Marlink

Marlink Group (“Marlink”) is a global leader in intelligent networks and digital solutions for business-critical remote operations.

• Broadband usage in the maritime industry is expected to keep growing due to the increase in satellite capacity, demand for data and bandwidth by maritime operators and innovation of communication equipment.
• Marlink has long, established relationships with a wide portfolio of satellite operators, and is an attractive platform for integrating participants in all parts of the satellite communication distribution value chain.
• Technology, media and telecom is one of the sectors that Apax France specialises in, and it had prior knowledge of the company and a strong relationship with management.
• Opportunity for margin expansion through migration towards broadband VSAT (Very Small Aperture Terminal) solutions, economies of scale in satellite purchasing and network management, operations automation and accretive value added digital services.

PIN is a primary investor in two Apax France funds and Pantheon holds an advisory board seat for three of its funds. In addition, PIN has previously co-invested alongside the manager.

• Seven acquisitions completed until partial sale in June 2022. One additional acquisition conducted in September 2022.
• Marlink has become a world leader in maritime and enterprise satellite communication services and has over 12,000 vessels under contract, of which over 7,000 (under 2,000 at entry) are vessels that have broadband installed.
• Repositioning and scale of the Land division (from negative EBITDA at entry to c.US$30m in 2022).
• Expansion of the digital offering across Marlink’s subscriber base through value added and managed services (e.g. cyber, Internet of Things).

Marlink was acquired by Providence Equity Partners in June 2022, providing a partial exit for Apax France funds and PIN at a 2.5x Multiple of Invested Cost (MOIC).