Cerberus Snaps Up SubCom
Cerberus Capital Management has completed the acquisition of the subsea communications business of TE Connectivity.
Upon closing, the business has been re-branded to SubCom and industry veteran David Coughlan has been appointed CEO of the new company.
New Jersey-based SubCom has more than 1,400 professionals globally and is said to be a one of the leaders in delivering and maintaining the fiber optic cable systems that transmit nearly all of the world’s data and communications, with more than 200 completed networks.
Coughlan rejoins the business, where he was previously the general manager from 2001 to 2014. In addition, Coughlan was the general manager of TE’s Sensor Solutions business unit from 2014 to 2016. Most recently, he was the vice president of Business Development at Littelfuse.
“I am excited to be back at SubCom and working with our team members as we begin this new chapter,” said Coughlan. “SubCom is already the largest subsea fiber optic cable solutions provider with #1 share in the long-haul market. Through this partnership with Cerberus, we will be able to execute on strategic opportunities to position us for long-term success, while continuing to deliver the highest lifetime value network solutions to our global customers.”
Michael Sanford, co-head of Private Equity and senior managing director of Cerberus, added: “We look forward to working with Dave and the SubCom team to build upon the business’ leadership position. We believe that need for reliable, high-performing undersea networks will continue to be exceptionally robust as demand for data and connectivity continues to increase around the world. With its industry-leading capabilities and reputation for operational excellence, we are confident that SubCom will continue to be the partner of choice to deliver and maintain these critical undersea networks for years to come.”