Cherry Tree Advises Renodis in Acquisition of a Significant Stake in RCN Technologies and RTech
“We see a great opportunity for growth in telecom, connectivity, and mobility services by way of strategic M&A,” said Craig Beason, founder and CEO of Renodis, “and Cherry Tree contributes their industry knowledge, leadership and professionally managed process to our acquisition mandate. We are happy to have Cherry Tree on the team with Renodis.”
Telecom Services, Mobility
Technology-Enabled Provider of Telecommunications and Connectivity Solutions
St. Paul, MN
Minority Recapitalization and Growth Capital
In summer 2020, Renodis, a leading telecom management firm, engaged Cherry Tree to assist in developing a multi-faceted growth agenda focused on organic sales process improvements, technology platform development, and targeted acquisitions. In March 2022, Cherry Tree supported Renodis’ transactions with RCN Technologies, a high growth provider of 5G and LTE enablement solutions, and RTech, an emerging leader of ‘all in one’ wireless connectivity Solutions-as-a-Service, both headquartered in Knoxville, Tennessee. Together, RCN and RTech provide seamless, full-spectrum wireless communications solutions.
“Our investments in RCN and RTech represent our third and fourth acquisitions on our continuous growth journey, and position Renodis as a leading provider of 5G and LTE enablement solutions. Renodis’ most important priority has always been ensuring the resiliency of our clients’ connectivity, advising on the right technologies, and providing best-in-class managed solutions. These investments mark a very important milestone in our continuous effort to ensure our clients have access to the industry’s best outcomes, greatest resiliency, and lowest costs, but we are just getting started! We look forward to continuing Renodis’ growth through strong customer relationships, meaningful partnerships, and strategic acquisitions in the months and years to come” said Craig Beason, CEO and Owner of Renodis.
Geoff Yearack, Co-Founder of RCN and RTech Solutions adds, “We were looking for a partner to help us broaden our ability to bring real impact to enterprises through our 5G LTE enablement solutions and to fuel the growth of our POTS replacement and other managed “as a service” solutions. Renodis is the perfect partner to help us solve the complex enterprise challenges faced by our clients, and with Renodis’ support we intend to continue to bring innovative and leading 5G and LTE enablement solutions to the market.”
Cherry Tree’s Role
Cherry Tree served as the exclusive buy-side M&A advisor to Renodis, helping the company identify numerous acquisition targets across the Telecom and Managed Services industry. After completing initial evaluations, Cherry Tree helped Renodis engage with select targets to initiate acquisition discussions – two of these targets were RCN and RTech Solutions, which were identified as emerging leaders in the telecom services, 5G LTE and mobility market. Cherry Tree assisted Renodis on its evaluation of RCN and RTech, including financial modeling, due diligence, and negotiations of the purchase agreement.
Founded in 2002 and headquartered in St. Paul, Minnesota, Renodis is a Connectivity Technologies Consulting, Sourcing and Managed Services firm. Renodis helps enterprises accelerate their copper to cloud journey resulting in less frustration from managing legacy technologies and suppliers, better utilized IT talent and improved support experience for their offices and people. All while client experience skyrockets and IT costs are reduced. Renodis has helped hundreds of organizations with their communications technology transformations. For more information, visit Renodis.com.
RCN Technologies is a 5G & LTE enablement specialist for business, providing end-to-end white-glove service to help customers stay connected with Fixed Wireless Service, Wireless Backup Internet, Managed Data, Rugged Connected Devices, and Private Cellular Networks. RCN focuses on providing the best end-to-end consulting, integration, field, and support services and manufactures all-in-one wireless solutions including the PNK, POTS-over-LTE Kit, Public Hotspot Kit, and more. RCN ranks on the Inc. 5000 list and holds numerous top-level partnerships with cellular industry titans. Founded in Knoxville, Tenn. in 2013, RCN has helped thousands of organizations with 5G & LTE-focused consulting, integration, field, and support services. For more information, visit rcntechnologies.com.
RTech Solutions is a single-source provider for LTE & 5G all-in-one solutions-as-a-service. RTech delivers customers turnkey cellular services backed by secure cloud-managed, cross-carrier pooled data. RTech’s bundled services combine best-in-class hardware, major U.S. carrier data, world-class tech support, and cloud management platforms for one low, fixed monthly cost. Popular services include solutions for converting POTS lines to operate over LTE networks, backup wireless internet, out-of-band management, and more. RTech is headquartered in Knoxville, Tenn. and has been making it easy for businesses to get connected since 2018. For more information, visit getrtech.com.