helped seed Alignvest Acquisition, will join Trilogy’s board.
So will three Canadian telecommunications industry veterans: Nadir Mohamed, former CEO of Rogers Communications, Anthony Lacavera, former CEO of WIND Mobile, and Joe Natale, former CEO of Telus and incoming Rogers chief.