MVP Capital Research
Advisory Approach
MVP Capital was a boutique investment bank specializing in Technology, Media, and Telecommunications (TMT) transactions, with particular expertise in digital infrastructure assets including fiber networks, wireless towers, data centers, and cloud services. Founded in 1987 as Media Venture Partners, the San Francisco-based firm operated for over three decades as an independent advisor before being acquired by Houlihan Lokey in August 2020. The firm's thesis centered on the conviction that deep sector specialization in telecommunications infrastructure created superior outcomes for sellers. MVP believed that understanding the technical nuances of fiber networks, tower assets, and emerging 5G infrastructure required dedicated focus that generalist investment banks could not match.
Sector Focus
MVP Capital's practice was concentrated entirely on the TMT sector, with primary emphasis on telecommunications infrastructure. Within this domain, the firm developed particular depth in several subsectors: fiber-optic network providers (including dark fiber, metro fiber, and long-haul networks), wireless tower portfolios and Distributed Antenna Systems (DAS), data center and colocation facilities, and cloud-based technology services. The firm's team understood the unique valuation drivers and buyer dynamics in each infrastructure subsector. For fiber networks, they leveraged relationships with strategic buyers like FirstLight Fiber, Uniti Group, and American Tower, as well as infrastructure-focused private equity firms including Macquarie Infrastructure Partners and Oak Hill Capital Partners. In the tower space, they maintained connections with wireless infrastructure specialists and telecom-focused PE firms. The firm also completed transactions in technology services, including managed service providers and cloud platform companies.
Deal Track Record
According to Tracxn data, MVP Capital completed 73 transactions (55 M&A deals and 18 funding rounds) over its operating history. Verified press releases document at least 7 significant transactions between 2017-2020:
2020: Rocket Fiber (Detroit-based gigabit ISP) sold to Everstream - MVP served as exclusive financial advisor to Everstream on this strategic acquisition, which included Rocket Fiber's fiber network, two Detroit offices, and 75+ team members.
2019: Multiple major transactions including GigaSphere Holdings (d/b/a GigaMonster), a fiber-to-the-multifamily provider, sold to Barings Private Equity & Real Assets; Maine Fiber Company (1,300-route mile dark fiber network) acquired by FirstLight Fiber; Grain Management's 400-tower U.S. portfolio sold to American Tower (co-advised with Lazard Middle Market); Bluebird Network (5,200 fiber route miles in the Midwest) acquired by Macquarie Infrastructure Partners with Uniti Group financing; and EmeraldCube Solutions (JD Edwards cloud services provider) sold to Syntax Systems.
2017: Oxford Networks combined with FirstLight Fiber in a transaction backed by Oak Hill Capital Partners, creating a 5,000-route mile network across five states.
Other documented transactions include advising Surf Air Wireless on a $40 million capital raise and FreedomNet Wireless acquisition, and representing Frontier Communications in a wireless tower sale to Everest Infrastructure Partners.
Process & Fee Structure
MVP Capital ran institutional-quality sell-side processes tailored to the telecommunications sector. Typical engagements featured comprehensive buyer identification across strategic acquirers (telecom carriers, infrastructure REITs, larger fiber operators) and financial buyers (infrastructure-focused private equity firms with dedicated telecom funds). The firm's process leveraged its deep understanding of technical asset characteristics—fiber route miles, tower locations, network interconnection points, and customer contracts—to position assets optimally. Buyer outreach typically targeted 50-150 qualified parties per engagement. Transaction structures included both asset sales and stock sales, with complexity varying based on FCC licensing requirements for spectrum-related assets and state regulatory considerations for fiber network transfers.
While specific fee information was not publicly disclosed, MVP Capital likely employed standard investment bank fee structures including monthly retainers (estimated $15,000-$40,000/month for lower middle market transactions) and success fees based on a percentage of transaction value (typically 3-6% for TMT deals in the $50M-$500M range). The firm was a FINRA-registered broker-dealer (MVP Capital Advisors, LLC, CRD# 289481, registered 2017-2020), which enabled it to accept transaction-based success fees.
