Stone-Goff Extends JSI Partnership with GP-Led Continuation Fund in Partnership with Pantheon and abrdn Private Equity
Boston, MA – September 7, 2022
Stone-Goff Partners (“SGP”), a business services focused private equity investment firm based in Boston and New York, today announced a new investment in John Staurulakis, LLC (“JSI” or the “Company”), the leading nationwide provider of specialty consulting and engineering services to rural broadband telecommunications operators.
With a unique mix of re-occurring engagements and a growing suite of technology products, JSI is relied upon by its more than 600 customers to support day-to-day operations and drive strategic initiatives.
Stone-Goff Partners II CF, LP (the “Continuation Fund”), a new GP-led single-asset continuation fund, acquired a majority interest in JSI from Stone-Goff Partners II, LP and affiliates. Pantheon, a specialist private markets investor with a 35-year track record of investing in private equity secondaries, was the lead investor in the Continuation Fund and was joined by abrdn Private Equity, as well as Stone-Goff reinvesting LPs and GPs. Affiliates of Stone-Goff also participated in the recapitalization alongside the Continuation Fund.
With more than 500 consultants and engineers across 14 offices, JSI combines Regulatory, Financial and Compliance Advisory, Fiber Engineering and Managed Services expertise to bring an end-to-end solutions platform to fast-growing broadband operators nationwide. JSI's platform has nearly tripled in size over the past three years as clients rely on the Company to assist in deploying reliable, high-speed fiber networks that facilitate work-from-home, learn-from-home, telehealth and other connected services.
Laurens Goff, co-founder and Managing Partner of Stone-Goff commented, “We are honored to have been JSI's first institutional equity partner, entrusted by founders Manny and Leo Staurulakis to oversee the evolution of the Company they built. JSI's recent growth is a testament to the Company's strong foundation with its customers and the vision of CEO Tasos Tsolakis. We are excited to continue our partnership with Tasos and his team as they drive further growth in the broadband telecommunications industry.”
Tasos Tsolakis, CEO of JSI, stated, “We are thrilled to continue our relationship with Stone-Goff. They have proven to be an exceptional partner and their track record of supporting companies through growth and expansion will enable our next stage of development. This new capital will allow us to pursue additional acquisitions to augment our aggressive organic plan to develop new services and bring additional expertise and resources to our clients.”
Stone-Goff was supported in this secondary transaction by Sixpoint Partners (secondary transaction advice), Foley & Lardner LLP (legal advice), and Kroll LLC (fairness opinion). The new investors were supported by Hogan Lovells US LLP (legal advice).
About Stone-Goff Partners
Stone-Goff Partners is a private equity firm that invests in lower middle market Technology-Driven Service businesses – service businesses that are enhanced by technology. The companies that Stone-Goff invests in combine service offerings with technology and focus on attractive, defined end-markets. Core verticals include business services, consulting services, marketing services, IT services, human capital and training, outsourced services and consumer services. Stone-Goff invests in founder-owned businesses and corporate carve-outs. Stone-Goff was founded in 2010 by Hannah Stone Craven and Laurens Goff. Stone-Goff leverages the extensive investment, operational and sector-specific experience of its partners to drive value creation within its portfolio companies. For more information about Stone-Goff Partners.
JSI is a full-service consulting firm, providing engineering, outside plant, inside plant, regulatory, and a suite of managed services technology products to rural broadband communications providers. JSI has customer relationships with more than 600 telecommunications operators across 46 states and several US territories. Headquartered in Greenbelt, MD, JSI also has 13 offices nationwide including, MN, TX, UT, AK, NC, WI, MI, LA and HI.