Public Markets

The FOCUS Communications Service Provider Index (CSPI) managed a second straight reporting period in
positive territory as it posted a three-month gain of 2.7%. While this was certainly a respectable gain, it still significantly underperformed both the 7.0% gain in the S&P 500 and the 16.8% increase in the NASDAQ over the corresponding time frame. Sector multiples were down somewhat and ended the period at 2.4x revenue and 6.4x EBITDA. This compares to sector multiples of 2.6x revenue and 7.4x EBITDA for the year-ago period.


Richard Pierce has more than 10 years of investment banking experience advising middle market clients on a variety of mergers and acquisitions and capital raising transactions. Mr. Pierce’s primary emphasis has been on serving clients in the telecommunications industry.