Buyer Network
MVP Capital maintained relationships across the telecommunications infrastructure buyer spectrum. Key private equity buyers in their network included Macquarie Infrastructure Partners (acquired Bluebird Network), Oak Hill Capital Partners (acquired Oxford Networks), Barings Private Equity & Real Assets (acquired GigaSphere), Grain Management (tower portfolio sold to American Tower with MVP advisory), and Antin Infrastructure Partners (FirstLight Fiber investor). Strategic buyer relationships included major fiber operators (FirstLight Fiber, Everstream, Uniti Group), wireless infrastructure owners (American Tower), and telecom carriers. The firm also maintained connections with infrastructure-focused family offices and sovereign wealth funds investing in digital infrastructure assets.
Competitive Positioning
MVP Capital differentiated from generalist middle-market investment banks through three key advantages: (1) Deep technical understanding of telecom infrastructure assets—fiber network architecture, tower valuation methodology, data center power/cooling infrastructure, and the regulatory landscape governing spectrum and wireline assets; (2) Long-standing relationships with infrastructure-focused capital sources, having completed transactions with many of the same buyers across multiple deals; and (3) Team members with operational experience in the telecom sector, including backgrounds at network operators and infrastructure companies. This specialization allowed MVP to credibly advise on complex transactions involving highly technical assets where generalist bankers lacked the vocabulary and buyer relationships.
Not a Fit If
MVP Capital was not an appropriate advisor for: (1) Businesses outside the TMT/digital infrastructure sectors; (2) Transactions below ~$20 million in enterprise value; (3) Companies requiring generalist M&A coverage across multiple unrelated sectors; (4) Sellers seeking a limited process or reluctant to engage infrastructure-focused financial buyers; (5) Early-stage technology companies without revenue or established market positions. The firm explicitly focused on infrastructure assets with established cash flows and defensible market positions.
Team
At the time of the Houlihan Lokey acquisition in 2020, MVP Capital had 11-50 employees headquartered in San Francisco with additional offices. Key team members included:
Jason Hill - Managing Partner. Joined Houlihan Lokey as co-head of the TMT Group following the acquisition, leading the combined telecom practice alongside Rob Louv and Roy Kabla.
Clayton Funk - Partner/Managing Director. Joined MVP in 2004 after seven years at Nations Media Partners (Kansas City-based investment banking firm). Specialized in wireless infrastructure and tower transactions. Represented Frontier Communications in tower sale to Everest Infrastructure Partners. Later joined Houlihan Lokey and subsequently founded Signal Strength Advisors (2025).
Timothy Beach - Managing Director, Utilities, Power & Renewable Energy. Led the energy and infrastructure practice. Joined MVP in 2005, transitioned to Houlihan Lokey post-acquisition (August 2019-May 2021).
Renee Shaening - Partner, Technology Group. Led software and technology services coverage. Spearheaded the firm's public market coverage efforts. Later joined Alantra as a Partner in the Technology Group.
Oliver Janssen - Founder and Co-Head, Utilities, Power & Renewable Energy practice. Previously worked at KeyBanc in infrastructure finance.
Chuck Wiebe - Managing Director. Later joined Moorgate Securities in 2022 following the Houlihan Lokey integration.
Other notable team members included Andrew Bracy, David Citrin, Daniel Veatch, and numerous registered representatives with FINRA Series 79 and 63 licenses. The firm maintained a lean team structure with experienced senior bankers averaging 15+ years of TMT investment banking experience.
Geographic Coverage
Headquartered in San Francisco, California with additional presence in New York. MVP Capital advised on transactions across the United States, with particular geographic concentration in transaction counterparts rather than strict regional boundaries. Notable transactions spanned the Midwest (Bluebird Network - Missouri; GigaMonster - Atlanta; Maine Fiber Company - Northeast), Great Lakes region (Oxford Networks - Maine/New Hampshire), and Michigan (Rocket Fiber - Detroit). The firm's national scope reflected the nature of telecom infrastructure assets, which operate as regional networks but compete nationally for capital from infrastructure investors and strategic acquirers. Following the Houlihan Lokey acquisition, team members were integrated into HL's TMT Group with offices in San Francisco, New York, and other major financial centers.
Current Status
MVP Capital was acquired by Houlihan Lokey (NYSE: HLI) in August 2020 for approximately $4.5 million including earnout consideration. The acquisition significantly expanded Houlihan Lokey's telecommunications sector coverage. Jason Hill, MVP's Managing Partner, became co-head of the combined TMT practice. The MVP Capital brand is no longer actively used, with former team members operating under the Houlihan Lokey brand or having moved to other firms. MVP Capital Advisors, LLC (the FINRA-registered broker-dealer entity) is no longer registered, having completed the transition to Houlihan Lokey's broker-dealer platform.