Industry Focus Telecommunications   Manufacturing                               Emerging Technology   Food Service After the boom years of the 80’s and the tribulations of the 90’s, the Telecommunications segment is again providing interesting investment opportunities. Our team of telecommunications professionals has identified significant opportunities in the sector, with the primary objective of revitalizing the business models of the established ILECs and RLECs and improving the long term competitive position of embedded CLECs. With the assistance of our Private Equity partners, Morningstar is focused on identifying attractive  investments in middle market companies — primarily in the U.S. — with enterprise values between $100 million and $850 million, with tuck in acquisition of $25 to $100 million in value. Typically the firm would be interested in maximizing its Equity position thereby freeing up assets and reducing debt. We understand that many traditional telco’s today are overleveraged following a long period of infrastructure build out and are thus hindered from adding current and future technologies (e.g. VoIP, WiMax, MVNOs, TVoIP etc) which will be essential to building enterprise value over the next 5 to 10 years.  While receptive to opportunities in multiple Telecommunications segments, Morningstar Management focuses on sectors in which its team has proven expertise and which the firm's analyses indicate strong fundamental characteristics and growth prospects.  The firm seeks to partner with exceptional executives with proven track records in their industry. The firm provides its management partners with opportunities for significant equity ownership in the business, offering the potential for extraordinary financial rewards tied to increasing shareholder value.